Global Industrial Machinery Repair/Aftermarket Services Market - Introduction
- Industrial machinery repair/aftermarket services include repair, replacement, or refurnish damaged and old machinery
- Repair and aftermarket services are provided by professional engineers. Industrial machinery repair/aftermarket services are availed to upgrade, customize, repair, and maintain machinery such as lathes and hydraulic machines
- Certain parts of an industrial machine require repair and maintenance according to a maintenance schedule.
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Key Drivers Global Industrial Machinery Repair/Aftermarket Services Market
- Rise in demand for increasing asset utilization in manufacturing industries and plants is projected to boost the industrial machinery repair/aftermarket services market in the near future.
- Furthermore, increase in revenue from aftersales service or parts from organizations is further expected to drive the market in the near future.
- Rise in demand for optimization of costs at same service level, from various organizations, is projected to boost the market in the near future.
- Surge in demand for optimization of design of machinery, enhancement of efficiency, and reduction of machine downtime are major factors that are anticipated to drive the demand for industrial machinery repair/aftermarket services globally.
- Organizations need to search for industrial machinery repair and aftermarket services that have the potential to target their customers and improve their return on investment (ROI) in order to increase machinery reliability and reduce the risk and downtime of machinery. Development in digital twins, such as Industry 4.0, is anticipated to offer new opportunities to the industrial machinery repair and aftermarket services market in the near future.
Limited service capability hampers industrial machinery repair/aftermarket services market
- Limited services offered by service providing companies is a major factor that is anticipated to hamper the industrial machinery repair/aftermarket services market.
- However, some service providers are unable to find and recognize customer needs, which in turn is anticipated to hinder the demand for industrial machinery repair/aftermarket services.
Asia Pacific to Hold a Major Share of Global Industrial Machinery Repair/Aftermarket Services Market
- Asia Pacific is a leading market of industrial machinery repair/aftermarket services, followed by North America and Europe. China and India are key markets in the region. In terms of demand, the two countries account for more than 50% share of the market for industrial machinery repair and aftermarket services in the region.
- The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period. This is primarily due to the rapid economic development, globalization, and increasing demand for industrial machinery repair/aftermarket services in the region.
- The industrial machinery repair/aftermarket services market in Middle East & Africa is estimated to expand at a rapid pace during the forecast period, followed by North America and Europe. This can be attributed to increasing investments in construction and automotive industries in the region.
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Global Industrial Machinery Repair/Aftermarket Services Market - Competitive Landscape
PSI Repair Services, Inc.
Established in 1967, PSI Repair Services, Inc. is based in Livonia, Michigan, U.S. The company provides repair services, engineering services, and surplus services. It also offers ball screw repair, electronic repair, printed circuit board repair, hydraulic repair, motion control repair, process control repair, robotic repair, servo valve repair, spindle repair, vacuum pump repair, and wind turbine parts repair services. PSI Repair Services, Inc. caters to diverse industries including automotive, aerospace, defense/military, food and beverage, healthcare, public transportation, semiconductor, and energy.
Advanced Technology Services, Inc.
Founded in 1995, Advanced Technology Services, Inc. is presently based in Oakhurst, New Jersey, U.S. Advanced Technology Services, Inc. provides maintenance and repair services of machinery to organizations across the globe. It serves several industries such as automotive, aerospace, building products, paper & pulp, heavy equipment, consumer packaged goods, and tire & rubber. The company provides calibration, testing, disaster recovery, preventive maintenance, technical training, depot, service desk management, and client computing services.
Astro Machine Works, Inc.
Established in 1984, Astro Machine Works, Inc.is currently based in Ephrata, Pennsylvania, U.S. The company engages in the manufacture and development of automation equipment, custom machinery, machined parts, fabricated and assembled components. It offers diverse services including reverse engineering, welding and metal fabrication, and panel wiring, and control systems building, as well as machine repair, rebuilding, and refurbishment.
Other key players operating in the global industrial machinery repair/aftermarket services market include:
- IndufitMachine Industrial Projects Company
- Deere & Company
- C?NH Industrial
- Linde AG
- L&H Industrial
- Exline, Inc.
- Caterpillar Inc.
Global Industrial Machinery Repair/Aftermarket Services Market - Segmentation
Based on type, the global industrial machinery repair/aftermarket services market can be segmented into
- Repair Services
- Ball Screw Repair
- Hydraulic Repair
- Motion Control Repair
- Process Control Repair
- Robotic Repair
- Servo Valve Repair
- Spindle Repair
- Vacuum Pump Repair
- Wind Turbine Parts Repair
- Aftermarket parts and accessories services
In terms of warranty type, the global industrial machinery repair/aftermarket services market can be bifurcated into
- In Warranty
- Out of Warranty
Based on provider, the global industrial machinery repair/aftermarket services market can be divided into
In terms of industry, the global industrial machinery repair/aftermarket services market can be segregated into
- Food and Beverage
- Public Transportation/Transit
- Wind Energy
- Paper & Pulp
- Tire & Rubber
Regional analysis of the global industrial machinery repair/aftermarket services market includes:
- North America
- Asia Pacific
- Middle East & Africa
- South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.