New York, April 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial And Industrial Machinery And Equipment Repair And Maintenance Global Market Report 2023" -
Major players in the commercial and industrial machinery and equipment repair and maintenance market include Caterpillar Inc., ABB Group, Deere & Co, CNH Industrial NV, and Linde AG.
The global commercial and industrial machinery and equipment repair and maintenance market will grow from $301.85 billion in 2022 to $326.93 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial and industrial machinery and equipment repair and maintenance market is expected to grow from $434.82 billion in 2027 at a CAGR of 7.4%.
The commercial and industrial machinery and equipment repair and maintenance market includes revenues earned by entities by minimizing costly downtime, and lowering the risk of workplace accidents.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Commercial and industrial machinery and equipment repair and maintenance refer to repairing, and maintaining industrial machinery and keeping the machinery and equipment in running and good condition.It is the process of maintaining machinery to keep it in good functioning order.
It may include upkeep done as part of a regular schedule or in advance of any type of break or damage.
The Asia-Pacific was the largest region in the commercial and industrial machinery and equipment repair maintenance market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of commercial and industrial machinery and equipment repair and maintenance are commercial machinery repair and maintenance, and industrial machinery repair and maintenance.Commercial machinery repair and maintenance refer to the maintenance of the commercial machinery.
The various applications include agriculture, construction, packaging, food processing, mining, semiconductor manufacturing and others.
The growth is mainly due to rapid urbanization and rising economic growth.Rapid urbanization and rising economic growth are expected to propel the growth of commercial and industrial machinery and equipment repair going forward.
Urbanization refers to the population shift from a rural area to an urban area.Because of the increase in urbanization and population increase the usage of commercial machinery helps to increase repairs for commercial goods.
For instance, according to Uncharted, a US-based company that provides information regarding economic trends, for the year 2020 56.2% of the people living in urban areas are expected to increase to 79% by 2050. Their fore increase in Rapid urbanization and rising economic growth are driving the growth of the commercial and industrial machinery and equipment repair market.
Strategic collaborations for innovating new products have emerged as a key trend gaining popularity in the commercial and industrial machinery market.Major companies operating in the commercial and industrial machinery market are focused on collaborating with one another to create new technologically advanced products to sustain their position in the market.
For instance, in November 2022, The Chemours Company, a US-based chemical company with a Mexico-based commercial and industrial refrigeration equipment technology and manufacturing company, Bohn de Mexico.In accordance with the agreement, Bohn de Mexico will use OpteonTM XL20 (R-454 C), OpteonTM XL40 (R-454 A), and OpteonTM XL10 (R-1234 YF) for its new line of BOHN Ecoflex condensing units.
These refrigerants are non-ozone depleting (ODP) and have low global warming potential (GWP). The OpteonTM XL refrigerant line provides very low GWP solutions that are ideal for the new Ecoflex equipment generation from Bohn de Mexico, which offers cutting-edge technological innovations for the best energy efficiency of refrigeration systems and aids the business in achieving its sustainability goals.
The countries covered in the commercial and industrial machinery and equipment repair and maintenance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The commercial and industrial machinery and equipment repair and maintenance market research report is one of a series of new reports that provides commercial and industrial machinery and equipment repair and maintenance market statistics, including commercial and industrial machinery and equipment repair and maintenance industry global market size, regional shares, competitors with a commercial and industrial machinery and equipment repair and maintenance market share, detailed commercial and industrial machinery and equipment repair and maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the commercial and industrial machinery and equipment repair and maintenance industry. This commercial and industrial machinery and equipment repair and maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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