Electronic Equipment Repair Service Market 2019-2025; Growth Forecast & Industry Share Report

The growing demand for automated machinery in industries will also drive the electronic equipment repair service market demand. Several equipment that are witnessing high adoption in industries include laser equipment, voltmeter, pulse & signal generator, motors & generators, printers, etc. These machines are being operated by digital technologies and consist of several electronic components such as semiconductors, transistors, and capacitors. The malfunctioning or fault in these components results in system downtime, impacting the production volume. To avoid such situations in the industrial environment, operators are depending upon the regular service and maintenance of electronic systems, accelerating the market growth.

The increasing adoption of refurbished products in the industrial sector is also a factor accelerating the electronic equipment repair service market growth. Refurbished products tend to provide nearly identical level performance as a brand-new product. Small businesses are shifting toward refurbished equipment and solutions for reducing additional capital expenses in purchasing new products. These refurbished solutions require high maintenance and management, propelling the market demand. The demand for refurbished medical equipment is growing rapidly due to the high costs associated with these healthcare solutions. Moreover, increasing population and rapid development of healthcare facilities around the world are growing the adoption of modern technological solutions.

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The lack of skilled technicians for providing maintenance services to customers will hamper the electronic equipment repair service industry growth. Increasing complexities in electronic circuits and devices are growing the demand for highly skilled engine electronic equipment repair service that has complete knowledge of various technologies trending in the electronics industry. Moreover, high costs associated in training service technicians about the advanced technologies is also a major factor restraining the market growth.
Higher purchase cost of some electronic products is also encouraging users to manage and maintain solutions on a regular basis, augmenting the electronic equipment repair service market growth. For instance, in case of a machine breakdown due to the failure of an electronic system, it is not feasible to replace machines with new products.

The repair costs will be lower than the costs associated with the purchase of a new solution, driving the market demand. Moreover, for avoiding the system breakdown, manufacturing industries are partnering with service providers for periodical maintenance services of electronic solutions.

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The growing adoption of consumer electronic products in the Asia Pacific region is predicted to drive the electronic equipment repair service market growth. Countries including India, China, Taiwan, and South Korea are the major economies that are involved in the manufacturing and sale of electronic solutions. The rapid adoption of smartphones, tablets, and other mobile technologies in the country is encouraging consumer electronics manufacturers to target their solutions, augmenting the market growth. Moreover, service providers in the region provide maintenance and repair services in a very affordable price range.

Some of the major consumer electronic players including Samsung Electronics Inc., Panasonic Corporation and Toshiba Corporation are engaged in attracting customers by improving their after-sales services, driving the electronic equipment repair service market growth.

Major players operating in the electronic equipment repair service market include Encompass Supply Chain Solutions Inc, iCracked Inc., and Electronix Services Ltd. Service providers are focused on collaborations, strategic partnerships, mergers, and acquisitions to sustain in the market. These companies are also investing highly in R&D activities to improve their service methods. It will enable players to better understand customer requirements and expectations. For instance, customers might expect certain modifications to the equipment to be done but not be able to properly convey it. Effective counseling and proper knowledge about products will help service providers to analyze and deliver according to the expectation of customers.

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