Heavy Machinery Maintenance & Repair Market

Heavy Machinery Maintenance & Repair Market Outlook (2022-2032)

The global heavy machinery maintenance & repair market is set to reach a valuation of US$ 182.9 billion in 2022 and further expand at a CAGR of 4.5% to climb to US$ 284 billion by the end of 2032.

Heavy machinery maintenance & repair currently accounts for 18% share of the global maintenance & repair market.

Report Attributes	Details
Heavy Machinery Maintenance & Repair Market Size (2021A)	US$ 175 Billion
Estimated Market Value (2022E)	US$ 182.9 Billion
Forecasted Market Value (2032F)	US$ 284 Billion
Global Market Growth Rate (2022-2032)	4.5% CAGR
North America Market Share (2021)	~31%
East Asia Market Growth Rate (2022-2032)	~4.9% CAGR
United States Market Growth Rate (2022-2032)	~4.3% CAGR
Market Share of Top 5 Companies	~4%
Key Companies Profiled	Advanced Technology Services Astro Machine Works Caterpillar Inc. CNH Industrial Company Wrench Deere & Company Exline, Inc. GoCodes Heavy Equipment Mechanical Hidramar Group Indufit Machine L&H Industrial Linde plc PSI Repair Services SuperService

Heavy Machinery Maintenance & Repair Market Continues to Grow Amid Stable Economic Conditions

The infrastructure industry, as a whole, is witnessing significantly high investments across the globe. In today’s industry 4.0 environment, heavy machinery and equipment have become an integral part of most industries. From construction to power, and aerospace to transport, every single sector is directly or indirectly dependent on the use of heavy machinery and equipment. A majority of the work is now being done with the help of machinery and equipment.

More the use of heavy machinery, the more the demand for its maintenance and repair.

• As per recent data shared by the Census Bureau, the U.S. manufacturing industry spent around US$ 60 billion on maintenance & repair.

Routine repair and maintenance services for heavy machinery & equipment have become an integral part of the production process.

• Short Term (2022-2025): Growing economic environment and stimulus from governments will have an indirect effect on the future of the heavy machinery maintenance & repair market.
• Medium Term (2025-2028): Urbanization is happening at a fast pace across economies. Government spending on infrastructural development has been on the rise, especially in emerging economies. The trend is expected to continue and ultimately lead to a high demand for repair and maintenance services for heavy machinery and equipment.
• Long Term (2028-2032): Adoption of smart technology in repairing and maintenance services will improve the turnaround time, along with saving time and human labor. It is expected that the integration of technology in service offerings will create a huge demand for maintenance and repair.

Between 2017 and 2021, the global heavy machinery maintenance & repair market registered a CAGR of 3.3%, according to Fact.MR, a market research and competitive intelligence provider. Worldwide revenue is set to exhibit growth at 4.5% CAGR through 2032.

Market share analysis of heavy machinery maintenance & repair services based on type and region. Under the type segment, automotive repair and maintenance services account for 48% market share in 2022.

What are the Factors Driving the Demand for Maintenance & Repair Services?

“Global Spending on Infrastructure Development Paving the Path for Maintenance & Repair Service Providers”

Across economies, government spending on infrastructure development has increased manifold in recent years. Governments are spending huge amounts on the development of different sectors such as roads, bridges, railways, telecom, and power sectors, among others. This has created high demand for heavy machinery and equipment.

Continuous use of machinery causes wears and tear and requires repair and maintenance at regular intervals. Maintenance and repair service providers are coming up with different service plans such as monthly/quarterly/half-yearly subscription plans where an end-user company can buy a plan depending on their requirement. Such plans help service providers gain new clients at a comparatively low rate (customer acquisition cost).

“Technology Integration into Service Offerings Will Drive Market Expansion”

On the eve of Industry 4.0, smart machinery and equipment are gradually becoming common across different sectors. New heavy machines are coming with inbuilt chips and sensors that track performances and keep a track record of the health of these machines.

As new machines are technology-enabled, repair and maintenance have become handy in comparison to previous methods. With the help of technology, one can identify any breakdown or defect in advance and reduce manufacturing/process breakdown time.

What May Adversely Affect Heavy Machinery Maintenance & Repair Demand?

“Lack of Skills among Existing Workforce”

There is no doubt that technology integration into the machines and equipment industry has made life easy for the workforce and companies. But at the same time, it has created a gap between the demand and supply of an efficient and able workforce. With the rapid pace of advancement in technology, it has become difficult for service providers to train their employees for the repair and maintenance of heavy machinery.

Machine manufacturers are coming up with new advanced machinery on a regular basis to lure customers and increase their market share. In the initial days, only the manufacturers of these machines have the know-how of these systems, forcing clients to depend on them for any kind of support. Training on new machinery takes time and usually forces the user to incur a loss in case of a breakdown.

Country-wise Insights

Improved Corporate Numbers across Sectors Creating Demand for Heavy Machinery Maintenance & Repair in the U.S.

The use of heavy machinery and equipment in the construction and power industry in the U.S. has led to an increase in the demand for services from maintenance and repair companies. In comparison to other economies, the U.S. is more advanced in terms of machines used for any kind of manufacturing, production, or construction.

The U.S. government has increased its spending on infrastructure development, which has led to an increase in the demand for heavy machines and equipment. With regular use, machines tend to face breakdown and failure, which ultimately increases the demand for heavy machinery maintenance & repair services as well.

India’s Heavy Machinery Maintenance & Repair Market Expected to Be Highly Lucrative?

The Indian economy is going through a rapid transition, and we can say that it is now becoming a hub for any kind of product/service. Slowly, India is becoming an exporter in multiple industries, contrary to what has been projected earlier.

The transition would not have been possible without government intervention along with some great investments from private entities. Recently, companies such as Apple announced that they will be manufacturing a new model of Apple phones in India. With such never-seen infrastructure and manufacturing spending, India is poised to become a leading market for the manufacturers of heavy machinery, subsequently fueling the demand for maintenance & repair services providers.

Category-wise Insights

Automotive Repair & Maintenance Services to Dominate

Among all the sectors, the infrastructural development sector has witnessed the most investments globally. The infrastructure sector is mostly dependent upon heavy machinery and equipment. Heavy machines such as excavators, heavy tractors, backhoes, forklifts, etc., can be commonly found at any construction site.

Dependency of the Infrastructure sector on heavy machines carves a path for the demand for heavy machinery maintenance & repair. The company that is developing the particular infra cannot afford any downtime due to machinery failure or breakdown. Machine owners spend millions of dollars on maintenance & repair contracts. The trend is expected to continue over the coming years on the back of the continuous development of economies.

Mining Sector to Be Big Consumers of Heavy Machinery Maintenance & Repair

The environment of the mining industry is expected to transform in a big way. The integration of tech-enabled machinery will shape the future of the mining industry. With help of technology, it is expected that in the near future, the dependency on machinery and equipment will increase manifold.

As an industry, the mining sector is a costly affair. From stringent government rules and regulations to high operational costs, any kind of process breakdown due to machine failure can have a huge negative impact on a company’s finances. It is very important for mining companies to have proper and efficient maintenance and repair systems in place.

Competitive Landscape

Prominent heavy machinery maintenance & repair service providers are Advanced Technology Services, Astro Machine Works, Caterpillar Inc., CNH Industrial Company, Wrench Deere & Company, Exline, Inc., GoCodes, Heavy Equipment Mechanical, Hidramar Group, Indufit Machine, L&H Industrial, Linde plc, PSI Repair Services, and SuperService.

The global market is highly fragmented owing to the low entry barriers and top global players trying to gain market share through various organic and inorganic strategies.

• In June 2022, Wrench acquired mobile vehicle repair network YourMechanic.

Fact.MR has provided detailed information about the providers of heavy machinery maintenance & repair services positioned across regions, revenue growth, and service offering expansion, in the recently published report.

Segmentation of Heavy Machinery Maintenance & Repair Market

• By Type :

  • Automotive Repair and Maintenance
  • Electronic & Precision Equipment Repair and Maintenance
  • Commercial & Industrial Machinery Repair and Maintenance

• By End-use Industry :

  • Aerospace & Defense
  • Construction
  • Energy & Utility
  • Farming
  • Food Industry
  • Forestry & Ground Care
  • Industrial Heavy Machinery
  • Material Handling
  • Mining
  • Transportation
  • Others (Not Covered Elsewhere)

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa