Industrial Machinery Repair Services Market

Industrial machinery repair refers to maintaining and repairing of the factory equipment and other old machinery like conveying system, production machinery, and packaging system. It also refers to replacement of the broken machines. It is used in upgrading, customizing, and repairing of lathe and hydraulic machines. Industrial machinery repair or aftermarket service is basically used for industry cost savings purpose. The  buying of new machine would cost high rather than replacing the old machine parts with the new parts. Industrial machinery repair are provided by skilled technicians and engineers.

Covid-19 Scenario analysis:

• The demand for the industrial machinery repair/aftermarket services is expected to decrease in the year 2020 due to lockdown imposed by the government and low demand from industries.
• COVID-19 pandemic has forced many companies in the global industry machinery repair market to halt their business operations to comply with the new government rules and regulations. This halt in operations directly impacts the revenue flow of the market players.
• Production is at a standstill due to lockdowns imposed by governments around the world to reduce the exponential spread of the deadly virus. 
• As per the estimation of the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak could cause global FDI to shrink by 5 to 15%.
• China is one of the world leaders in manufacturing and accounts for the highest contribution  to the global manufacturing services industry. 
• With the COVID-19 crisis limiting mobility, decline in export activity, supply chain freezing, and shutting down of companies, the manufacturing sector faces massive economic loss. 
• The pharmaceutical manufacturing sector is the only area where the demand can be expected to rise during the outbreak. However, the sector is also affected by supply chain and labor shortage problems throughout the globe.
• The outbreak of Covid-19 is going to impact directly in the industry machinery repair market in the year 2020.

Top impacting factors: market scenario analysis, trends , drivers, and impact analysis

An increase in the re utilization of the machineries in the industries and plants act as a major growth driver for Industrial machinery repair market. An increase in awareness of cost savings among industries by replacing the damaged parts instead of buying new machine has increased the market of industrial machinery repair. Growing demand for the maintenance of spare parts of the industrial machine acts as a major growth driver for industrial machinery repair market. North America and Europe are the dominant leader in industrial machinery repair market. Asia-Pacific countries like India and China are expanding their industries. Thus, requirement for machines will be more and their maintenance, which, in turn, increases the market of industrial machinery repair. However, the limited services provided by the industrial machinery repair companies and recognizing the customer needs would hamper the growth of aftermarket services market. The development of industrial 4.0 software is expected to provide new pathways in the market of industrial machinery repair. 

The global industrial machinery repair or aftermarket services market trends are:

Growing popularity of PaaS:

The industry machine manufacturers are shifting from launching of new product to the services known as products as services (PaaS). These services are provided by various machine manufacturers in different industries for repair and replacement of machinery parts. For example in construction industry Caterpillar company is offering these repair services with 5 years of service. Moreover, it also provide 50% relief discount in the replacement of spare parts which is going to benefit the customer. Further, in packaging industry PackSize company is also offering similar kinds of services. Thus, these new innovative idea PaaS is going to flourish the market of industrial machinery repair or aftermarket services.

High demand from applications :

In past few years, various industries uses the industrial machinery repair or aftermarket services that are generally offered by OEMs and 3rd party services. Industries like plastic, automotive, oil refineries, steel mills and food production generally use this aftermarket services in repairing and replacement of the old damaged parts of the machines used in these industries. Plastics industries machine includes extrusion machine, plastic granulators and vacuum forming machines for the industrial machinery repair services as the industries increase their revenue by repairing and replacing the parts of these machines instead of buying new machine. Further, Automotive industries machines like robotic welders, conveyor systems and toggle clamps requires frequent maintenance. Thus, industrial machinery repair or aftermarket services would have a high demand in these industries.

Key benefits of the report:

• This study presents the analytical depiction of the industrial machinery repair or aftermarket services market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the industrial machinery repair or aftermarket services market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the industrial machinery repair or aftermarket services market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

 Industrial Machinery Repair Services Market Report Highlights