The Maintenance Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Maintenance Services, 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.
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.
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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
Technological advancements have emerged as the key trend gaining popularity in the maintenance services market. Major companies operating in the maintenance services market are developing innovative technologies to strengthen their position in the market. In May 2022, MAG Lifestyle Development, a UAE-based property developer, launched MAG FM a home maintenance tracking app. The unique features of the home maintenance tracking app involve a smart technology platform for the residents that allows the residents to pay online for the services rendered in their homes and provides customers with a wide range of home maintenance packages available. The home maintenance tracking app is designed for providing online services to MAG-5 residents.
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
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26. South America Maintenance Services Market
27. Brazil Maintenance Services Market
28. Middle East Maintenance Services Market n
29. Africa Maintenance Services Market
30. Maintenance Services Market Competitive Landscape And Company Profiles
Top Major Players:
- Fugro NV
- TechnipFMC PLC
- Petrofac Ltd
- Baker Hughes Company
- James Fisher and Sons PLC
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