Electronic and Precision Equipment Repair and Maintenance Global Market Report 2024

The electronic and precision equipment repair and maintenance market size has grown strongly in recent years. It will grow from $151.23 billion in 2023 to $161.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed during the historic period can be attributed to several factors, including increased demand in industrial machinery and equipment, the expansion of the medical devices sector, the thriving electronics and consumer devices industry, and a rising need for aerospace and defense equipment.

The electronic and precision equipment repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $204 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.

The anticipated growth in the forecast period can be attributed to the integration of advanced technologies, the increasing focus on healthcare equipment maintenance, the implementation of smart manufacturing practices, and the thriving consumer electronics sector. Additionally, major trends expected in the forecast period include the integration of advanced technologies, the adoption of predictive and preventive maintenance methods, the use of remote maintenance and monitoring, and a growing emphasis on sustainability and the circular economy.

The primary categories within the domain of electronic and precision equipment repair and maintenance include consumer electronics repair and maintenance, computer and office machine repair and maintenance, communication equipment repair and maintenance, along with other repair and maintenance services related to electronic and precision equipment. Companies operating in the Communication Equipment Repair and Maintenance sector primarily specialize in the repair and upkeep of communication equipment, such as communication transmission devices, two-way radios, telephones, and fax machines. It is important to note that these companies exclusively engage in repair and maintenance activities, refraining from the sale of new communication equipment. The services provided can be delivered through online or offline channels and encompass various service types, including inspection, maintenance, and repair.

The electronic and precision equipment repair and maintenance market research report is one of a series of new reports that provides electronic and precision equipment repair and maintenance market statistics, including electronic and precision equipment repair and maintenance industry global market size, regional shares, competitors with an electronic and precision equipment repair and maintenance market share, detailed electronic and precision equipment repair and maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the electronic and precision equipment repair and maintenance industry. This electronic and precision 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 expected growth in the electronic and precision equipment repair and maintenance market can be attributed to the rising sales of personal computing devices (PCDs). Personal computing devices include consumer electronics such as desktop computers, laptops, smartphones, and tablets. The increase in remote work and the use of PCDs due to the pandemic led to a surge in PCD sales. As more individuals rely on PCDs, there is a growing demand for maintenance and repair services for these devices. For instance, a 2022 report from Canalys, a technology market analyst firm based in Singapore, revealed that global shipments of desktops, notebooks, and workstations reached 341 million units in 2021, marking a 15% increase from 2020. Consequently, the uptick in PCD sales is anticipated to be a driving factor for the electronic and precision equipment repair and maintenance market in the foreseeable future.

The anticipated growth in the electronic and precision equipment repair and maintenance market can be attributed to the expanding semiconductor industry. Semiconductors are materials with electrical conductivity properties between conductors and insulators, and they play a critical role in electronic devices and precision equipment. As the semiconductor industry experiences growth, there is an increased demand for electronic devices, which, in turn, drives the need for maintenance and repair services for these devices. For example, in February 2023, the Semiconductor Industry Association reported that global semiconductor sector sales reached $574.1 billion in 2022, marking a record-high annual total and a 3.3% increase over the previous year's total of $555.9 billion. This underlines how the thriving semiconductor industry is contributing to the electronic and precision equipment repair and maintenance market.

Companies engaged in the repair and maintenance of electronic equipment are harnessing the power of artificial intelligence (AI) predictive analysis to enhance the quality of their services. This approach, coupled with the utilization of Internet of Things (IoT) technology sensors, empowers service providers to pinpoint critical components at risk of failure and assess the current condition of various parts. Leading firms like Neuron Soundware and KONUX leverage AI-predictive maintenance to detect anomalies, bolster the identification of potential causes of breakdowns, and ultimately optimize their repair and maintenance services.

Major companies operating in the electronic and precision equipment repair and maintenance market are prioritizing the development of innovative services, including self-service repair, to gain a competitive edge in the industry. Self-service repair empowers individuals to independently address issues or perform maintenance on their own belongings or systems, reducing the reliance on professional assistance. For instance, Apple Inc., a prominent US-based technology company, introduced its self-service repair program in November 2021. This initiative grants customers who are comfortable with DIY repairs access to authentic Apple parts and tools. To utilize the self-service repair program, customers begin by reviewing the product-specific repair manual for the device they intend to repair.

Major companies operating in the electronic and precision equipment repair and maintenance market include Juniper Networks Inc., Emcor Group, Illinois Tool Works Inc., Tsubakimoto Chain Co, Apple Inc., Electronix Services, Encompass Supply Chain Solutions Inc., Global Electronic Services Inc., iCracked Inc., Mendtronix Inc., MicroFirst Gaming Inc., Quanzhou Journey Bags Co. Ltd., Quest International Inc., OTC Industrial Technologies, Precision Electronic Repair Services, ACS Industrial Services Inc., iFixIt, ABB Ltd., Agilent Technologies Inc., Ametek Inc., Anritsu Corporation, Avnet Inc., Belden Inc., Benchmark Electronics Inc., Tech Pros, Precision Electronics Ltd., Advanced Control Solutions Inc., Microtech Services Ltd., MTAR Technologies Ltd., Techtonic Innovations Ltd., RoboTech Services Ltd.

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

The countries covered in the electronic and precision 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 electronic and precision equipment repair and maintenance market consists of revenues earned by entities that provide repair and maintenance services such as electronic products and navigational services, measuring services, and electromedical and control instruments services. 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 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.


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