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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
Looking for Regional Analysis or Competitive Landscape , ask for a customized report
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
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.