The industrial maintenance services market size is expected to see strong growth in the next few years. It will grow to $71.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing adoption of predictive maintenance and remote monitoring, growing demand for safe, economical, and reliable infrastructure connectivity, demand for specialized services, aging infrastructure concerns, focus on preventive maintenance. Major trends in the forecast period include industry 4.0 adoption, expansion of the aerospace and defense industry and AI, mergers and acquisitions, technology advancements.
The industrial maintenance services market size has grown strongly in recent years. It will grow from $51.43 billion in 2023 to $54.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the expansion of the oil and gas industry, an increased demand for maintenance services, economic growth, and urbanization trends.
The industrial maintenance services market size is expected to see strong growth in the next few years. It will grow to $71.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to the increasing adoption of predictive maintenance and remote monitoring, a growing demand for safe, economical, and reliable infrastructure connectivity, the demand for specialized services, aging infrastructure concerns, and a focus on preventive maintenance. Major trends in the forecast period include the adoption of Industry 4.0 practices, the expansion of the aerospace and defense industry, advancements in AI, and an increase in mergers and acquisitions as well as technology advancements.
The industrial maintenance services market is expected to be propelled by the increasing aerospace sector. This industry encompasses companies engaged in the modification, repair, part replacement, overhaul, and rebuild of various types of aircraft, including gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets. Maintenance support from aerospace sector companies is crucial for corporate, commercial, and military aircraft. For example, in 2021, the Aerospace Industries Association (AIA) reported that the industry paid out $224 billion in compensation, which accounted for 1.8% of the total U.S. labor income. Additionally, the A&D (Aerospace and Defense) workforce increased by 6,000 employees, marking a 0.3% rise from 2020. Therefore, the expansion of the aerospace sector is a key driver behind the growth of the industrial maintenance services market.
The industrial maintenance services market is expected to experience significant growth, driven by the ongoing process of rapid industrialization. Industrialization involves the transformation of an economy or society from primarily agrarian and craft-based activities to a more industrial and manufacturing-focused structure. This shift towards industrialization creates a heightened demand for industrial maintenance services to ensure the continuous and efficient operation of machinery and equipment. These services are essential for minimizing downtime, optimizing production processes, and extending the lifespan of industrial assets. For instance, Eurostat reported in August 2023 that industrial production in the euro area and the EU increased by 0.5% and 0.4%, respectively, in June 2023 compared to May 2023. This growth underscores the importance of industrial maintenance services in supporting and sustaining the industrialization process.
Major companies in the industrial maintenance services market are prioritizing innovative solutions to strengthen their market presence, contributing to a significant trend in product innovation. For instance, Valmet, a Finland-based company specializing in technologies, automation systems, and services for the pulp, paper, and energy sectors, introduced the Valmet Mobile Maintenance (VMM) program in May 2022. This iOS and Android-compatible mobile application aims to optimize maintenance operations within mill environments. By ensuring easy access to maintenance data, VMM empowers production and maintenance operators, allowing them to operate with increased efficiency. The program's functionalities include generating defect notifications and providing real-time work order checks, resulting in time savings and a boost in overall productivity.
Major players in the industrial maintenance services sector are adopting a strategy of forming strategic partnerships to drive innovation in energy efficiency and industrial maintenance. These partnerships entail collaborative agreements between entities such as companies or organizations to achieve common objectives. For instance, in November 2023, OCP Maintenance Solutions, a Moroccan firm specializing in industrial maintenance, joined forces with Nexans S.A., a French company focused on automation. Their alliance aims to harness cutting-edge technologies for enhancing industrial maintenance and energy management practices. This partnership is anticipated to generate a range of new products and services, setting higher standards for reliability, efficiency, and sustainability in these domains.
In January 2021, Cox Automotive, a US-based automotive service company, acquired Dickinson Fleet Services for an undisclosed amount. This strategic acquisition is intended to bolster the capabilities and geographical reach of Cox Automotive Mobility's Pivet fleet services division. Pivet offers advanced solutions for fleet management, aiming to deliver high-quality, convenient, and intelligent services. Dickinson Fleet Services, based in the US, is known for its expertise in fleet maintenance.
Major companies operating in the industrial maintenance services market report are 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. Asia-Pacific was the largest region in the industrial maintenance services market share in 2023. The regions covered in the industrial maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The primary services offered by industrial maintenance providers include repair, inspection, and maintenance. Repair involves making minor modifications to a product, fixing a broken item, or providing a replacement or repaired product. These services are applicable in both onshore and offshore locations and cater to various end-users such as the oil and gas industry, power generation sector, and others.
The industrial maintenance services market size has grown strongly in recent years. It will grow from $51.43 billion in 2023 to $54.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to expansion of the oil and gas industry, rising demand for maintenance services, economic growth, urbanization trends.
The countries covered in the industrial maintenance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial maintenance service market includes revenues earned by entities by providing services such as reactive maintenance, preventive maintenance and predictive maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The industrial maintenance services market size has grown strongly in recent years. It will grow from $51.43 billion in 2023 to $54.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the expansion of the oil and gas industry, an increased demand for maintenance services, economic growth, and urbanization trends.
The industrial maintenance services market size is expected to see strong growth in the next few years. It will grow to $71.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to the increasing adoption of predictive maintenance and remote monitoring, a growing demand for safe, economical, and reliable infrastructure connectivity, the demand for specialized services, aging infrastructure concerns, and a focus on preventive maintenance. Major trends in the forecast period include the adoption of Industry 4.0 practices, the expansion of the aerospace and defense industry, advancements in AI, and an increase in mergers and acquisitions as well as technology advancements.
The industrial maintenance services market is expected to be propelled by the increasing aerospace sector. This industry encompasses companies engaged in the modification, repair, part replacement, overhaul, and rebuild of various types of aircraft, including gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets. Maintenance support from aerospace sector companies is crucial for corporate, commercial, and military aircraft. For example, in 2021, the Aerospace Industries Association (AIA) reported that the industry paid out $224 billion in compensation, which accounted for 1.8% of the total U.S. labor income. Additionally, the A&D (Aerospace and Defense) workforce increased by 6,000 employees, marking a 0.3% rise from 2020. Therefore, the expansion of the aerospace sector is a key driver behind the growth of the industrial maintenance services market.
The industrial maintenance services market is expected to experience significant growth, driven by the ongoing process of rapid industrialization. Industrialization involves the transformation of an economy or society from primarily agrarian and craft-based activities to a more industrial and manufacturing-focused structure. This shift towards industrialization creates a heightened demand for industrial maintenance services to ensure the continuous and efficient operation of machinery and equipment. These services are essential for minimizing downtime, optimizing production processes, and extending the lifespan of industrial assets. For instance, Eurostat reported in August 2023 that industrial production in the euro area and the EU increased by 0.5% and 0.4%, respectively, in June 2023 compared to May 2023. This growth underscores the importance of industrial maintenance services in supporting and sustaining the industrialization process.
Major companies in the industrial maintenance services market are prioritizing innovative solutions to strengthen their market presence, contributing to a significant trend in product innovation. For instance, Valmet, a Finland-based company specializing in technologies, automation systems, and services for the pulp, paper, and energy sectors, introduced the Valmet Mobile Maintenance (VMM) program in May 2022. This iOS and Android-compatible mobile application aims to optimize maintenance operations within mill environments. By ensuring easy access to maintenance data, VMM empowers production and maintenance operators, allowing them to operate with increased efficiency. The program's functionalities include generating defect notifications and providing real-time work order checks, resulting in time savings and a boost in overall productivity.
Major players in the industrial maintenance services sector are adopting a strategy of forming strategic partnerships to drive innovation in energy efficiency and industrial maintenance. These partnerships entail collaborative agreements between entities such as companies or organizations to achieve common objectives. For instance, in November 2023, OCP Maintenance Solutions, a Moroccan firm specializing in industrial maintenance, joined forces with Nexans S.A., a French company focused on automation. Their alliance aims to harness cutting-edge technologies for enhancing industrial maintenance and energy management practices. This partnership is anticipated to generate a range of new products and services, setting higher standards for reliability, efficiency, and sustainability in these domains.
In January 2021, Cox Automotive, a US-based automotive service company, acquired Dickinson Fleet Services for an undisclosed amount. This strategic acquisition is intended to bolster the capabilities and geographical reach of Cox Automotive Mobility's Pivet fleet services division. Pivet offers advanced solutions for fleet management, aiming to deliver high-quality, convenient, and intelligent services. Dickinson Fleet Services, based in the US, is known for its expertise in fleet maintenance.
Major companies operating in the industrial maintenance services market report are 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. Asia-Pacific was the largest region in the industrial maintenance services market share in 2023. The regions covered in the industrial maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The primary services offered by industrial maintenance providers include repair, inspection, and maintenance. Repair involves making minor modifications to a product, fixing a broken item, or providing a replacement or repaired product. These services are applicable in both onshore and offshore locations and cater to various end-users such as the oil and gas industry, power generation sector, and others.
The industrial maintenance services market size has grown strongly in recent years. It will grow from $51.43 billion in 2023 to $54.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to expansion of the oil and gas industry, rising demand for maintenance services, economic growth, urbanization trends.
The countries covered in the industrial maintenance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial maintenance service market includes revenues earned by entities by providing services such as reactive maintenance, preventive maintenance and predictive maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Industrial Maintenance Services Market Characteristics3. Industrial Maintenance Services Market Trends and Strategies32. Global Industrial Maintenance Services Market Competitive Benchmarking33. Global Industrial Maintenance Services Market Competitive Dashboard34. Key Mergers and Acquisitions in the Industrial Maintenance Services Market
4. Industrial Maintenance Services Market - Macro Economic Scenario
5. Global Industrial Maintenance Services Market Size and Growth
6. Industrial Maintenance Services Market Segmentation
7. Industrial Maintenance Services Market Regional and Country Analysis
8. Asia-Pacific Industrial Maintenance Services Market
9. China Industrial Maintenance Services Market
10. India Industrial Maintenance Services Market
11. Japan Industrial Maintenance Services Market
12. Australia Industrial Maintenance Services Market
13. Indonesia Industrial Maintenance Services Market
14. South Korea Industrial Maintenance Services Market
15. Western Europe Industrial Maintenance Services Market
16. UK Industrial Maintenance Services Market
17. Germany Industrial Maintenance Services Market
18. France Industrial Maintenance Services Market
19. Italy Industrial Maintenance Services Market
20. Spain Industrial Maintenance Services Market
21. Eastern Europe Industrial Maintenance Services Market
22. Russia Industrial Maintenance Services Market
23. North America Industrial Maintenance Services Market
24. USA Industrial Maintenance Services Market
25. Canada Industrial Maintenance Services Market
26. South America Industrial Maintenance Services Market
27. Brazil Industrial Maintenance Services Market
28. Middle East Industrial Maintenance Services Market
29. Africa Industrial Maintenance Services Market
30. Industrial Maintenance Services Market Competitive Landscape and Company Profiles
31. Industrial Maintenance Services Market Other Major and Innovative Companies
35. Industrial Maintenance Services Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Industrial Maintenance Services Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on industrial maintenance services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for industrial maintenance services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered: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
Key Companies Mentioned: Siemens AG; Honeywell International Inc.; Mitsubishi Heavy Industries Ltd.; Asea Brown Boveri Ltd.; Johnson Controls International plc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- 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.
