Industrial maintenance is also defined as plant maintenance. Industrial maintenance helps to reduce breakdowns, increase uptime, and helps to promote overall reliability. In addition, industrial maintenance is the process that ensures that assets are kept in good working condition. Further, industrial maintenance services are widely used in various industries such as manufacturing, oil & gas, and other major industries. And owing to growing demand from the end users, these industries always work to the peak of their capabilities. Hence machinery maintenance is the primary requirement of these industries.
The industrial maintenance as a service market size is expected to grow from USD XX million in 2022 to USD XX million by 2028, at a CAGR of XX%. The key factor boosting market growth is the increasing population that helps to drive the demand in oil & gas, manufacturing, and other industries.
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Drivers: Rising urbanization and industrialization in emerging countries
Growing urbanization and industrialization are the primary factors responsible for increasing demand in the ecosystem of industrial maintenance and services. The machinery should always be well in working condition and requires timely maintenance. Hence, the growing necessity of maintenance services in industrial areas will help drive industrial maintenance growth as a service market.
The growing automotive industry drives the demand for repair and maintenance services
The automotive industry is one of the leading industries worldwide, which is rising significantly. And it is necessary to take proper action to keep the machinery working properly in the facility. Automotive maintenance services include testing and inspecting the condition of vehicle subsystems that come under the automotive maintenance services. Further, regular maintenance is required because it ensures the safety, drivability, reliability, comfort, and longevity of different vehicles. Additionally, automotive repair services are considered the aftermarket maintenance of vehicles, which are necessary to improve the vehicle's life by replacing the products. These products include cabin filters, oil filters, air filters, tires, wear and tear parts, vehicle batteries, wiper blades, and others.
Challenges: Lack of skilled workforce
One of the most critical challenges in industrial maintenance as a service market is the lack of skilled mechanics that helps to provide maintenance services for a wide range of industries such as oil & gas, automotive, manufacturing, and more. For instance, the rising complexities in various automobiles are leading to the demand for a highly skilled workforce with a diverse knowledge of various technologies currently trending in the automobile industry.
Key Market Players:
Advanced Technology Services, Inc. (US), Bell and Howell (US), Bilfinger SE (Germany), Caverion Corporation (Finland), Global Electronic Services, Inc. (US), Global Offshore Engineering (Singapore), Kirti Telnet Pvt. Ltd. (India), Lee Industrial Contracting (US) and Marshall Industrial Technologies (US) are few key players in the Industrial maintenance as a service market globally.
- In August 2022, Bilfinger SE was awarded a multi-million dollar annual contract for the routine mechanical maintenance scope in the Gulf of Mexico (GOM) for Shell’s oil & gas platform.
- In May 2022, Caverion Corporation acquired the industrial service specialist WT-Service Oy, which provides industrial maintenance, installation, and project services in Finland. This acquisition will help to strengthen the regional footprint of Caverion Corporation.
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