Industrial Maintenance Services Market to Reach $85.8 Billion, Globally, by 2031 at 5.6% CAGR: Allied Market Research
Usage in a wide range of industries, such as oil & gas, manufacturing, and processing, the development of cloud platforms, industry 4.0, and communications protocols, and evolution of the machines with embedded technologies drive the growth of the global industrial maintenance services market.
PORTLAND, Ore., Nov. 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Maintenance Services Market by Service (Inspection, Maintenance, Repair), by Location (On Shore, Off Shore), by End-User Industry (Oil and Gas, Manufacturing, Power Generation, Others): Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global industrial maintenance services industry generated $49.0 billion in 2021, and is anticipated to generate $85.8 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031.
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Prime determinants of growth
Usage in a wide range of industries, such as oil & gas, manufacturing, and processing, surge in population, rise in disposable income of people, the development of cloud platforms, industry 4.0, and communications protocols, and evolution of the machines with embedded technologies drive the growth of the global industrial maintenance services market. However, the need for highly qualified and seasoned individuals restricts the market growth. On the other hand, major players in the industry have focused on product launches, acquisitions, and business expansions to sustain harsh competition in the industrial maintenance services industry, which presents new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global industrial maintenance services market, owing to implementation of global lockdown which led to halt the service provision of many industrial maintenance services providers.
- 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.
The repair segment to maintain its leadership status throughout the forecast period
Based on service, the repair segment held the highest market share in 2021, accounting for nearly half of the global industrial maintenance services market, and is estimated to maintain its leadership status throughout the forecast period, owing to high cost involved in replacement of worn out components and malfunctioning equipment. However, the inspection segment is projected to manifest the highest CAGR of 6.8% from 2022 to 2031, owing to increased demand for inspection services in Asia-Pacific region.
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The onshore segment to maintain its leadership status throughout the forecast period
Based on location, the onshore segment held the highest market share in 2021, accounting for nearly four-fifths of the global industrial maintenance services market, and is estimated to maintain its leadership status throughout the forecast period, owing to large number of process and manufacturing industries. However, the offshore segment is projected to manifest the highest CAGR of 6.0% from 2022 to 2031, owing to increased demand for oil & gas.
The manufacturing segment to maintain its lead position during the forecast period
Based on end user industry, the manufacturing segment accounted for the largest share in 2021, contributing to around half of the global industrial maintenance services market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.0% from 2022 to 2031, owing to rapid growth of manufacturing industry in emerging economies such as India and China. The report also analyzes segments including oil & gas, power generation, and others.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global industrial maintenance services market, and is likely to dominate the market during the forecast period, owing to large manufacturing and processing industry. However, the LAMEA region is expected to witness the fastest CAGR of 6.8% from 2022 to 2031, owing to growth of manufacturing industry in Latin America.
Leading Market Players: -
- Advanced Technology Services, Inc.
- 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
- Valmet Ltd.
- Total Resource Management
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