Rockville, Nov. 10, 2022 (GLOBE NEWSWIRE) -- 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.

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.

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Key Takeaways from Market Study

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

Segmentation of Mechanical Services Industry Research

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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.

Key Companies Profiled

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To the Power of Attorney for The Leading Share of Mechanical Service Demand in the United States.

The United States is a well-developed economy that has a lot of manufacturing and production sites set up with sophisticated machinery. Industries such as energy, construction, and automotive are well-developed in the country, so there is a high demand for mechanical services.

By getting the best use out of machines, their break downs and defects tend to happen, and the need for mechanical services as a result of the timely inspection and regular maintenance of machines becomes higher.

In addition, the U.S. government has invested a substantial amount of money on boosting infrastructure, which has had an effect on the demand for large equipment and machinery. As such, mechanical service providers in the country are estimated to profit significantly in the coming years.

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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