Overview and Scope
A maintenance service is a service offered to keep a product and related services in optimal working order. The primary objective of maintenance service is to guarantee that all production-related machinery and general services related to maintenance are working at maximum efficiency.
Sizing and Forecast
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 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 $122.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. 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), implementation of energy management services..
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Segmentation & Regional Insights
The maintenance services market covered in this report is segmented –
1) By Service Type: Inspection, Maintenance, Repair
2) By Type: Offshore Support Vessels, AUVs Or ROVs, Others
3) By Location: Offshore, Onshore
4) By Application: Oil And Gas, Renewable, Marine, Power Generation, Infrastructures, Manufacturing, Others
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
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Major Driver Impacting Market Growth
Increasing demand for renewable energy is expected to boost the growth of the maintenance services market. Renewable energy sources are a source of energy that is never exhausted and can provide a steady flow of clean energy. Maintenance and repair services meet the unique requirements of renewable energy suppliers, including those that use hydroelectricity, wind power, and solar power. For instance, in December 2021, according to a report published by the International Energy Agency, a France-based intergovernmental organization, nearly 95% of the anticipated growth in global power capacity until 2026 is projected to be driven by renewables, with solar photovoltaic (PV) contributing more than half of this expansion. The increase in renewable capacity during the 2021-2026 period is forecasted to be 50% greater than the growth observed from 2015 to 2020. Therefore, the rising demand for renewable energy is driving the growth of the maintenance services market.
Key Industry Players
Major companies operating in the maintenance service market are developing innovations such as elevator maintenance services to meet larger customer bases, more sales, and increase revenue. Elevator maintenance service refers to the professional upkeep and regular inspection of elevators and escalators to ensure their safe and efficient operation. For instance, in June 2023, Hyundai Elevator Co Ltd, a South Korea-based manufacturer of elevators, launched Miri, an advanced elevator maintenance service. Miri’s unique feature lies in its integration of the Internet of Things (IoT), artificial intelligence (AI), big data, and robotics technologies, resulting in a substantial reduction of downtime caused by elevator failures. Miri can decrease operational shutdowns by up to 43 percent. This achievement is made possible through innovative technologies such as component lifespan measurement models, fault detection and classification services, pre-detection alarm services for faults, and dedicated IoT gateways tailored specifically for elevators. Miri empowers customers to proactively address part replacement cycles and anticipate abnormal signals in advance, setting it apart with its proactive and efficient approach to elevator maintenance.
The maintenance services market report table of contents includes:
1. Executive Summary
2. Maintenance Services Market Characteristics
3. Maintenance Services Market Trends And Strategies
4. Maintenance Services Market – Macro Economic Scenario
5. Global Maintenance Services Market Size and Growth
…..
32. Global Maintenance Services Market Competitive Benchmarking
33. Global Maintenance Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Maintenance Services Market
35. Maintenance Services Market Future Outlook and Potential Analysis
36. Appendix
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