Industrial Maintenance Services Market Research, 2031
The Global Industrial Maintenance Services Market size was valued at $49 billion in 2021, and is projected to reach $85.8 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. An industrial maintenance service includes service from a third party, which is aimed toward repairing and upkeeping the different types of equipment and machines in proper working conditions in an industrial setting.
Market Dynamics
Industrial maintenance services are widely used in a wide range of industries, such as oil & gas, manufacturing, and processing. Processes such as manufacturing are highly complex, with different types of machines integrated into a single process. Facilities have become immensely large and consist of a wide range of machinery. In addition, owing to increase in demand from end users, industries are always working to the peak of their capabilities. Furthermore, such factors make it very difficult for the facilities to be inspected and maintained. Moreover, complexities of the machinery require highly skilled professionals to maintain and repair them, which often the workers of the company do not have. Thus, the services of the companies involved in industrial maintenance services are required. They employ highly qualified and seasoned individuals who have received just maintenance-related training. Moreover, these service providers make use of the latest technology for disbursing maintenance services. Such technologies would be redundant in the manufacturing facilities, which would add to their cost of operations. Such factors make industrial maintenance services an attractive option for various industries, thereby driving demand for them.
Furthermore, surge in population and rise in disposable income of people are fostering the growth of manufacturing industries. In addition,, after negative impact of COVID-19, the automotive industry is expected to reach pre-COVID-19 levels in the next two years. This is expected to drive demand in petrochemical industries across the world. Moreover, rise in population is driving demand for electricity, which in turn drives demand in power generation sector. Furthermore, globalization is playing a major role in the growth of air travel across the world. This is leading to increased demand in aerospace sector, which eventually propels the industrial maintenance services market. Furthermore, rise in population, particularly the elderly, is driving demand in the healthcare and pharmaceutical sectors. Such factors positively influence the growth of the industrial maintenance services market, as these industries are major users of industrial maintenance services.
Major players in the industry have focused on product launches, acquisitions, and business expansions to sustain harsh competition in the industrial maintenance services industry. For instance, in May 2022, Valmet Oyj, an automation and services provider for the pulp, paper, and energy industries, launched Valmet Mobile Maintenance (VMM) smart phone application to make maintenance data available at any time and to create smoother workflows in mill maintenance operations.
The novel coronavirus had rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted the service provision of many industrial maintenance services providers due to lockdown. The economic slowdown initially resulted in reduced production in end-user industries. However, owing to the introduction of various vaccines, the severity of COVID-19 pandemic has significantly reduced. As of mid-2022, the number of COVID-19 cases have significantly decreased. This has led to the full-fledged reopening of industrial maintenance services companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.
Furthermore, the development of cloud platforms, industry 4.0, and communications protocols, and evolution of the machines with embedded technologies are expected to positively influence industrial maintenance services market growth.
The industrial maintenance services market is segmented into Service, Location and End-User Industry. By service, the market is categorized into inspection, maintenance, and repair. On the basis of location, it is bifurcated into on shore and off shore. On the basis of end-user industry, the market is categorized into oil & gas, manufacturing, power generation, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the largest industrial maintenance services market share in 2021, accounting for the highest share in revenue, and LAMEA is anticipated to grow with the highest CAGR during the forecast period. This is attributed to increased investments in oil & gas industries in the region.
Competition Analysis
Key companies profiled in the industrial maintenance services market forecast report include Advanced Technology Services, Baker Hughes Company, Bell and Howell LLC, Bilfinger (Bilfinger Industrial Services Polska Sp. z o.o.), Caverion Corporation, Global Electronic Services, Inc., Global Offshore Engineering, Kirti Telnet Pvt. Ltd., Lee Industrial Contracting, Marshall Industrial Technologies, MEIDENSHA CORPORATION, NAES Corporation, Petrofac Limited, SGK India Engineering Pvt. Ltd., Siemens AG, Total Resource Management (IDCON), and Valmet Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial maintenance services market analysis from 2021 to 2031 to identify the prevailing industrial maintenance services market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the industrial maintenance services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the industrial maintenance services market players.
- The report includes the analysis of the regional as well as global industrial maintenance services market trends, key players, market segments, application areas, and industrial maintenance services market overview.
Industrial Maintenance Services Market Report Highlights
| Aspects | Details |
 By Service |
|
 By Location |
|
 By End-User Industry |
|
 By Region |
|
 Key Market Players | Baker Hughes Company, Siemens AG, Valmet Ltd., Marshall Industrial Technologies, Lee Industrial Contracting, NAES Corporation, Petrofac Limited, Caverion Corporation, Total Resource Management, MEIDENSHA CORPORATION, Bell and Howell LLC, Kirti Telnet Pvt. Ltd., Bilfinger (Bilfinger Industrial Services Polska Sp. z o.o.), SGK India Engineering Pvt. Ltd., Advanced Technology Services, Inc., Global Offshore Engineering, Global Electronic Services, Inc. |
Analyst Review
The industrial maintenance services market has witnessed significant growth in past few years, owing to rise in population, which has driven demand in manufacturing and oil & gas industries, along with other industrial sectors.
Growth in industries such as aerospace and automotive is expected to drive the demand in petrochemical industries, thereby driving demand in industrial maintenance services market. However, owing to COVID-19, the demand in these industries took a hit, which is highly expected to subside in the near future. Rise in population and urbanization has driven demand in energy sector for domestic and commercial use. This eventually propels demand in oil & gas exploration industries. Furthermore, rise in other industries such as chemical, waste management, and healthcare sector is expected to drive demand in industrial maintenance services market.
In addition, development of cloud platforms, industry 4.0, and communications protocols, and evolution of the machines with embedded technologies are expected to provide lucrative opportunities for the industrial maintenance services market growth.
Development of cloud inspection systems is a major trend in the Industrial Maintenance Services Market.
Industrial Maintenance Services are extensively used in a wide range of manufacturing and processing industries.
Asia-Pacific is the largest regional market for Industrial Maintenance Services.
$49,011.0 million is the estimated industry size of Industrial Maintenance Services.
Advanced Technology Services, Baker Hughes Company, Bell and Howell LLC and Bilfinger are some of top companies to hold the market share in Industrial Maintenance Services.
The Industrial Maintenance Services market is projected to reach $ 85,815.5 million by 2031.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
Latest version of global Industrial Maintenance Services market report can be obtained on demand from the website.
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