$97.66 Bn Industrial Maintenance Services Trends, Opportunities and Strategies to 2034: Onshore Segment Dominates, While Offshore Emerges as Fastest-Growing in Industrial Maintenance Markets
Global industrial maintenance services market to reach $97.66 billion by 2034, driven by industrialization, renewable energy expansion, and digital solutions. Asia-Pacific leads growth. Key opportunities in repair services, on-shore projects, and industry sectors. Dominated by major players like Bilfinger SE.
Industrial Maintenance Services Market
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
About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Industrial Maintenance Services Market
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