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.
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
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Global Industrial Maintenance Services Growth Analysis and Strategic Analysis Framework
9 Global Industrial Maintenance Services Market Segmentation
10 Industrial Maintenance Services Market, Regional and Country Analysis
11 Asia-Pacific Market
12 Western Europe Market
13 Eastern Europe Market
14 North America Market
15 South America Market
16 Middle East Market
17 Africa Market
18 Competitive Landscape and Company Profiles
19 Other Major and Innovative Companies
22 Key Mergers and Acquisitions
23 Recent Developments in the Industrial Maintenance Services Market
24 Opportunities and Strategies
25 Industrial Maintenance Services Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Industrial Maintenance Services Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global industrial maintenance services market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for industrial maintenance services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The industrial maintenance services market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider industrial maintenance services market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by service, by location and by end user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis and Strategic Analysis Framework - Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size and Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods
- Regional and Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by service, by location and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Recent Developments - Information on recent developments in the market covered in the report.
- Market Opportunities and Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations- This section includes recommendations for industrial maintenance services market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
1) by Services: Repair; Inspection; Maintenance
2) by Location: Onshore; Offshore
3) by End User: Oil and Gas; Industry; Power Generation; Other End Users
Key Companies Profiled: Bilfinger SE; Honeywell International Inc; W.W. Grainger Inc.; Emerson Electric Co.; ABB Ltd.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; industrial maintenance services indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
The companies featured in this Industrial Maintenance Services market report include:- 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
- Stäubli 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 327 |
| Published | April 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 54.47 Billion |
| Forecasted Market Value ( USD | $ 97.66 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 113 |
