What Has Been the Growth Trajectory of the Industrial Maintenance Services Market?
The industrial maintenance services market has seen considerable growth due to a variety of factors.
• Notable growth has been observed in recent times in the industrial maintenance services market. This market is predicted to expand from $54.47 billion in 2024 to $58.04 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.5%.
The remarkable growth during the historic period is credited to factors like the enlargement of the oil and gas sector, increased demand for maintenance services, economic advancement, and trends in urbanization.
What Is The Forecast For The Industrial Maintenance Services Market By 2029?
The industrial maintenance services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of industrial maintenance services is projected to experience significant expansion in the coming years. By 2029, it's expected to reach a value of $76.96 billion, with a compound annual growth rate (CAGR) of 7.3%.
This growth is due to factors such as the increased utilization of predictive maintenance and remote monitoring, the rising need for secure, cost-effective, and reliable infrastructure connectivity, the demand for expert services, and concerns regarding aging infrastructure. The emphasis on preventive maintenance also fuels this growth. Major trends predicted for the forecast period encompass Industry 4.0 incorporation, growth of the aerospace and defense industries, the use of artificial intelligence (AI), mergers and acquisitions, and advancements in technology.
What Factors Are Driving Growth In The Industrial Maintenance Services Market?
The growth of the industrial maintenance services market is being fueled by the expansion of the aerospace sector. This industry encompasses enterprises that offer services such as modifications or conversions, repairs, and part replacements, as well as total overhauls and rebuilds of commercial aircraft. The variety of aircraft produced in this sector includes everything from gliders and helicopters to drones, ultra-light aircraft, passenger planes, and private jets. Maintenance support provided by businesses in the aerospace industry is largely aimed at corporate, commercial, and military aircraft. For example, the US-based Airspace Industries Association (AIA) reported a 6.7 percent increase in combined sales from the aerospace and defense (A&D) industry in 2022, amounting to $952 billion. Exports from the A&D sector also saw an increase of 4.4 percent, reaching a total of $104.8 billion, according to the same source. Therefore, it's clear that the growth of the aerospace sector is a significant driving force for the expansion of the industrial maintenance services market.
How Is The Globa Industrial Maintenance Services Market Divided Into Key Segments?
The industrial maintenance services market covered in this report is segmented –
1) By Service: Repair, Inspection, Maintenance
2) By Location: On Shore, Off Shore
3) By End-User: Oil And Gas, Industry, Power Generation, Other End-User
Subsegments:
1) By Repair: Equipment Repair, Machinery Repair, System Repair
2) By Inspection: Routine Inspections, Condition Monitoring, Safety Inspections
3) By Maintenance: Preventive Maintenance, Predictive Maintenance, Corrective Maintenance
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What Trends Are Reshaping The Industrial Maintenance Services Market Landscape?
Product innovation stands as a principal trend in the realm of industrial maintenance services. Notably, top-tier firms within the industry are concentrating their efforts on crafting novel solutions that can cement their market standing. For instance, Valmet, originating from Finland and renowned for its technology, automation systems, and services offerings for the pulp, paper, and energy sectors, launched the Valmet Mobile Maintenance (VMM) program in May 2022. The purpose of the VMM, compatible with iOS and Android devices, is to streamline mill maintenance operations and to provide easy access to maintenance data. The program is designed to boost efficiency among production and maintenance operators. It economizes their time and bolsters productivity by creating defect alerts and monitoring work orders as they are being processed.
Who Are the Key Players in the Industrial Maintenance Services Market?
Major companies operating in the industrial maintenance services market include:
• Siemens AG
• Honeywell International Inc.
• Mitsubishi Heavy Industries Ltd.
• Asea Brown Boveri Ltd.
• Johnson Controls International plc
• Baker Hughes Company
• Emerson Electric Co.
• Parker-Hannifin Corporation
• Atlas Copco AB
• SKF Group
• Rockwell Automation Inc.
• TechnipFMC plc
• Wärtsilä Corporation
• Metso Outotec
• Voith Group
• Royal Boskalis Westminster N.V.
• Yokogawa Electric Corporation
• Sulzer AG
• Konecranes Plc
• Flowserve Corporation
• Petrofac Limited
• Fugro N.V.
• Oceaneering International Inc.
• Sapura Energy Berhad
• James Fisher and Sons plc
• STRATEC SE
• Advanced Technology Services Inc.
• Bluestream Offshore B.V.
• Doosan Heavy Industries & Construction Co. Ltd.
• Aker Solutions ASA
• Gardner Denver Holdings Inc.
• National Oilwell Varco Inc.
• Ingersoll Rand Inc.
What are the Regional Insights into the Industrial Maintenance Services Market?
Asia-Pacific was the largest region in the industrial maintenance services market share in 2024. The regions covered in the industrial maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
