European Industrial Maintenance Market is Growing
The European industrial maintenance market is expected to reach USD 142.69 billion by 2033 at a growth rate of 2.05% during the forecast period 2023-2033.
Source: Spherical Insights: Europe Industrial Maintenance Market Insights Forecasts to 2033
According to a market report by Spherical Insights, several European companies have adopted integrated service concepts to raise the level of equipment and services in critical processes. This strategy is also helping the industry to reduce maintenance and repair costs. This trend is expected to boost the industrial maintenance market in Europe over the forecast period.
The oil segment will dominate the market with the largest revenue share over the forecast period. On the basis of product type, the European industrial maintenance market is segmented into greases, lubricants and oils. Of these, the oils segment dominates the market with the highest revenue share over the forecast period. The oil and gas industry is increasingly adopting cutting-edge technologies such as Internet of Things, artificial intelligence and automation. Industry sustainment will support the integration and optimization of these technologies to improve decision-making and operational efficiency. To maintain asset integrity and avoid unplanned downtime, the industry relies primarily on the maintenance of advanced machinery and infrastructure. Industrial maintenance providers offer specialised maintenance solutions to ensure the reliability of critical assets.
The machinery and equipment lubrication segment is expected to grow at a significant CAGR over the forecast period.On the basis of application, the European industrial maintenance market is segmented into machinery and equipment lubrication, bearings and gears, hydraulic systems, and engine oils. Of these, the machinery and equipment lubrication segment will grow significantly over the forecast period. Real-time monitoring and advanced monitoring algorithms and applications will help increase safety and reliability in industrial processes. Proper implementation and continuous safety-critical systems are enabled in part by industrial maintenance. In addition, the food and beverage industry has large machinery and equipment requiring maintenance, which will accelerate market growth over the forecast period.
The aerospace industry dominates the market with the largest revenue share over the forecast period. On the basis of end-use, the European industrial maintenance market has been segmented into industrial, automotive, aerospace, energy and utilities, marine, mining and others. Of these, the aerospace segment dominates the market with the largest revenue share over the forecast period. The aerospace segment includes companies that perform overhauls, refurbishments, component replacements, modifications or conversions of commercial aircraft. Companies in this sector manufacture gliders, helicopters, drones, ultralight aircraft, passenger aircraft and private aircraft, among others. For corporate, commercial and military aircraft, the main focus is on the maintenance support provided by the industrial after-sales service over the forecast period.
Source: Spherical Insights
