Maintenance Services Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033 | Fugro NV, TechnipFMC plc, Petrofac Ltd., Baker Hughes Company, James Fisher and Sons plc

"The maintenance services market size has grown rapidly in recent years. It will grow from $71.87 billion in 2023 to $80.06 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to real estate and property development, industrial and manufacturing facilities, infrastructure development, government regulations, preventive maintenance practices..

The maintenance services market size is expected to see rapid growth in the next few years. It will grow to $122.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to increased focus on sustainability, technology integration in maintenance, aging infrastructure, global urbanization trends, outsourcing of maintenance functions.. Major trends in the forecast period include incorporation of internet of things (iot), compliance with regulatory standards, customized maintenance contracts, focus on reliability-centered maintenance (rcm), implementation of energy management services..

Market Overview -
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.

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Elevated Demand For Renewable Energy Fuels Growth In The Maintenance Services Market
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 December 2021, according to a report published by the International Energy Agency, a France-based intergovernmental organization, nearly 95% of the anticipated growth in global power capacity until 2026 is projected to be driven by renewables, with solar photovoltaic (PV) contributing more than half of this expansion. The increase in renewable capacity during the 2021-2026 period is forecasted to be 50% greater than the growth observed from 2015 to 2020. Therefore, the rising demand for renewable energy is driving the growth of the maintenance services market.

Competitive Landscape -
Major companies operating in the maintenance services market report are Fugro NV, TechnipFMC plc, Petrofac Ltd., Baker Hughes Company, James Fisher and Sons plc, Bluestream Offshore BV, SeaTec UK Ltd., Royal Boskalis Westminster NV, Schlumberger Limited (SLB), Aker Solutions ASA, Oceaneering International Inc., Starke Marine Sdn Bhd, Sinovoltaics Group Limited, Sapura Energy Berhad, FLIR Systems Inc., MISTRAS Group Inc., CBRE Group Inc., Jones Lang LaSalle Incorporated, ISS A/S, ENGIE Services Inc., Cushman & Wakefield plc, Aramark Facility Services LLC, Compass Group plc, Sodexo Group, Mitie Group plc, Johnson Controls International plc, FacilitySource, G4S plc, ABM Industries Incorporated, Worley Limited, Wood plc .

Technological Advancements Fuel 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.

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Key Segments -
The maintenance services market covered in this report is segmented -
1) By Service Type: Inspection, Maintenance, Repair
2) By Type: Offshore Support Vessels, AUVs Or ROVs, Others
3) By Location: Offshore, Onshore
4) By Application: Oil And Gas, Renewable, Marine, Power Generation, Infrastructures, Manufacturing, Others

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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