Industrial Maintenance Services Market growing at a CAGR of 5.6% and is projected to reach $85.8 billion by 2031

market is poised for significant growth, driven by factors such as population expansion, increased industrial activities, and technological

WILMINGTON, DE, UNITED STATES, February 7, 2025 /EINPresswire.com/ -- The industrial maintenance services market¹ has experienced substantial growth over the past decade, largely due to a growing global population and the increasing demand for oil and gas. This surge in demand has led to the expansion of numerous industry players seeking to solidify their positions in the global market.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

According to a report published by Allied Market Research, the industrial maintenance services market was valued at $49 billion in 2021 and is projected to reach $85.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2031.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗣𝗗𝗙 𝗦𝗮𝗺𝗽𝗹𝗲@ https://www.alliedmarketresearch.com/request-sample/A17065


Industrial maintenance services encompass a broad range of activities, including inspection, maintenance, and repair. Among these, the repair segment dominated the market in 2021, primarily due to the high costs associated with repairs. Additionally, market analysis based on location suggests that the offshore segment is expected to witness the highest CAGR, driven by the increasing demand for oil and gas across various regions. When examined by end-user industry, the manufacturing sector emerged as the dominant contributor to revenue generation in 2021.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂𝐨𝐧𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬

The primary drivers fueling the industrial maintenance services market include the rise in population and increasing disposable incomes. This economic shift is leading to greater consumption of oil and gas for motor vehicles and power generation, thereby creating more demand for maintenance services. However, despite this growth, the industry faces significant challenges, such as prolonged downtimes during maintenance operations, which can negatively impact market expansion.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

In 2021, the Asia-Pacific region led the global industrial maintenance services market in terms of revenue, followed by North America and Europe. The market in Latin America, the Middle East, and Africa (LAMEA) is anticipated to grow at a high CAGR due to the expanding oil and gas industries in these regions.

𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗘𝗻𝗾𝘂𝗶𝗿𝘆@ https://www.alliedmarketresearch.com/purchase-enquiry/A17065


𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

The competitive landscape of the industrial maintenance services market is evolving as key players² actively acquire other businesses to enhance their market reach. For instance, in May 2022, Baker Hughes Company acquired Qi2 Elements, a company specializing in inspection services. This acquisition is expected to bolster Baker Hughes’ capabilities in providing inspection solutions for critical energy infrastructure.

Several prominent companies profiled in the industrial maintenance services market 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)

Valmet Ltd.


The COVID-19 pandemic had a significant impact on the industrial maintenance services market. During the initial lockdowns, several manufacturers were forced to halt operations in major countries such as China, the U.S., and India. This temporary shutdown led to revenue losses for companies within the sector. Additionally, labor shortages and supply chain disruptions hindered the availability of raw materials necessary for maintenance services.

However, as the pandemic situation improved with the introduction of vaccinations and economic recovery measures, key players in the industry were able to resume operations and regain their market footing. The resilience of the sector has been evident as companies adapt to new business strategies to overcome these challenges and sustain growth.

𝗨𝗽𝗱𝗮𝘁𝗲 𝗼𝗻 𝗗𝗲𝗺𝗮𝗻𝗱@ https://www.alliedmarketresearch.com/request-for-customization/A17065

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬

𝐁𝐲 𝐒𝐞𝐫𝐯𝐢𝐜𝐞:

Inspection

Maintenance

Repair (Dominated the market in 2021 due to high costs associated with repairs)

𝐁𝐲 𝐋𝐨𝐜𝐚𝐭𝐢𝐨𝐧:

Onshore

Offshore (Expected to grow at the highest CAGR due to increased demand in offshore oil and gas extraction)

𝐁𝐲 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

Oil & Gas

Manufacturing (Held the largest revenue share in 2021)

Power Generation

Others

David Correa
Allied Market Research
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¹ https://www.alliedmarketresearch.com/industrial-maintenance-services-market-A17065
² https://www.alliedmarketresearch.com/press-release/industrial-maintenance-services-market.html