Global Industrial Maintenance Services in the Operational Improvement & Operational Maintenance Market is Expected to Grow with a Healthy CAGR of 5.7% in the Forecast Period of 2020 to 2027

According to UpKeep Maintenance Management, in 2017, almost 53% of companies adopted the IIoT technologies and predictive maintenance under big data analytics implementation strategies. The data analytics solutions are helping the manufacturers make better decisions, including analysis of assets life, replacement of assets and prior service rather than planned, among others.        

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Global industrial maintenance services in operational improvement & operational maintenance market is expected to reach USD 8,378.70 million by 2027 from USD 5,418.74 million in 2019, growing with the healthy CAGR of 5.7% in the forecast period of 2020 to 2027. The major factors driving the market growth are the increasing demand for preventive maintenance solutions and the growing adoption of IoT technology in maintenance operations. While the varying regulatory compliance acts as a major restraint for global industrial maintenance services in operational improvement & operational maintenance market.          

Increasing importance of preventive maintenance services to reduce the downtime of facility across the world will drive the market's growth rate

The Industrial 4.0 revolution brought changes in the industrial sector as organizations adopt advanced technologies, digital solutions and others. Increasing production capabilities with the efficient cost is main objective of every business. To improve the production, reducing downtime and uptime of machinery and equipment needs to be improved, driving the maintenance service demand.

Report Scope and Market Segmentation

Segment Analysis:

Global industrial maintenance services in operational improvement & operational maintenance market is segmented into three notable segments which are based on the basis of services type, application and industry.

• On the basis of services type, global industrial maintenance services in operational improvement & operational maintenance market has been segmented into industrial operational maintenance and industrial operational improvement. In 2020, industrial operational maintenance segment is expected to dominate the market with 75.4% market share high demand for the predictive maintenance services to lower the production downtime.
• On the basis of application, global industrial maintenance services in operational improvement & operational maintenance market has been segmented into supervisory control and data acquisition (SCADA), electric motors & drives, valves & actuators, distributed control system (DCS), human-machine interface (HMI), manufacturing execution system (MES), safety system and others. In 2020, electric motors and drives segment is expected to dominate the market with 27.2% market share as to maintain the adequate level of power for machinery and to make them operational electric motors plays major role in manufacturing facilities.

The electric motors and drives segment will dominate the application segment of the industrial maintenance services in operational improvement & operational maintenance market

The electric motors and drives segment will emerge as the dominating segment application segment. This is because of the growing number of electric motors in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

• On the basis of industry, global industrial maintenance services in operational improvement & operational maintenance market has been segmented into automotive, metals & mining, food & beverages, aerospace & defense, oil & gas, water and wastewater, energy & power, chemical, pharmaceuticals and others. In 2020, the metals and mining segment is expected to dominate the market with 23.7% by adopting the outsourced maintenance services for the mining sites. To meet the stringent regulatory compliance and to improve the safety of employees mining plant operators are adopting the preventive maintenance services.

The industry segment will dominate the industry segment of the industrial maintenance services in operational improvement & operational maintenance market

The industry segment will emerge as the dominating segment under industry with approximately 24.00% market share. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the semiconductors industry all around the globe will further bolster the growth of this segment.

Major Players  

Data Bridge Market Research recognizes the following companies as the market players in industrial maintenance services in operational improvement & operational maintenance market: General Electric (U.S.), Endress+Hauser Group Services AG (Switzerland), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric Corporation (Japan), Yokogawa India Ltd. (Japan), ABB (U.S.), Cognex Corporation (U.S.).

Market Development

• In May 2020, Azur Air, an airline company, introduced its own independent aircraft repair, maintenance, and overhaul (MRO) organization for the market. The airline's in-house engineering and maintenance department is now offering the services to third-party customers.
• In February 2020, Michelin Inc. introduced a new service for the truck industry as third party service provider. The company introduced new mechanical maintenance services for the trailers owners. The company is offering service such as maintenance of hoses, lights, brakes and department of transportation annual certifications for trailers.

Regional Analysis

Geographically, the countries covered in the industrial maintenance services in operational improvement & operational maintenance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in industrial maintenance services in operational improvement & operational maintenance market during the forecast period 2020 - 2027

Owing to the presence of significant key players and the increase in the adoption rate of smart solutions in the retail sector, Asia-Pacific now dominates the market and will likely maintain this trend.

Asia-Pacific is estimated to be the fastest growing region in industrial maintenance services in operational improvement & operational maintenance market the forecast period 2020 - 2027

Owing to the region's expanding industrial activities and improved operational efficiency, Asia-Pacific is predicted to develop between 2022 and 2029.

COVID-19 Impact

The market has been significantly impacted by the COVID-19 outbreak. The worldwide supply chain disruptions, shutdown of the industry both impacted the market. The market, however, is anticipated to be considerably damaged in the post-COVID scenario.

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