According to the Market Statsville Group (MSG), the global inspection, repair, and maintenance market size is expected to grow from USD 46.2 billion in 2022 to USD 109.9 billion by 2033, at a CAGR of 8.2% from 2023 to 2033.
Facilities now come with a wide variety of machinery and have grown enormously large. Additionally, industries are constantly operating at the limit of their capabilities due to increased demand from end users. These factors also make it challenging to inspect and maintain the facilities. In addition, the complexity of the machinery necessitates highly qualified professionals, which the company's employees frequently lack. As a result, businesses providing industrial maintenance services are needed. They only hire highly skilled and seasoned individuals with maintenance-specific training. Additionally, these service providers use cutting-edge technology to deliver maintenance services. Such technologies would increase the operating costs of the manufacturing facilities as they would be redundant there. These elements make industrial inspection, repair, and maintenance services an attractive choice for different industries, which raises demand for them.
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Scope of the Global Inspection, Repair, and Maintenance Market
The study categorizes the inspection, repair, and maintenance market based on service type, type, Location and application at the regional and global levels.
By Service Type Outlook (Sales, USD Billion, 2019-2033)
Inspection
Visual Inspection
Ultrasonic
Electromagnetic
Radiography
Pigging
Others
Maintenance
Reactive Maintenance
Preventive Maintenance
Predictive Maintenance
Reliability Centered Maintenance
Repair
By Type Outlook (Sales, USD Billion, 2019-2033)
Offshore Support Vessels
AUVs/ROVs
Others
By Location Outlook (Sales, USD Billion, 2019-2033)
Offshore
Onshore
By Application Outlook (Sales, USD Billion, 2019-2033)
Oil & Gas
Upstream
Midstream
Downstream
Renewable
Solar
Wind
Hydro
Marine
Power Generation
Infrastructures
Manufacturing
Automotive
Aerospace & Defense
Others
By Region Outlook (Sales, USD Billion, 2019-2033)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
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Oil & Gas segment accounts for the largest market share during the forecast period by Application
Based on the application, the market is bifurcated into oil & gas, renewable, infrastructures, marine, power generation, automotive, aerospace & defense, manufacturing, and others. The oil & gas segment accounts for a larger revenue share in 2022 due to increasing investments in oil and gas exploration, primarily in the Middle East, and Africa, Latin America, andNorth America.
Further, to decrease their reliance on fossil fuels and carbon emissions, various nations are focusing their power generation toward renewable energy sources. The main driver of the demand for IRM in the renewable industry is that nations have begun installing renewable energies, such as solar PV, wind, and hydro. Increased offshore activities like offshore installation drive the demand for IRM services across the marine industry. Moreover, the growing demand for inspection, repair, and maintenance services in power energy of developing economies, especially in Asia, will upsurge the market’s growth over the forecast period.
Asia Pacific is projected to account for the highest market share by Region
Based on the regions, the global inspection, repair, and maintenance market have been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to witness the highest market share in 2022, owing to the high adoption of inspection, repair, and maintenance in emerging countries, including India and China. Additionally, the installation of renewable energy has increased significantly in many nations, including India, which will increase demand for IRM throughout the region. Leading automotive and aerospace manufacturers like Boeing, General Motors, and Chevrolet are based in North America and are major market influencers in the region. European nations like Germany and the U.K., due to the presence of numerous automotive and aerospace companies are among the top nations for manufacturing. The region's market is also being driven by an increase in the installation of renewable energy to meet government-set clean energy targets.
Key Market Players in the Global Inspection, Repair, and Maintenance Market
The inspection, repair, and maintenance market is witnessing competition in the era of tactics, and strategic alliances, including product launches, acquisitions, mergers, partnerships, and many more to expand the market’s growth. Moreover, various key market players focus on the aforementioned factors to strengthen their market position in the growing marketing era.
Major key players in the global inspection, repair, and maintenance market are:
Fugro
SeaTec
Royal Boskalis Westminster N.V.
Baker Hughes
Schlumberger
Aker Solutions
Oceaneering International, Inc
TechnipFMC plc
Petrofac
Sapura Energy Berhad
James Fisher and Sons Plc
Bluestream Offshore B.V.
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Recent Developments
In August 2022, Baker Hughes acquired Quest Integrity, a subsidiary of Team, Inc. This acquisition will complement Baker Hughes’ existing asset integrity offerings and support customers with delivering advanced range of industrial infrastructure. The acquisition includes Invista and Furnace Tube Inspection (FTIS) technology from Quest Integrity. Invista provides new inspection capability for pipelines, marine loading lines, chemical, petrochemical, refining, utility, power, and other industrial segments and facilities.
In March 2020, Fugro entered into a strategic partnership with SEA KIT International. Collaborating with SEA-KIT International to develop a range of USVs would vastly improve the marine industry. This partnership, along with other strategic alliances, represents a significant acceleration in Fugro's approach to one of the leading evolution of wireless and autonomous solutions, which is essential to support a safe and sustainable approach to the construction and maintenance of marine assets.