Investments in Infrastructure Development That Require Heavy Machinery Will Drive Demand for Mechanical Services, Says Fact.MR

The global mechanical services market is expected to be valued at US$ 9.4 billion in 2022 and is projected to rise at a CAGR of 4.7% during the forecast period 2022-2032, as per the latest study by Fact.MR, market research, and competitive intelligence provider. Market growth is driven by a substantial rise in infrastructure development, growing demand for mechanical services across end-use industry verticals, and integration of innovative technology with mechanical services.

Every big or small industry requires machinery and instruments that are designed efficiently for their infrastructure. Also, installation, repair & maintenance, and inspection of this machinery are required to avoid sudden breakdowns and faster deterioration. As such, demand for mechanical services is expected to increase at a steady pace over the years ahead.

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The market is highly fragmented across the world. Integration of advanced technologies such as 3D modelling and virtual project viewing to eliminate errors and gain a precise overview of machinery installation is being witnessed.

Key Takeaways from Market Study

  • Construction, transportation, mining, and industrial heavy machinery to account for more than 50% of the demand for mechanical services.
  • During the forecast period (2022-2032), the market is projected to rise at a CAGR of 4.7%
  • North America is expected to hold a leading share of 31% of the global market.
  • Demand for mechanical services is expected to increase at CAGR of 4.9% and 5.5%, respectively, in Europe and East Asia.

“Technological innovation in mechanical services will lead to prominent growth opportunities for market participants,” says a Fact.MR analyst.

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Competitive Landscape

The market is highly fragmented with the presence of large and small market players. Aggressive moves are observed to be adopted by market players with the acquisition of small companies.

  • In August 2022, PremiStar, a leading commercial & industrial HVAC, building automation, and plumbing service provider, acquired Mechanical Service, Inc., a commercial HVAC contractor in Lowa City, United States.
  • In June 2022, mobile vehicle services and technology organization, Wrench (Seattle, WA) acquired the mobile vehicle repair network YourMechanic. The acquisition led to the enhancement of the company’s service offerings to more than 20,000 private and fleet vehicles per month.
  • In April 2022, Marsden Holding LLC acquired Signature Mechanical, Inc. through its wholly-owned subsidiary Palen Kimball, L.L.C., which is a commercial mechanical service contractor providing HVAC and other maintenance services.

Fact.MR has provided detailed information about mechanical service providers positioned across regions, revenue growth, and service offering expansion, in the recently published report.

Market Development

The market is filled with new and established players. These market players are adopting aggressive approaches such as acquisitions to expand their footprint and consumer base.

  • In 2022, PremiStar acquired Mechanical Service, Inc., and Marsden Holding LLC acquired Signature Mechanical.

Additionally, market players are expected to be benefited with the integration of advanced technologies with their service offerings.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global mechanical services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of service (consultancy & advisory, installation & integration, repair & maintenance, inspection) and end-use industry (aerospace & defence, construction, energy & utility, farming, food industry, forestry & ground care, industrial heavy machinery, material handling, mining, transportation, others (not covered elsewhere)), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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