Heavy Machinery Maintenance & Repair Demand Is Set To Reach A Valuation of US$ 284 Bn Billion 2032; Owing To Technology Integration into Service Offerings | Fact.MR

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Oct 17, 2022, 08:00 ET

Increased Governments Spending On Infrastructure Development Will Shape The Future of The Maintenance & Repair Market

Fact.MR has provided detailed information about the providers of heavy machinery maintenance & repair services positioned across regions, revenue growth, and service offering expansion, in the recently published report.

NEW YORK, Oct. 17, 2022 /PRNewswire/ -- The latest study by Fact.MR, a market research and competitive intelligence provider, reveals that the global heavy machinery maintenance & repair market is estimated at US$ 182.8 billion in 2022 and is expected to progress at a CAGR of 4.5% between 2022 and 2032. The market is expected to grow amid increased government spending on infrastructure and the rising urban population across the world.

Rising urbanization has compelled the infrastructure industry to develop across the world. Suitable macroeconomic factors such as rising employment, low-interest rate, and an increase in disposable income have also led to a rise in the demand for residential housing, ultimately leading to an increase in the demand for heavy machinery and equipment. The maintenance & repair service industry is adopting new technology trends that help them in providing the best services to clients.

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The use of artificial intelligence in sectors such as power, mining, and construction, among others, has created a new wave in heavy machinery and equipment and its ancillary industries. With new and advanced developed machines and equipment, demand for skilled labour and their services has also increased manifold.

Key Takeaways from Market Study

The global heavy machinery maintenance & repair market is projected to expand at a CAGR of 4.5% and reach US$ 284 billion by 2032.
The market exhibited 3.3% CAGR between 2017 and 2021.
Under type, automotive repair and maintenance services dominate and are valued at US$ 84 billion in 2022.
North America leads the market with 31% share in 2021.
Demand for heavy machinery maintenance & repair services is expected to increase at CAGRs of 4.5% and 4.8%, respectively, in Europe and South Asia & Oceania.

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Segmentation of Heavy Machinery Maintenance & Repair Market

By Type :

Automotive Repair and Maintenance
Electronic & Precision Equipment Repair and Maintenance
Commercial & Industrial Machinery Repair and Maintenance

By End-use Industry :

Aerospace & Defense
Construction
Energy & Utility
Farming
Food Industry
Forestry & Ground Care
Industrial Heavy Machinery
Material Handling
Mining
Transportation
Others (Not Covered Elsewhere)

By Region :

North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

Competitive Landscape

Prominent heavy machinery maintenance & repair service providers are

Advanced Technology Services
Astro Machine Works
Caterpillar Inc.
CNH Industrial
Company Wrench
Deere & Company
Exline, Inc.
GoCodes
Heavy Equipment Mechanical
Hidramar Group
Indufit Machine
L&H Industrial
Linde plc
PSI Repair Services

The global market is highly fragmented owing to the low entry barriers and top global players trying to gain market share through various organic and inorganic strategies.

In June 2022, Wrench acquired mobile vehicle repair network YourMechanic.

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Market Development

The business environment in the heavy machinery maintenance & repair market sees extreme competition among major players. To gain a solid hold in the market, key market players are employing organic and inorganic growth strategies.

For instance, in June 2021, CNH Industrial acquired Raven Industries, enhancing its precision agriculture capabilities and scale.

Moreover, market participants are focusing on expanding their service offerings by integrating advanced technology into their services.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global heavy machinery maintenance & repair market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of type (automotive repair & maintenance, electronic & precision equipment repair & maintenance, commercial & industrial machinery repair & maintenance) and end-use industry (aerospace & defence, construction, energy & utility, farming, food industry, forestry & ground care, industrial heavy machinery, material handling, mining, transportation, others (not covered elsewhere), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Check out more related studies published by Fact.MR Research:

Mechanical Services Market: The global mechanical services market is estimated to progress at a CAGR of 4.7% from 2022 to 2032. The market is expected to reach a size of US$ 14.9 billion by the end of 2032, up from its current valuation of US$ 9.4 billion.

HVAC Services Market: The global HVAC services market stands at US$ 71.1 billion in 2022 and is anticipated to progress steadily at a CAGR of 6.2% to reach US$ 129.8 billion by 2032-end. Together, North America and East Asia account for around 60% share of the global market.

EPC (Engineering, Procurement, and Construction) Market: The global EPC (engineering, procurement, and construction) market is projected at US$ 7,927.5 billion in 2022 and is expected to expand at a CAGR of 5.7% to reach US$ 13,800.2 billion by the end of 2032.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.

Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.

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