Inspection, Repair & Maintenance Market to Reach $72.46 Billion by 2032

The global <a href="https://www.fortunebusinessinsights.com/inspection-repair-and-maintenance-market-102983">inspection, repair, and maintenance industry size</a> was valued at USD 40.25 billion in 2021. The market is projected to grow from USD 42.66 billion in 2022 to USD 72.46 billion by 2029, exhibiting a CAGR of 7.9% during the forecast period. Asia Pacific dominated the global market with a share of 26.73% in 2021. The Inspection Repair And Maintenance market in the U.S. is projected to grow significantly, driven by the advanced inspection technologies and focus on industry safety standards and regulations.Key Trends and Drivers:<h4 data-start="620" data-end="648">1. COVID-19 Impact:</h4><ul data-start="652" data-end="935"><li data-start="652" data-end="747">The global pandemic led to a decline of -7.2% in the IRM market in 2020 compared to 2019.</li><li data-start="751" data-end="935">Supply chain disruptions, operational interruptions, and reduced demand affected IRM services, especially in industries such as oil & gas, marine, and renewables.</li></ul><h4 data-start="937" data-end="982">2. Digital Technologies Integration:</h4><ul data-start="986" data-end="1291"><li data-start="986" data-end="1133">The adoption of AI and cloud computing in IRM processes is increasing, with examples like Coca-Cola’s AI-based visual inspection app.</li><li data-start="1137" data-end="1291">This smart inspection technology improves defect detection, such as surface scratches, cracks, and leaks, contributing to market growth.</li></ul><h4 data-start="1293" data-end="1340">3. Renewable Energy and Green Targets:</h4><ul data-start="1344" data-end="1706"><li data-start="1344" data-end="1502">The growing emphasis on renewable energy (solar, wind, hydro) is fueling IRM services, especially for solar farm inspections using infrared cameras.</li><li data-start="1506" data-end="1706">The International Renewable Energy Agency (IRENA) reported the installed renewable energy capacity reached 714 GW, contributing to the demand for maintenance and inspection services.</li></ul><h4 data-start="1708" data-end="1742">4. Growing Energy Demand:</h4><ul data-start="1746" data-end="2081"><li data-start="1746" data-end="1894">With population growth and urbanization, there is an increasing demand for electricity across various sectors, especially in emerging markets.</li><li data-start="1898" data-end="2081">Power plants, especially nuclear, solar, and wind energy, rely on non-destructive testing (NDT) methods such as eddy current and ultrasonic measurements.</li></ul><h4 data-start="2083" data-end="2119">5. Energy Price Volatility:</h4><ul data-start="2123" data-end="2308"><li data-start="2123" data-end="2308">Oil & gas price fluctuations present a market restraint, impacting production and investment in exploration projects, thereby affecting IRM demand in the oil & gas sector.</li></ul><h3 data-start="99" data-end="133">Market Size and Forecasts:</h3><ol data-start="135" data-end="580"><li data-start="135" data-end="211">2021: The global IRM market was valued at USD 40.25 billion.</li><li data-start="213" data-end="277">2022: The IRM market size was USD 42.66 billion.</li><li data-start="279" data-end="363">2029: The global IRM market is projected to reach USD 72.46 billion.</li><li data-start="365" data-end="475">CAGR (2022-2029): The market is expected to grow at a CAGR of 7.9% during the forecast period.</li><li data-start="477" data-end="580">Asia-Pacific Market Share (2021): Asia Pacific held a dominant share of 26.73% in 2021.</li></ol><h3 data-start="2315" data-end="2343">Applications of IRM:</h3><ol data-start="2345" data-end="3734"><li data-start="2345" data-end="2704">Oil & Gas Industry:<ul data-start="2375" data-end="2704"><li data-start="2375" data-end="2576">The oil & gas industry dominates the IRM market due to growing investments in exploration and production activities in regions like North America, Latin America, and Middle East & Africa.</li><li data-start="2580" data-end="2704">Inspection and maintenance are crucial for ensuring pipeline integrity, offshore rigs, and refineries.</li></ul></li><li data-start="2706" data-end="2987">Power Generation:<ul data-start="2734" data-end="2987"><li data-start="2734" data-end="2862">Increased energy demand globally requires regular IRM services for power plants, ensuring reliable electricity production.</li><li data-start="2866" data-end="2987">The shift to renewables also contributes to the demand for solar farm and wind turbine inspection services.</li></ul></li><li data-start="2989" data-end="3270">Marine Industry:<ul data-start="3016" data-end="3270"><li data-start="3016" data-end="3174">Offshore exploration, subsea maintenance, and shipping require inspection and repair services, driving demand for ROVs and AUVs.</li><li data-start="3178" data-end="3270">The growing demand for offshore wind farms also contributes to increased market needs.</li></ul></li><li data-start="3272" data-end="3507">Infrastructure:<ul data-start="3298" data-end="3507"><li data-start="3298" data-end="3507">Urbanization and industrialization in developing countries are increasing demand for infrastructure inspection and maintenance services for bridges, tunnels, roads, and buildings.</li></ul></li><li data-start="3509" data-end="3734">Automotive and Aerospace:<ul data-start="3545" data-end="3734"><li data-start="3545" data-end="3734">Both sectors demand advanced maintenance services for critical machinery and components, especially with evolving safety standards and technological advancements in the field.</li></ul></li></ol><h3 data-start="3741" data-end="3771">Segmentation Analysis:</h3><ol data-start="3773" data-end="4909"><li data-start="3773" data-end="4288">By Service Type:<ul data-start="3800" data-end="4288"><li data-start="3800" data-end="3926">The repair segment holds the largest share due to the increasing need for advanced equipment and operational efficiency.</li><li data-start="3930" data-end="4049">Maintenance services, including preventive and reactive maintenance, are experiencing substantial growth.</li><li data-start="4053" data-end="4288">Inspection services, driven by NDT methods like visual, ultrasonic, and electromagnetic inspections, are growing in demand due to rising concerns about pipeline security and renewable energy installations.</li></ul></li><li data-start="4290" data-end="4575">By Type:<ul data-start="4309" data-end="4575"><li data-start="4309" data-end="4432">AUVs/ROVs are increasingly used in subsea operations and offshore maintenance, which is expanding the market.</li><li data-start="4436" data-end="4575">The growth of offshore oil & gas exploration and renewable installations also drives the demand for offshore support vessels.</li></ul></li><li data-start="4577" data-end="4909">By Location:<ul data-start="4600" data-end="4909"><li data-start="4600" data-end="4751">The onshore location dominates the market due to the growing deployment of renewable energy systems and oil & gas pipeline installations.</li><li data-start="4755" data-end="4909">Offshore locations show significant opportunities, especially for deep-water hydrocarbon reserves and offshore wind and solar installations.</li></ul></li></ol><h3 data-start="4916" data-end="4942">Regional Insights:</h3><ol data-start="4944" data-end="5812"><li data-start="4944" data-end="5159">Asia Pacific Market (2021):<ul data-start="4982" data-end="5159"><li data-start="4982" data-end="5159">Asia Pacific accounted for USD 10.76 billion in 2021, driven by increasing electricity demand, urbanization, and renewable energy installations in China and India.</li></ul></li><li data-start="5161" data-end="5448">North America:<ul data-start="5186" data-end="5448"><li data-start="5186" data-end="5340">The U.S. market is expected to grow significantly, driven by advancements in inspection technologies and focus on industry safety standards.</li><li data-start="5344" data-end="5448">Offshore oil & gas exploration and renewable energy installations contribute to market demand.</li></ul></li><li data-start="5450" data-end="5630">Europe:<ul data-start="5468" data-end="5630"><li data-start="5468" data-end="5630">Countries like Germany and the U.K. are leading in the manufacturing and renewable energy sectors, contributing to the growth of the IRM market.</li></ul></li><li data-start="5632" data-end="5812">Middle East & Africa:<ul data-start="5664" data-end="5812"><li data-start="5664" data-end="5812">The region’s rich oil & gas reserves are driving the demand for IRM services, particularly for offshore exploration and production activities.</li></ul></li></ol><h3 data-start="5819" data-end="5848">Key Industry Players:</h3><ul data-start="5849" data-end="6028"><li data-start="5849" data-end="5874">Fugro (Netherlands)</li><li data-start="5875" data-end="5900">Baker Hughes (U.S.)</li><li data-start="5901" data-end="5926">Schlumberger (U.S.)</li><li data-start="5927" data-end="5965">Oceaneering International (U.S.)</li><li data-start="5966" data-end="5989">TechnipFMC (U.S.)</li><li data-start="5990" data-end="6028">James Fisher and Sons Plc (U.K.)</li></ul><a href="https://www.fortunebusinessinsights.com/battery-market-105615">Battery Market Stakeholders,</a> Share, Competitive Landscape and Trend Analysis Report 2025<a href="https://www.fortunebusinessinsights.com/very-low-sulfur-fuel-oil-vlsfo-market-110988">Very Low Sulfur Fuel Oil (VLSFO) Market Trends,</a> Share, Competitive Landscape and Trend Analysis Report 2025<a 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