The global industrial maintenance services market revenue was around US$ 50 billion in 2021 and is estimated to reach US$ 85.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2022 to 2031.

An industrial maintenance service entails assistance from a third party that is intended to fix and maintain various machinery and pieces of equipment in optimal operating conditions. Many different industries, including manufacturing, processing, and oil & gas, heavily rely on industrial maintenance services. Various types of machines are incorporated into one process in extremely complicated processes like manufacturing. Facilities now come with a wide variety of machinery and have greatly increased in size.

Factors Influencing Market Growth

The expansion of air travel around the world is largely due to globalization. This is driving up demand in the aerospace industry, which subsequently drives demand for industrial maintenance services.

The rise in demand in the healthcare and pharmaceutical sectors is due to an increase in population, especially the elderly. Such elements favorably affect the market as these sectors are the major end-users of industrial maintenance services.

The limited availability of highly experienced and certified employees may hamper the market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the industrial maintenance services market. Due to the lockdown enacted by the government, several industrial maintenance service providers stopped providing their services, which decreased production. However, the number of COVID-19 cases has significantly dropped as of mid-2022. As a result, industrial maintenance services businesses have fully reopened and are operating at full capacity. Furthermore, several businesses have already displayed considerable indications of recovery more than two years after the pandemic's start.

Regional Insights

Asia-Pacific accounted for the largest revenue share for the industrial maintenance services market in 2021 due to the rising investments in the area's oil and gas industry. Growth in the population, particularly the elderly, is driving demand in the healthcare and pharmaceutical industries, which in turn, drive the global market growth.

Leading Competitors
The leading competitors in the global industrial maintenance services market are:
Advanced Technology Services
Baker Hughes Company
Bell and Howell LLC
Bilfinger (Bilfinger Industrial Services Polska Sp. z o.o.)
Caverion Corporation
Global Electronic Services
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
Valmet Ltd
Total Resource Management
Others
Segmentation Analysis
The global industrial maintenance services market segmentation focuses on Service, Location, End-User Industry and Region.
Segmentation based on Service
Repair
Inspection
Maintenance
Segmentation based on Location
On Shore
Off Shore
Segmentation based on End-User Industry
Oil and Gas
Manufacturing
o Industry
? Automotive
? Consumer Goods
? Electronics
? Others
Power Generation
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America