Commercial and Industrial Machinery and Equipment Repair and Maintenance Global Market Report 2024

The commercial and industrial machinery and equipment repair and maintenance market size has grown strongly in recent years. It will grow from $329.03 billion in 2023 to $355.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to factors such as the expansion of the manufacturing sector, concerns related to the longevity of assets, adherence to regulatory compliance, mitigation of technological obsolescence, and the pursuit of cost-efficiency and reduction in downtime.

The commercial and industrial machinery and equipment repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $475.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to factors such as the increasing adoption of Industry 4.0, the rising complexity of machinery, growing sustainability initiatives, global manufacturing resilience, and strategic outsourcing. Major trends expected in the forecast period include a heightened emphasis on cybersecurity in equipment maintenance, the implementation of remote monitoring and maintenance solutions, a shift towards performance-based maintenance contracts, the application of condition-based monitoring technologies, and the integration of artificial intelligence (AI) in maintenance planning.

The anticipated growth is primarily attributed to rapid urbanization and increasing economic development, which are expected to drive the commercial and industrial machinery and equipment repair sector in the future. Urbanization, indicating a shift in population from rural to urban areas, is leading to heightened usage of commercial machinery and, consequently, an increase in the need for repairs. As of April 2023, according to the World Bank, 56% of the global population (4.4 billion people) resides in cities, and this trend is projected to persist, with urban populations more than doubling by 2050. Hence, rapid urbanization and rising economic growth are key factors fueling the growth of the commercial and industrial machinery and equipment repair market.

The expansion of the industrial and manufacturing sectors is another driving force behind the anticipated growth in the commercial and industrial machinery and equipment repair and maintenance market. The industrial sector encompasses all economic activities related to commodity production, with manufacturing being a key subdivision focusing on physical commodity production using labor, machinery, and technology. The growth in these sectors increases the demand for repair and maintenance services for machinery. For example, in December 2023, based on data from the Federal Reserve Board of Governors, industrial output rose by 0.2%, and manufacturing output increased by 0.3%. The need for machinery repair and maintenance becomes crucial as production capabilities increase to minimize downtime and maintain operational efficiency. Thus, the expansion of the industrial and manufacturing sectors contributes significantly to the growth of the commercial and industrial machinery and equipment repair and maintenance market.

A notable trend in the commercial and industrial machinery market is the emergence of strategic collaborations for product innovation. Major companies operating in this market are actively engaging in collaborations to create technologically advanced products, reinforcing their market positions. An example of this trend is the collaboration between The Chemours Company, a US-based chemical company, and Bohn de Mexico, a Mexico-based commercial and industrial refrigeration equipment technology and manufacturing company. The collaboration involves the use of environmentally friendly refrigerants in Bohn de Mexico's new line of BOHN Ecoflex condensing units, aligning with sustainability goals.

Companies in the commercial and industrial machinery and equipment repair and maintenance market are focusing on innovative products, such as maintenance service apps, to enhance customer service. These apps, designed for smartphones, facilitate the management and execution of maintenance services for various resources, machinery, or facilities. Foley Equipment, a US-based construction machinery equipment company, launched Foley Lynx in September 2021. This custom-built communications solution enables real-time technical support, allowing specialists to visually diagnose equipment issues through customers' smartphones and exchange information effectively. Foley Lynx adds a visual dimension to diagnostics, enhancing customer experience and communication in real-time.

Major companies operating in the commercial and industrial machinery and equipment repair and maintenance market report are General Electric Company, Siemens AG, Caterpillar Inc., Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Deere & Company, Wrench Deere & Company LLC, Ernst & Young Global Limited, Schneider Electric SE, Honeywell International Inc., KPMG International Cooperative, Linde PLC, ABB Ltd., CNH Industrial N.V., Emerson Electric Co., Mazars Group, MSP Secretaries Limited, TMF Group, Advanced Technology Services Inc., Tricor Group Limited, Exline Inc., SuperService LLC, PSI Repair Services LLC, GoCodes Inc., L&H Industrial Co. Ltd., Indufit Machine Tools Private Limited, Astro Machine Works Inc., Luther Corporate Services Pte Ltd., Heavy Equipment Mechanical LLC, Hidramar Group S.L.

Asia-Pacific was the largest region in the commercial and industrial machinery and equipment repair and maintenance market in 2023. The regions covered in the commercial and industrial machinery and equipment repair and maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the commercial and industrial machinery and equipment repair and maintenance market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The commercial and industrial machinery and equipment repair and maintenance market includes revenues earned by entities by minimizing costly downtime, and lowering the risk of workplace accidents. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary types of commercial and industrial machinery and equipment repair and maintenance are categorized into commercial machinery repair and maintenance, and industrial machinery repair and maintenance. Commercial machinery repair and maintenance specifically focus on the upkeep of machinery used in various commercial applications. These applications span across sectors such as agriculture, construction, packaging, food processing, mining, semiconductor manufacturing, and other related industries.

The commercial and industrial machinery and equipment repair and maintenance market research report is one of a series of new reports that provides commercial and industrial machinery and equipment repair and maintenance market statistics, including commercial and industrial machinery and equipment repair and maintenance industry global market size, regional shares, competitors with a commercial and industrial machinery and equipment repair and maintenance market share, detailed commercial and industrial machinery and equipment repair and maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the commercial and industrial machinery and equipment repair and maintenance industry. This commercial and industrial machinery and equipment repair and maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.