Rising utilization of the used and rental machinery across the mining, construction, and agriculture sectors drives the North America heavy machinery maintenance and repair market. For instance, published in August 2023, according to the Insight Partners' estimates, the US construction machinery orders were valued at US$ 47.4 billion, which increased by 13.2% compared to 2022. Such growth in construction machinery has created a massive demand for repair and maintenance services across North America. The heavy machinery and equipment manufacturing sector in the US accounts for ~US$ 300 billion annually and supports 2.3 million jobs across the country. Heavy machinery that requires regular maintenance and repair includes excavators, dozers, gearboxes, industrial vehicles, mining equipment, and construction equipment. Increasing demand for industrial machinery across the construction and mining sectors is a major factor contributing to the North America heavy machinery maintenance and repair market growth. For instance, according to the US Bureau of Economic Analysis data, industrial manufacturing in the US was reported to be ~US$ 2.52 trillion in 2022, which is growing with rapid industrialization. Increasing construction activities and growing government funding for infrastructure development projects in North America are driving the demand for heavy machinery. These machineries require repair and maintenance services frequently. According to the Canada Construction Association report in 2022, the construction industry in Canada contributes approximately US$ 151 billion in revenue to its economy annually, which is growing at a rapid pace with government support and funding for development. Such growth in the construction sector, along with high demand for industrial machinery, is driving the North America heavy machinery maintenance and repair market.
Heavy equipment maintenance is the frequent inspection, cleaning, and repair of numerous heavy machinery components, such as hydraulics, engines, and moving parts. Heavy machinery maintenance can be either preventative or reactive. Preventative maintenance entails routine upkeep of the equipment, such as oil changes, tire pressure checks, and cleaning. Reactive maintenance, on the other hand, occurs when a machine breaks or does not function properly. It might require significantly more downtime than preventative maintenance and cost more when personnel diagnose the equipment's flaws.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 74.10 Billion |
| Market Size by 2030 | US$ 108.11 Billion |
| Global CAGR (2022 - 2030) | 4.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The List of Companies - North America Heavy Machinery Maintenance and Repair Market
United Rentals Inc., Hydrauliques Continental Inc., Wajax Corp., PSI Repair Service Inc., Halton Hydraulic Ltd., Select Fluid Power Ltd., RHK Hydraulic Cylinder Services Inc., Gir Del Hydraulic Services, Centre Hydraulique GMB Inc., and Simplex Location d'outils Inc. are the key market players operating in the North America heavy machinery maintenance and repair market.
Smart cities are rapidly evolving as urbanization is increasing across North America. A smart city project involves the use of heavy machinery such as excavators, dozers, wheel loaders, and motors to perform various construction activities. There is a rise in construction activities with significant government investment toward smart city projects across North American countries such as the US and Canada.
The US manufacturers are investing in implementing innovative digital technologies such as IoT, cloud computing, predictive analytics, and artificial intelligence. The annual investment in artificial intelligence reached US$ 150 billion, and the investment in IoT technologies across the US reached US$ 250 billion per year. According to the Insight Partners Estimate in 2022, approximately 76% of manufacturers in the US are adopting various digital tools to improve productivity. A few manufacturers such as Artesis, Bulk Equipment Corporation and others are utilizing predictive maintenance technology to gain information of the machines oil presence, wear and tear issues, tools change requirements on heavy machinery. According to the US Department of Energy, the use of predictive maintenance significantly improves productivity and saves additional costs of operations.
The construction sector utilizes several machinery and equipment that require regular repair and maintenance. Investments in the construction sector with government funding for infrastructure developments are rapidly growing. Per the US Census Bureau, in 2021, the construction sector spending in the US increased from US$ 854.4 billion in 2010 to US$ 1.51 trillion in 2021. The construction sector utilizes several equipment and types of heavy machinery and vehicles such as dozers, excavators, compact track loaders, tractors, skid steers, motor graders, and trenchers.