How Is The Commercial And Industrial Machinery And Equipment Repair And Maintenance Market Segmented?
The commercial and industrial machinery and equipment repair and maintenance market covered in this report is segmented –
1) By Type: Commercial Machinery Repair And Maintenance, And Industrial Machinery Repair And Maintenance
2) By Application: Agriculture, Construction, Packaging, Food Processing, Mining, Semiconductor Manufacturing, Other Applications
Subsegments:
1) By Commercial Machinery Repair And Maintenance: HVAC Systems, Kitchen Equipment, Office Equipment, Retail Machinery
2) By Industrial Machinery Repair And Maintenance: Manufacturing Equipment, Construction Machinery, Agricultural Equipment, material handling equipment, mining equipment
What Is Driving The Commercial And Industrial Machinery And Equipment Repair And Maintenance Market? Rapid Urbanization And Economic Growth Fuel Expansion Of Commercial And Industrial Machinery Repair Market
The growth is mainly due to rapid urbanization and rising economic growth. Rapid urbanization and rising economic growth are expected to propel the growth of commercial and industrial machinery and equipment repair going forward. Urbanization refers to the population shift from a rural area to an urban area. Because of the increase in urbanization and population increase the usage of commercial machinery helps to increase repairs for commercial goods. For instance, in April 2023, according to the World Bank, a US-based intergovernmental financial institution that offers grants and loans to governments in nations with low or middle incomes to fund capital projects, cities were home to 56% of the world's population (4.4 billion people). This trend is likely to continue, with urban populations more than doubling by 2050. Their fore increase in Rapid urbanization and rising economic growth are driving the growth of the commercial and industrial machinery and equipment repair market.
What Is Driving The Commercial And Industrial Machinery And Equipment Repair And Maintenance Market? Robust Growth In Industrial And Manufacturing Sectors Fuels Demand For Machinery Repair And Maintenance Services
The expansion of industrial and manufacturing sectors is expected to propel the growth of the commercial and industrial machinery and equipment repair and maintenance market in the coming years. The industrial sector is a broad category that includes all economic activities associated with the production of commodities. The manufacturing sector is a subdivision of the industrial sector that focuses on the production of physical commodities using labor, machines, and technology. The development of the industrial and manufacturing sectors drives up demand for machinery repair and maintenance services. As production capabilities rise, IT becomes increasingly important to maintain and repair equipment to reduce downtime and sustain operating efficiency. For instance, in December 2023, according to the Federal Reserve Board of Governors, a US-based governmental body in charge of monitoring the Federal Reserve Banks and assisting in implementing monetary policy, industrial output climbed by 0.2%, while manufacturing output increased by 0.3%. The increase in industrial production was more than offset by a 7.1% rebound. Further, in August 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union (EU), in June 2023, seasonally adjusted industrial production rose by 0.5% in the euro area and by 0.4% in the EU compared to May 2023. Therefore, the expansion of the industrial and manufacturing sectors is driving the commercial and industrial machinery and equipment repair and maintenance market.
Who Are The Major Players In The Global Commercial And Industrial Machinery And Equipment Repair And Maintenance Market?
Major companies operating in the commercial and industrial machinery and equipment repair and maintenance market include Advanced Industrial Services, AIS Companies, ATS Automation Tooling Systems Inc., Brehob Corporation, Burford Corporation, Central States Industrial Equipment & Service Inc., CMS Industrial Services, EMCOR Group Inc., Equipment Service Professionals, Field Service Specialists, Fluor Corporation, GE Aviation, Industrial Service Solutions, JD Machine Corp, Konecranes Inc., KUKA Systems North America, Machinery Maintenance Inc., Maintenance Engineering Inc., McClung-Logan Equipment Company, Melton Machine & Control Company, North American Industrial Services, Northland Industrial Truck Co., Norwest Engineering Co., Praxair Services Inc., Precision Industrial Automation, Quality Millwright Service, Rockwell Automation Inc., Sargent & Lundy LLC, Service & Repair Solutions Inc., W.W. Grainger Inc.
What Are The Key Trends Of The Global Commercial And Industrial Machinery And Equipment Repair And Maintenance Market? Strategic Collaboration Drives Technological Innovation In Commercial And Industrial Machinery
Strategic collaborations for innovating new products have emerged as a key trend gaining popularity in the commercial and industrial machinery market. Major companies operating in the commercial and industrial machinery market are focused on collaborating with one another to create new technologically advanced products to sustain their position in the market. For instance, in November 2022, The Chemours Company, a US-based chemical company with a Mexico-based commercial and industrial refrigeration equipment technology and manufacturing company, Bohn de Mexico. In accordance with the agreement, Bohn de Mexico will use Opteon XL20 (R-454 C), Opteon XL40 (R-454 A), and Opteon XL10 (R-1234 YF) for its new line of BOHN Ecoflex condensing units. These refrigerants are non-ozone depleting (ODP) and have low global warming potential (GWP). The Opteon XL refrigerant line provides very low GWP solutions that are ideal for the new Ecoflex equipment generation from Bohn de Mexico, which offers cutting-edge technological innovations for the best energy efficiency of refrigeration systems and aids the business in achieving its sustainability goals.
What Are The Key Trends Of The Global Commercial And Industrial Machinery And Equipment Repair And Maintenance Market? Innovations in the Commercial and Industrial Machinery Repair and Maintenance Market
Major companies operating in the commercial and industrial machinery and equipment repair and maintenance market are focusing on innovative products such as digital twin software solution to gaim competitive edge. A digital twin software solution refers to a virtual representation of a physical asset, process, or system that simulates its real-time performance and behavior, allowing for improved design, testing, and operational efficiency through predictive analysis and virtual testing before physical implementation. A maintenance service app is a smartphone application used to manage and execute maintenance services for various resources, machinery, or facilities.For instance,in May 2022, Schneider Electric, a France-based multinational corporation, launched EcoStruxure Machine Expert Twin. Schneider Electric's new EcoStruxure Machine Expert Twin software solution cuts commissioning time by 60% and reduces time-to-market by 50%, revolutionizing machine design and operations for original equipment manufacturers (OEMs). The software enables virtual testing and commissioning, enhancing flexibility, efficiency, and quality.
Regional Outlook For The Global Commercial And Industrial Machinery And Equipment Repair And Maintenance Market
Asia-Pacific was the largest region in the commercial and industrial machinery and equipment repair and maintenance market in 2024. The regions covered in the commercial and industrial machinery and equipment repair and maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the commercial and industrial machinery and equipment repair and maintenance market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Commercial And Industrial Machinery And Equipment Repair And Maintenance Market?
The commercial and industrial machinery and equipment repair and maintenance market includes revenues earned by entities by minimizing costly downtime, and lowering the risk of workplace accidents. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Commercial And Industrial Machinery And Equipment Repair And Maintenance Industry?
The commercial and industrial machinery and equipment repair and maintenance market research report is one of a series of new reports from The Business Research Company that provides commercial and industrial machinery and equipment repair and maintenance market statistics, including commercial and industrial machinery and equipment repair and maintenance industry global market size, regional shares, competitors with a commercial and industrial machinery and equipment repair and maintenance market share, detailed commercial and industrial machinery and equipment repair and maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the commercial and industrial machinery and equipment repair and maintenance industry. This commercial and industrial machinery and equipment repair and maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
