Industrial Maintenance Services – Procurement Best Practices & Sourcing Strategies

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Industrial Maintenance Services Market Global Size:

According to ELINT Market Research’s in-depth global industrial maintenance services procurement market research report, the market size was valued at a significant $49 billion in 2021. Also, this market is expected to additionally develop at a CAGR of 5.6% and acquire $85.8 billion by 2031.

Market Definition:

The global industrial maintenance services market aims at multiple machinery maintenance activities like checking its functions, trustworthiness, security, capabilities, and more. Thus, numerous small, medium, or big-size industries invest in adopting such equipment upkeep services, which include electricity generation, oil and gas, manufacturing, automobile, construction, aerospace, etc. These machine supervision activities can be of two types such as regular and planned equipment functionality evaluations, or maintaining real-time equipment failures.

Industrial Maintenance Services Market Drivers:

1. Complicated Industrial Machinery –

Nowadays, worldwide businesses are employing heavy and complicated machinery and equipment to execute their manufacturing operations. Hence, these sophisticated machines highly demand maintenance services, which automatically contribute to the growth of the industrial maintenance services market.

2. Preventing Unplanned Equipment Failures –

Another key factor that drives development in the industrial maintenance market is providing constant upkeep services to organizations since unplanned equipment failures can hinder their manufacturing processes. Hence, companies opt to increasingly invest in regular supervision of machines to identify potential problems.

3. Outsourcing Maintenance Services –

Numerous organizations avoid conducting maintenance tasks for their equipment and want to only focus on their key expertise and goals. Thus, these companies outsource external professionals, who can take care of continuous machinery supervision activities.

Industrial Maintenance Services Market Challenges:

1. Rise of Modern Machinery –

As businesses are employing modern and advanced level machinery, it is causing challenges for the industrial maintenance services market, because service providers find it difficult to keep pace with evolving technologies.

2. Economical Uncertainties –

Economical shifts and downturns drive businesses to less spend on equipment maintenance services since they face financial limitations. Hence, maintenance service providers also experience fewer machine supervision projects.

3. Lack of Skilled Labors –

Worldwide manufacturing businesses face difficulty in finding professional and experienced labor, who can handle machinery maintenance tasks. Thus, as advanced technologies are emerging, the industrial maintenance services market is encountering a shortage of qualified professionals.

Industrial Maintenance Services Market Opportunities:

1. Expansion of Smart Manufacturing –

As businesses are adopting smart manufacturing methods, the need for integrating predictive maintenance solutions also rising, which include data analytics and IoT devices. These intelligent equipment upkeep techniques vastly help improve machines’ trustworthiness and decrease downtime.

2. Realtime Condition Monitoring Solutions –

The industrial maintenance services market players experience a great opportunity due to the development of condition monitoring solutions, which provide details about the health of machinery in real time. Hence, maintenance providers can warn organizations about possible issues before they intensify.

3. Environment-Friendly Maintenance Services –

Increasing awareness of environmental safety opens new opportunities for industrial maintenance service providers since they can provide sustainable machine upkeep solutions to reduce environmental effects.

Industrial Maintenance Services Market Segmentation:

1. Type of Maintenance Services –

One of the prominent segmenting factors for the industrial maintenance services market is the type of services including preventive maintenance, which involves planned and constant machine inspections. Further, adaptive maintenance involves taking care of real-time equipment conditions.

2. Different End User Industries –

Multiple industries including medicine, transportation, energy, construction, and manufacturing employ industrial maintenance services according to their distinct machinery supervision requirements.

3. Distinct Machinery Types –

Segmentation based on machinery types vastly helps service providers understand the different upkeep requirements of diverse equipment. These different machine types include rotating devices like turbines and fixed equipment like boilers.

Types of Maintenance Strategies in the Industrial Maintenance Services Market:

Industrial maintenance service providers’ major task involves improving existing working machines’ serviceable condition, or if the device is not in operating condition, then they try to restore it to serviceability. Thus, service providers select the type of maintenance strategy depending upon the criticality of the equipment, and focus on increasing the uptime of the machine, and reducing the maintenance costs incurred. These maintenance strategies can be of multiple types, which are explained as follows –

1. Reactive Maintenance Method –

In this maintenance method, service providers change the machine’s malfunctioning parts as soon as they break. Further, this approach works only when the spare parts stock is affordable to maintain, effortless to replace, and challenging to examine. Also, the equipment should have low criticality, which implies that its failure will not impact overall functions. One of the key examples of this method is light bulbs, which are easy to replace, and their maintenance cost is also relatively low.

2. Predetermined Maintenance Method –

This maintenance strategy involves following the recommendations given by the equipment’s original manufacturer, which suggests planned inspection activities for the machinery. Hence, by adopting OEM’s guidelines, businesses can make sure that their machines are getting maintenance services at optimal intervals, and preventing unexpected breakdowns, which also extends its overall lifespan.

3. Preventive Maintenance Method –

In this preventive maintenance approach, the organization’s in-house team schedules routine inspections for machinery to examine for small malfunctions. This way, they try to prevent small issues at an early stage, instead of leading them to bigger failures. These regular tasks include applying lubrication to smoothen functioning and tightening fasteners.

4. Condition-Based Maintenance Method –

Maintenance service providers employ a condition-based maintenance strategy only when the machinery requires an inspection. Thus, instead of scheduling routine checkups, the equipment supervision team uses sensors to constantly monitor the condition of the devices.

5. Predictive Maintenance Method –

The predictive maintenance approach is kind of similar to the condition-based method. However, the only difference is that this method employs sensors’ captured data only to examine and predict possible future failures in equipment. Hence, the predictive upkeep strategy doesn’t involve constant monitoring and uses intelligent analytics and machine learning algorithms to evaluate the health of machinery. Consequently, this predictability allows organizations to prepare and prevent future device collapses.

Leading Suppliers in the Industrial Maintenance Services Market:

The presence of leading players is driving constant growth in the industrial maintenance services market. These popular suppliers include Bilfinger SE, Altrad​, Stork​, Wood Group​, and Boulting Ltd.