Maintenance Services Market Report 2025

The maintenance services market size has grown rapidly in recent years. It will grow from $73.78 billion in 2024 to $81.86 billion in 2025 at a compound annual growth rate (CAGR) of 11%. The growth in the historic period can be attributed to real estate and property development, industrial and manufacturing facilities, infrastructure development, government regulations, preventive maintenance practices.

The maintenance services market size is expected to see rapid growth in the next few years. It will grow to $122.09 billion in 2029 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increased focus on sustainability, technology integration in maintenance, aging infrastructure, global urbanization trends, outsourcing of maintenance functions. Major trends in the forecast period include incorporation of internet of things (IoT), compliance with regulatory standards, customized maintenance contracts, focus on reliability-centered maintenance (RCM), and implementation of energy management services.

The increasing demand for renewable energy is anticipated to drive growth in the maintenance services market. Renewable energy sources provide an inexhaustible supply of clean energy, ensuring a steady flow of power. Maintenance and repair services are tailored to meet the specific needs of renewable energy providers, including those utilizing hydroelectric, wind, and solar power. For example, in January 2023, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that power generation from solar photovoltaic systems reached a record 270 TWh in 2022, marking a 26% increase from 2021. Solar PV remains the third-largest renewable electricity technology, generating 4.5% of the world's total electricity, following wind and hydropower. Thus, the growing demand for renewable energy is significantly boosting the maintenance services market.

The growth of the construction industry is expected to significantly boost the maintenance services market in the future. The construction industry involves a wide array of activities related to the planning, design, development, and implementation of structures, buildings, infrastructure, and other physical entities. The ongoing expansion of this industry creates a persistent demand for maintenance services, fostering a mutually beneficial relationship that ensures the durability and efficiency of constructed assets. For example, in December 2023, Eurostat, the Luxembourg-based statistical office of the European Union, reported that the EU's expenditure on research and development (R&D) reached €352 billion ($384.42 billion) in 2022, reflecting a 6.34% increase from €331 billion ($361.48 billion) the previous year. Thus, the rising construction industry is driving the growth of the maintenance services 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 August 2024, HIG Capital, a U.S.-based investment firm, acquired Axis Europe for an undisclosed sum. This acquisition is intended to expand HIG Capital's portfolio within the property management sector. As a result, HIG will be able to provide a more extensive range of services, including planned maintenance, responsive repairs, and refurbishments for clients in social housing and local government. Axis Europe is a UK-based company that specializes in property maintenance services.

Major companies operating in the maintenance services market include 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, 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 2024. 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.

Maintenance service is a provision aimed at maintaining a product and its associated services in optimal working condition. The primary goal of maintenance service is to ensure that all machinery related to production and general maintenance services functions at peak efficiency.

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 maintenance services market includes revenues earned by entities through preventive maintenance, emergency repairs, routine servicing, component testing, and building mechanical and electrical systems. 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.

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