New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Maintenance Services Global Market Report 2023" - https://www.reportlinker.com/p06464094/?utm_source=GNW
, Starke Marine, Sinovoltaics, Sapura Energy Berhad, FLIR Systems Inc., and MISTRAS Group Inc.
The global maintenance services market is expected to grow from $65.06 billion in 2022 to $73.13 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The maintenance services market is expected to reach $110.74 billion in 2027 at a CAGR of 10.9%.
The maintenance services market includes revenues earned by entities through preventive maintenance, emergency repairs, routine servicing, component testing, and building mechanical and electrical systems.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.
A maintenance service is a service offered to keep a product and related services in optimal working order. The primary objective of maintenance service is to guarantee that all production-related machinery and general services related to maintenance are working at maximum efficiency.
Asia-Pacific was the largest region in the maintenance services market in 2022. The regions covered in maintenance services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main maintenance services service types are inspection, maintenance, and repair.An inspection refers to the process of watching, scrutinizing, or performing a critical analysis of something to enhance or emphasize something.
The various types includes offshore support vessels, auvs or rovs, and others in the offshore and onshore locations. The services are applied in oil and gas, renewable, marine, power generation, infrastructures, manufacturing, and others.
Increasing demand for renewable energy is expected to boost the growth of the maintenance services market.Renewable energy sources are a source of energy that is never exhausted and can provide a steady flow of clean energy.
Maintenance and repair services meet the unique requirements of renewable energy suppliers, including those that use hydroelectricity, wind power, and solar power. For instance, in 2020, according to the global energy review by the IEA (International Energy Agency), a Paris-based autonomous international government organization, the share of renewables in global electricity raised to 29% in 2020. 743 GW of global wind power capacity produced more than 6% of all electricity (of which 70.4% was generated onshore). Therefore, the rising demand for renewable energy is driving the growth of the maintenance services market.
Technological advancements have emerged as the key trend gaining popularity in the maintenance services market.Major companies operating in the maintenance services market are developing innovative technologies to strengthen their position in the market.
In May 2022, MAG Lifestyle Development, a UAE-based property developer, launched MAG FM a home maintenance tracking app.The unique features of the home maintenance tracking app involve a smart technology platform for the residents that allows the residents to pay online for the services rendered in their homes and provides customers with a wide range of home maintenance packages available.
The home maintenance tracking app is designed for providing online services to MAG-5 residents.
In May 2021, Cambridge Maintenance Services (CMS), an England-based provider of maintenance services, acquired Acorn Engineering Group for an undisclosed amount.With this acquisition, two businesses collaborate to pool their resources, capacities, and skills.
Acorn Engineering Group is a UK-based company that provides building maintenance services.
The countries covered in the maintenance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The maintenance services market research report is one of a series of new reports that provides maintenance services market statistics, including maintenance services industry global market size, regional shares, competitors with a maintenance services market share, detailed maintenance services market segments, market trends and opportunities, and any further data you may need to thrive in the maintenance services industry. This maintenance services 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.
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