Maintenance Services Global Market Report 2024

The maintenance services market size has grown rapidly in recent years. It will grow from $71.87 billion in 2023 to $80.06 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed during the historic period can be attributed to factors such as real estate and property development, the establishment of industrial and manufacturing facilities, infrastructure development, government regulations, and the implementation of preventive maintenance practices.

The maintenance services market size is expected to see rapid growth in the next few years. It will grow to $122.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to an increased focus on sustainability, the integration of technology in maintenance practices, the challenges posed by aging infrastructure, global trends in urbanization, and the outsourcing of maintenance functions. Major trends expected in the forecast period include the incorporation of the Internet of Things (IoT), compliance with regulatory standards, the adoption of customized maintenance contracts, a focus on reliability-centered maintenance (RCM), and the implementation of energy management services.

The maintenance services market is anticipated to experience growth driven by the increasing demand for renewable energy. Renewable energy sources, known for their sustainability and ability to generate clean energy continuously, require specialized maintenance and repair services. This need extends to various renewable energy sectors, including hydroelectricity, wind power, and solar power. According to a December 2021 report from the International Energy Agency (IEA), nearly 95% of the projected global power capacity growth until 2026 is expected to come from renewables, with solar photovoltaic (PV) accounting for more than half of this expansion. The anticipated growth in renewable capacity during the 2021-2026 period is forecasted to be 50% higher than the growth observed from 2015 to 2020. Consequently, the increasing demand for renewable energy is a significant driver propelling the growth of the maintenance services market.

The growth of the maintenance service market is expected to be further fueled by the rising construction industry. The construction sector, encompassing a wide range of activities related to planning, designing, and implementing structures and infrastructure, generates a continuous demand for maintenance services. This symbiotic relationship ensures the longevity and efficiency of constructed entities. A February 2022 report from the Office for National Statistics (ONS) revealed a record 12.7% annual rise in the UK construction sector in 2021 compared to the previous year. In December 2021, monthly construction output volume increased by 2.0%, driven by a rise in new work (3.5%). The quarterly production of the construction industry also rose by 1.0% in Q4 2021 compared to Q3, propelled by both new work (1.1%) and repair and maintenance (0.8%). Therefore, the expanding construction industry contributes significantly to the growth of the maintenance service market.

Technological advancements are a prominent trend in the maintenance services market, with major companies leveraging innovation to strengthen their market positions. In May 2022, MAG Lifestyle Development, a UAE-based property developer, introduced MAG FM, a home maintenance tracking app. This app utilizes a smart technology platform, allowing residents to pay for services online and access a variety of home maintenance packages. It is designed to provide convenient online services for MAG-5 residents.

Major players in the maintenance service market are also focusing on technological innovations such as elevator maintenance services to cater to broader customer bases, increase sales, and boost revenue. Elevator maintenance services involve professional upkeep and regular inspection of elevators and escalators to ensure safe and efficient operation. In June 2023, Hyundai Elevator Co Ltd, a South Korea-based elevator manufacturer, launched Miri, an advanced elevator maintenance service. Miri integrates technologies such as the Internet of Things (IoT), artificial intelligence (AI), big data, and robotics to substantially reduce downtime caused by elevator failures. It offers features such as component lifespan measurement models, fault detection and classification services, pre-detection alarm services, and dedicated IoT gateways, enabling proactive and efficient elevator maintenance. Miri has the potential to reduce operational shutdowns by up to 43%.

In May 2021, Cambridge Maintenance Services (CMS), a UK-based maintenance services provider, acquired Acorn Engineering Group for an undisclosed amount. This strategic acquisition allows the two companies to combine their resources, capacities, and skills in the maintenance services sector. Acorn Engineering Group is a UK-based company specializing in building maintenance services.

Major companies operating in the maintenance services market report are Fugro NV, TechnipFMC plc, Petrofac Ltd., Baker Hughes Company, James Fisher and Sons plc, Bluestream Offshore BV, SeaTec UK Ltd., Royal Boskalis Westminster NV, Schlumberger Limited (SLB), Aker Solutions ASA, Oceaneering International Inc., Starke Marine Sdn Bhd, Sinovoltaics Group Limited, Sapura Energy Berhad, FLIR Systems Inc., MISTRAS Group Inc., CBRE Group Inc., Jones Lang LaSalle Incorporated, ISS A/S, ENGIE Services Inc., Cushman & Wakefield plc, Aramark Facility Services LLC, Compass Group plc, Sodexo Group, Mitie Group plc, Johnson Controls International plc, FacilitySource, G4S plc, ABM Industries Incorporated, Worley Limited, Wood plc.

Asia-Pacific was the largest region in the maintenance services market in 2023. The regions covered in the maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the maintenance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of maintenance services include inspection, maintenance, and repair. Inspection involves the process of closely observing, scrutinizing, or critically analyzing something to enhance or emphasize specific aspects. This can be applied to various types such as offshore support vessels, AUVs or ROVs, and others in both offshore and onshore locations. These services find applications in sectors such as oil and gas, renewable energy, marine, power generation, infrastructure, manufacturing, and other relevant industries.

The maintenance services market research report is one of a series of new reports that provides maintenance services market statistics, including maintenance services industry global market size, regional shares, competitors with a maintenance services market share, detailed maintenance services market segments, market trends and opportunities, and any further data you may need to thrive in the maintenance services industry. This maintenance services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.


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