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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:
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:
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.
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:
Key Market Segments
Key Market Players