Industrial Maintenance Services Market Expected to Reach $85.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Industrial Maintenance Services Market," The industrial maintenance services market size was valued at $49 billion in 2021, and is estimated to reach $85.8 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

Commonly provided services in industrial maintenance services market are inspection, maintenance, and repair. Among these, repair segment accounted for the highest market share in 2021, owing to high cost of repairs. The market is analyzed with respect to different locations where the industrial maintenance service is provided. This includes on shore and off shore. Among these, off shore segment is expected to witness the highest CAGR, owing to rapid growth in off shore industry segment. And by end-user industry, it is based on oil & gas, manufacturing, power generation, and others. Among these, manufacturing segment registered the highest revenue in 2021. Furthermore, the market is mainly driven by the rise in population and their disposable income, which eventually drives demand for oil and gas for motor vehicles and power generation. However, long downtimes during maintenance constrain the industrial maintenance services market growth.

In 2021, Asia-Pacific dominated the global industrial maintenance services market in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA is expected to grow at a high CAGR, owing to growth in sectors of oil & gas industries.

The key players in the industrial maintenance services market are acquiring other businesses in the same market. For instance, in May 2022, Baker Hughes Company acquired Qi2 Elements, engaged in offering inspection services. This acquisition is expected to help Baker to expand inspection solutions for critical energy infrastructure.

However, during the pandemic lockdown, various manufacturers in the industrial maintenance services market had to stop their business in countries such as China, the U.S., and India. This break directly impacted revenue of industrial maintenance services companies in the initial lockdowns. In addition, lack of manpower and raw materials constricted supply of raw materials for end-users of industrial maintenance services and negatively influenced the growth of the market. However, after two years of the COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced, and key players in the market are recovering rapidly.

Key companies profiled in the industrial maintenance services market forecast report include Advanced Technology Services, Baker Hughes Company, Bell and Howell LLC, Bilfinger (Bilfinger Industrial Services Polska Sp. z o.o.), Caverion Corporation, Global Electronic Services, Inc., Global Offshore Engineering, Kirti Telnet Pvt. Ltd., Lee Industrial Contracting, Marshall Industrial Technologies, MEIDENSHA CORPORATION, NAES Corporation, Petrofac Limited, SGK India Engineering Pvt. Ltd., Siemens AG, Total Resource Management (IDCON), and Valmet Ltd.

Key Findings of the Study 

• The report provides an extensive analysis of the current and emerging industrial maintenance services market trends and dynamics. 
• By service, the repair segment accounted the highest market in terms of revenue in 2021.
• By location, off shore segment is expected to grow at a higher CAGR.
• By end-user industry, manufacturing segment held the largest industrial maintenance services market share in 2021.
• LAMEA is projected to register the highest growth rate in the coming years.
• The key players within the industrial maintenance services market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the industrial maintenance services industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
• In-depth industrial maintenance services market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.