Heavy Machinery Maintenance & Repair Demand Is Set To Reach A Valuation of US$ 284 Bn Billion 2032; Owing To Technology Integration into Service Offerings | Fact.MR
NEW YORK, Oct. 17, 2022 /PRNewswire/ -- The latest study by Fact.MR, a market research and competitive intelligence provider, reveals that the global heavy machinery maintenance & repair market is estimated at US$ 182.8 billion in 2022 and is expected to progress at a CAGR of 4.5% between 2022 and 2032. The market is expected to grow amid increased government spending on infrastructure and the rising urban population across the world.
- The business environment in the heavy machinery maintenance & repair market sees extreme competition among major players.
- To gain a solid hold in the market, key market players are employing organic and inorganic growth strategies.
- Moreover, market participants are focusing on expanding their service offerings by integrating advanced technology into their services.
- The market is expected to reach a size ofUS$ 14.9 billionby the end of 2032, up from its current valuation ofUS$ 9.4 billion.