Dublin, June 17, 2025 (GLOBE NEWSWIRE) -- The "Industrial Maintenance Services Market Opportunities and Strategies to 2034" report has been added to ResearchAndMarkets.com's offering.
This report describes and explains the industrial maintenance services market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region. 
The global industrial maintenance services market reached a value of nearly $54.47 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.10% since 2019. The market is expected to grow from $54.47 billion in 2024 to $73.72 billion in 2029 at a rate of 6.24%. The market is then expected to grow at a CAGR of 5.79% from 2029 and reach $97.66 billion in 2034.
Growth in the historic period resulted from the increasing aerospace sector, expansion of oil and gas industry, increasing infrastructure development and increasing aging infrastructure. Factors that negatively affected growth in the historic period were lack of standardization and dependency on third-party vendors. Going forward, the rapid industrialization, favorable government initiatives, expansion of renewable energy and increasing manufacturing output across industries will drive the growth. Factor that could hinder the growth of the industrial maintenance services market in the future include regulatory compliance and labor shortages.
Asia-Pacific was the largest region in the industrial maintenance services market, accounting for 36.40% or $19.82 billion of the total in 2024. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the industrial maintenance services market will be Asia-Pacific and Western Europe where growth will be at CAGRs of 7.76% and 6.18% respectively. These will be followed by Eastern Europe and Middle East where the markets are expected to grow at CAGRs of 5.35% and 5.01% respectively.
The global industrial maintenance services markets is fairly fragmented, with large players operating in the market. The top 10 competitors in the market made up 14.81% of the total market in 2023. Bilfinger SE was the largest competitor with a 1.93% share of the market, followed by Honeywell International Inc. with 1.89%, W.W. Grainger Inc. with 1.81%, Emerson Electric Co. with 1.71%, ABB Ltd. with 1.47%, Rockwell Automation Inc. with 1.33%, Petrofac Limited with 1.27%, General Vernova (General Electric) with 1.17%, Fluor Corporation with 1.13% and KBR Inc. with 1.09%.
The industrial maintenance services market is segmented by service into repair, inspection and maintenance. The repair market was the largest segment of the industrial maintenance services market segmented by service, accounting for 51.73% or $28.18 billion of the total in 2024. Going forward, the maintenance segment is expected to be the fastest growing segment in the industrial maintenance services market segmented by service, at a CAGR of 6.72% during 2024-2029.
The industrial maintenance services market is segmented by location into on shore and off shore. The on-shore market was the largest segment of the industrial maintenance services market segmented by location, accounting for 81.26% or $44.26 billion of the total in 2024. Going forward, the off shore segment is expected to be the fastest growing segment in the industrial maintenance services market segmented by location, at a CAGR of 6.86% during 2024-2029.
The industrial maintenance services market is segmented by end-user into oil and gas, industry, power generation and other end-users. The industry market was the largest segment of the industrial maintenance services market segmented by end-user, accounting for 50.63% or $27.57 billion of the total in 2024. Going forward, the industry segment is expected to be the fastest growing segment in the industrial maintenance services market segmented by end-user, at a CAGR of 7.40% during 2024-2029.
The top opportunities in the industrial maintenance services market segmented by service will arise in the repair segment, which will gain $9.17 billion of global annual sales by 2029. The top opportunities in the industrial maintenance services market segmented by location will arise in the on-shore segment, which will gain $15.23 billion of global annual sales by 2029. The top opportunities in the industrial maintenance services market segmented by end user will arise in the industry segment, which will gain $11.83 billion of global annual sales by 2029. The industrial maintenance services market size will gain the most in China at $3.84 billion.
Market-trend-based strategies for the industrial maintenance services market include focus on prioritizing the development of advanced non-destructive testing (NDT) equipment to improve inspection accuracy, minimize downtime, and enhance the safety and efficiency of industrial operations, focus on developing digital transformation (dx) solutions for railway maintenance, focus on investing in the development of advanced inspection and maintenance (I&M) solutions to improve operational efficiency and minimize downtime, focus on developing next-generation devices to enhance grid stability and quality and focus on adopting a strategic partnership approach to create innovative solutions for industrial maintenance and energy efficiency.
Player-adopted strategies in the industrial maintenance services market include focus on strengthening operational capabilities through strategic partnerships, focus on strengthening business operations through the launch of new products and solutions and focus on expanding business capabilities through product expansions.
To take advantage of the opportunities, the analyst recommends the industrial maintenance services companies to focus on advancing non-destructive testing capabilities, focus on digital transformation in railway maintenance, focus on advanced inspection and maintenance solutions, focus on next-generation devices for grid stability, focus on the maintenance market for growth, expand in emerging markets, continue to focus on developed markets, focus on offshore market for growth, focus on strategic partnerships for innovation, provide competitively priced offerings, continue to use b2b promotions, focus on industry market segment.
Major Market Trends
- Advancements in Non-Destructive Testing Equipment for Industrial Maintenance
- Revolutionizing Railway Maintenance With Digital Transformation Solutions
- Next-Gen Industrial Inspections With Robotic Technology
- Innovative Solutions for Grid Stability and Industrial Performance Optimization
- Collaborative Approaches to Redefine the Future of Industrial Maintenance
Key Mergers and Acquisitions
- Diversified Maintenance Acquired Facility Maintenance of America
- P3 Services Acquired Anchor Plumbing Services
- Caverion Corporation Acquired Clean Room Control
- Industrial Service Solutions Acquired Rotating Mechanical Solutions Corporation
- ISC Expands North American Reach and Service Offerings With Latest Acquisitions
Recent Developments in the Industrial Maintenance Services Market
- Innovative Workshop Initiative to Strengthen Automotive Industry Partnerships
- Next-Gen Training Solutions for the Evolving Industrial Maintenance Sector
- Revolutionizing Wind Farm Operations With Advanced Monitoring Solutions
Markets Covered:
- Services: Repair; Inspection; Maintenance
- Location: Onshore; Offshore
- End User: Oil and Gas; Industry; Power Generation; Other End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value (USD) in 2024 | $54.47 Billion |
| Forecasted Market Value (USD) by 2034 | $97.66 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Companies Featured
- Bilfinger SE
- Honeywell International Inc
- W.W. Grainger Inc.
- Emerson Electric Co.
- ABB Ltd.
- Rockwell Automation Inc.
- Petrofac Limited
- General Vernova (General Electric)
- Fluor Corporation
- KBR Inc.
- MTU Maintenance Zhuhai
- Rolls-Royce
- Korean Air
- Bosch Limited
- NCH Asia Pacific
- Eneraque
- Industrial Construction & Maintenance Services Co., Ltd (ICS)
- Hiap Seng Engineering Ltd
- Yokogawa Electric Corporation
- SGK India Engineering Pvt. Ltd
- Siveco China
- Shanghai Electric Power Generation Service Co., Ltd.
- Guangzhou Aircraft Maintenance Engineering Company Limited
- FSE Engineering Group Ltd
- Mitsubishi Heavy Industries Ltd.
- Kubota Corporation
- Sumitomo Heavy Industries, Ltd.
- Hyundai Engineering & Construction Co., Ltd.
- SK Engineering & Construction Co., Ltd.
- KEPCO KPS
- LS Industrial Systems
- OCP Maintenance Solutions
- Seatronics
- Ashtead Technology Holdings PLC
- COIL
- Sulzer
- Megger
- Johnson Controls International plc
- TechnipFMC plc
- STRATEC SE
- Siemens AG
- Voith Group
- EMC Engineering Group Limited
- CBM Partners
- IMI plc
- Lockheed Martin
- LOT Aircraft Maintenance Services
- Schneider Electric
- Veolia Group
- SKF Group
- GE Power
- FLSmidth
- Ecolab Inc.
- Glasrock Products
- Bisco Refractories
- Oak Mountain Industries (OMI)
- CEDA
- Caverion Corporation
- Waygate Technologies
- Industry Services Co., Inc.
- Industrial Service Solutions
- Hillcore Group
- Unlimited Service Group (USG)
- Autonox Robotics Gmbh
- P3 Services
- Johnson Controls
- Jacobs
- EMCOR Group
- Veolia
- MMR Group
- Brock Group
- Turner Industries
- DNOW Inc.
- Airgas Inc.
- Ferguson PLC
- Motion Industries Inc.
- HD Supply Holdings Inc.
- KPIC Maintenance Services Inc.
- Blackstone Industrial Group
- Mader Canada
- Groupe PMI
- iCheck Inc.
- Havasu Industries Canada Inc.
- Bison Industrial
- Bartlett Operations Support Services (BOSS)
- ServcoCanada
- CSS Industrial Group of Companies Inc
- LD Celulose S.A
- Duratex
- ANDRITZ AG
- Asea Brown Boveri Ltd. (ABB)
- Mechatronix
- Etisalat
- STC Solutions
- Ooredoo Group
- Emrill Services LLC
- Farnek Services LLC
- Limak Construction
- Al-Mohannadi For Roads
- XCMG Machinery
- Staubli Brothers & Co.
- Combined Group Contracting Company (CGC)
- Waco Africa
- Orapi
- Xylem Inc.
- Alfa Designs Nigeria Ltd.
- Midea Group
- GZ Industrial Supplies
- ELB Equipment
- Hitachi
- Volvo Construction Equipment
- Liebherr
For more information about this report visit https://www.researchandmarkets.com/r/a759vi
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