North America Heavy Machinery Maintenance and Repair Market Trends 2030
The North America heavy machinery maintenance and repair market size was valued at US$ 74.10 billion in 2022 and is projected to reach US$ 108.11 billion by 2030; it is expected to register a CAGR of 4.8% from 2022 to 2030.
Analyst Perspective:
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.
Market Overview:
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.
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North America Heavy Machinery Maintenance and Repair Market: Strategic Insights
Market Size Value in US$ 74.10 billion in 2022 Market Size Value by US$ 108.11 billion by 2030 Growth rate CAGR of 4.8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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North America Heavy Machinery Maintenance and Repair Market: Strategic Insights
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Market Size Value in | US$ 74.10 billion in 2022 |
Market Size Value by | US$ 108.11 billion by 2030 |
Growth rate | CAGR of 4.8% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Market Driver:
Rapid Industrialization and Increased Sales of Heavy Machineries across Manufacturing Sector Fuels North America Heavy Machinery Maintenance and Repair Market Growth
North America has a well-established manufacturing sector. In the US, the manufacturing sector accounted for US$ 2.3 trillion of its GDP, and the sector employs more than 12 million people. The sector uses several heavy types of machinery such as textile machinery, packaging machines, heavy machinery, construction and earthmoving equipment, and mining machinery. There is a rise in manufacturing output, along with a surge in investments by the key manufacturers. North American manufacturers are investing in key technology areas to improve the productivity and work efficiency of their machinery. For example, in February 2024, the US government announced its plans to invest ~US$ 52.3 billion per year for advanced robotics solution implementation in the manufacturing industry. With such investments, the companies are improving their machine capability by deploying cost-effective equipment to automate their manufacturing activities.
Further, sales of industrial heavy machinery across the mining, construction, forestry, and agriculture sectors are increasing rapidly. According to the Insight Partners' estimates, sales of forestry, construction, mining, and industrial machinery and equipment in Canada increased by 26.4% in 2022 compared to 2021. In 2022, construction equipment and machinery sales reached ~318,000 units, which increased by 3.5% compared to 2021. Thus, rapid industrialization and increased sales of heavy machinery across the manufacturing sector drive the North America heavy machinery maintenance and repair market.
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Segmental Analysis:
The North America heavy machinery maintenance and repair market analysis has been carried out by considering the following segments: component, application, and geography. On the basis component, the market is segmented into gearbox and engine, electric motors, electronic systems, hydraulic units, propeller shafts, and others. Based on application, the North America heavy machinery maintenance and repair market is segmented into aluminum and steel, hydropower plants, construction, mining, marine, agriculture and forest, pulp and paper, and others. Based on geography, the market is segmented into the US, Canada, and Mexico.
Based on component, the gearbox and engine segment held the largest North America heavy machinery maintenance and repair market share in 2022; this is owing to increasing demand for industrial vehicles across the US and Canada. Industrial vehicles include excavators, dozers, graders, bulldozers, tractors, and forklifts. These vehicles require regular repair and maintenance to work efficiently. Increasing demand for these vehicles across the construction & mining industry in North America drives the market. According to the US Bureau of Economic Analysis, in 2022, the construction machinery investment was valued at US$ 55.7 billion.
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Regional Analysis:
The scope of the North America heavy machinery maintenance and repair market report encompasses North America (US, Canada, and Mexico). In terms of revenue, the US dominated the North America heavy machinery maintenance and repair market share. The US holds the largest share of the North America heavy machinery maintenance and repair market owing to rising construction activities and the growing mining industry. The US construction industry output was valued at ~US$ 2.09 trillion as of December 2023, which increased by US$ 1.84 trillion compared to December 2022. The construction industry is the major contributor to the use of heavy machinery and equipment that require regular repair and maintenance. The equipment and machinery used in the construction industries include Backhoe Loaders, excavators, motor graders, road rollers and asphalt pavers, telescopic handlers, cranes, forklifts and aerial platforms. These machinery and equipment require regular repair and maintenance for their efficient working. With the rise in the agriculture and construction industries across the US, the demand for repair and maintenance services has shown immense growth. The key players offering heavy machinery repair and maintenance services witnessed significant growth in their revenue owing to increased demand across the construction and agriculture sectors. For instance, Mader Group, a US-based heavy machinery repair and services provider, reported an annual revenue of US$ 608.8 million in 2023, which increased from US$ 402.1 million compared to 2022. Such exponential growth is witnessed owing to huge demand from the construction, mining, and manufacturing industries.
Further, the manufacturing sector is a major contributor to the growth of the US heavy machinery maintenance and repair market. Per the National Association of Manufacturers (NAM), the manufacturing industry accounted for ~10.70% of the total output in the US, which was valued at approximately US$ 2.52 trillion in 2022. Such growth in the manufacturing industry and rapid rise in construction activities across the US have created massive demand for heavy machinery maintenance and repair services.
Mexico is growing at a moderate pace owing to rising demand from the automotive, mining, and agriculture sectors. The automotive sector in Mexico contributed 3.5% of the nation's GDP and ~20% of its manufacturing GDP value. The total investment from German, Japanese, and South Korean companies in Mexico reached US$ 13.3 billion in 2021. Growth in Mexican vehicle production volumes and a rise in demand for automotive components from the US and Canadian original vehicle manufacturers and suppliers drive the North America heavy machinery maintenance and repair market. Mexico is the seventh-largest global passenger vehicle manufacturer, producing more than 3 million vehicles annually. The automotive manufacturing industry requires several types of heavy machinery and equipment. This equipment requires regular repair and maintenance. The companies in Mexico are offering repair and maintenance services for several construction and mining equipment manufacturers such as Volvo Group, Caterpillar, Komatsu Ltd., Terex Corporation, Hitachi Construction Machinery, Doosan Infracore, CNH Industrial, JC Bamford, Liebherr Group, and Atlas Copco. L&H Industrial, Hardwick Machinery, Heavy Haulers, and W.W. Williams offer repair, rebuilding, and maintenance services for any heavy machinery, equipment assembly, or component.
Further, the construction and manufacturing industries are growing at a rapid pace in Mexico, which is among the factors contributing to the growing North America heavy machinery maintenance and repair market size. According to the International Trade Organization, the construction industry increased from US$ 102.88 billion in 2022 to US$ 120.58 billion in 2023.
Key Player Analysis:
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 among the key players profiled in the North America heavy machinery maintenance and repair market report. The report includes growth prospects in light of current North America heavy machinery maintenance and repair market trends and driving factors influencing the market.
Recent Developments:
Inorganic and organic strategies are highly adopted by companies in the market. These market initiatives are a strategy adopted by companies to expand their footprint across the globe and to meet the growing customer demand. The companies in the North America heavy machinery maintenance and repair market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings. A few recent developments by key players, as per their press releases, are listed below:
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February-2024 | Hitachi Construction Machinery Americas expanded its operations by opening state-of-the-art sustainable headquarters facilities in the US. This facility will help to propel the company’s growth across North America. This facilitates the development and production of new machinery and elevates heavy machinery services for its customers. | US |
January-2024 | Curtis Power Solutions (CPS) LLC, a subsidiary company of Indel Power Group, acquired Syracuse, US-based Independent Field Service, LLC (IFS)—a repair, service, and maintenance provider for generator sets, marine engines, and heavy-duty machinery engines. This acquisition expanded Curtis Power Solutions (CPS) LLC.’s power generation sale and repair services business in New York, US. | US |
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Component and Application
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
1. Introduction 15
1.1 The Insight Partners Research Report Guidance. 15
1.2 Market Segmentation. 16
2. Executive Summary 18
2.1 Key Insights. 18
2.2 Market Attractiveness. 20
3. Research Methodology 21
3.1 Coverage. 24
3.2 Secondary Research. 24
3.3 Primary Research. 25
4. North America Heavy Machinery Maintenance and Repair Market Landscape 26
4.1 Overview. 26
4.2 PEST Analysis. 27
4.3 Ecosystem Analysis. 28
4.3.1 List of Vendors in the Value Chain. 29
5. North America Heavy Machinery Maintenance and Repair Market – Key Market Dynamics 30
5.1 North America Heavy Machinery Maintenance and Repair Market – Key Market Dynamics. 30
5.2 Market Drivers. 31
5.2.1 Rapid Industrialization and Increased Sales of Heavy Machineries across Manufacturing Sector 31
5.2.2 Surge in Investments in Construction Sector 31
5.2.3 Rise in Demand for Used Machinery and Vehicles across Various Sectors. 32
5.3 Market Restraints. 33
5.3.1 Lack of Skilled Workers and Labor Shortage. 33
5.4 Market Opportunities. 33
5.4.1 Growing Number of Smart City Initiatives Led by Government 33
5.5 Future Trends. 34
5.5.1 Rising Digital Innovation with Emergence of Predictive Maintenance. 34
5.6 Impact of Drivers and Restraints: 35
6. North America Heavy Machinery Maintenance and Repair Market Analysis 36
6.1 North America Heavy Machinery Maintenance and Repair Market Revenue (US$ Billion), 2022–2030. 36
6.2 North America Heavy Machinery Maintenance and Repair Market Forecast and Analysis. 37
7. North America Heavy Machinery Maintenance and Repair Market Analysis – by Component 38
7.1 Gearbox and Engine. 40
7.1.1 Overview. 40
7.1.2 Gearbox and Engine: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 40
7.2 Electric Motors. 41
7.2.1 Overview. 41
7.2.2 Electric Motors: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 42
7.3 Electric Systems. 43
7.3.1 Overview. 43
7.3.2 Electric Systems: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 43
7.4 Hydraulic Unit 44
7.4.1 Overview. 44
7.4.2 Hydraulic Unit: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 45
7.5 Propeller Shaft 46
7.5.1 Overview. 46
7.5.2 Propeller Shaft: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 46
7.6 Others. 47
7.6.1 Overview. 47
7.6.2 Others: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 48
8. North America Heavy Machinery Maintenance and Repair Market Analysis – by Application 49
8.1 Aluminium and Steel Industry. 51
8.1.1 Overview. 51
8.1.2 Aluminium and Steel Industry: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 51
8.2 Hydropower Plants. 52
8.2.1 Overview. 52
8.2.2 Hydropower Plants: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 54
8.3 Construction. 55
8.3.1 Overview. 55
8.3.2 Construction: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 55
8.4 Mining. 56
8.4.1 Overview. 56
8.4.2 Mining: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 57
8.5 Marine. 58
8.5.1 Overview. 58
8.5.2 Marine: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 59
8.6 Agriculture and Forest 60
8.6.1 Overview. 60
8.6.2 Agriculture and Forest: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 60
8.7 Pulp and Paper 61
8.7.1 Overview. 61
8.7.2 Pulp and Paper: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 61
8.8 Others. 62
8.8.1 Overview. 62
8.8.2 Others: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 63
9. North America Heavy Machinery Maintenance and Repair Market – Country Analysis 64
9.1 North America. 64
9.1.1 North America Heavy Machinery Maintenance and Repair Market Breakdown by Countries. 64
9.1.2 North America Heavy Machinery Maintenance and Repair Market Revenue and Forecast and Analysis – by Country. 65
9.1.2.1 North America Heavy Machinery Maintenance and Repair Market Revenue and Forecast and Analysis – by Country. 65
9.1.2.2 US: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 66
9.1.2.2.1 US: North America Heavy Machinery Maintenance and Repair Market Breakdown by Type. 67
9.1.2.2.2 US: North America Heavy Machinery Maintenance and Repair Market Breakdown by Application. 68
9.1.2.3 Canada: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 69
9.1.2.4 Quebec Overview: 70
9.1.2.4.1 Canada: North America Heavy Machinery Maintenance and Repair Market Breakdown by Type. 71
9.1.2.4.2 Canada: North America Heavy Machinery Maintenance and Repair Market Breakdown by Application. 72
9.1.2.5 Mexico: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 73
9.1.2.5.1 Mexico: North America Heavy Machinery Maintenance and Repair Market Breakdown by Type. 74
9.1.2.5.2 Mexico: North America Heavy Machinery Maintenance and Repair Market Breakdown by Application. 75
10. North America Heavy Machinery Maintenance and Repair Market – Impact of COVID-19 Pandemic 76
10.1 Pre & Post COVID-19 Impact 76
11. Competitive Landscape 77
11.1 Company Positioning & Concentration. 77
11.2 Company Positioning and Concentration. 78
12. Industry Landscape 79
12.1 Overview. 79
12.2 Market Initiative. 79
12.3 Merger and Acquisition. 80
13. Company Profiles 81
13.1 United Rentals Inc. 81
13.1.1 Key Facts. 81
13.1.2 Business Description. 81
13.1.3 Products and Services. 82
13.1.4 Financial Overview. 85
13.1.5 SWOT Analysis. 87
13.1.6 Key Developments. 91
13.2 Hydrauliques Continental Inc. 92
13.2.1 Key Facts. 92
13.2.2 Business Description. 92
13.2.3 Products and Services. 93
13.2.4 Financial Overview. 95
13.2.5 SWOT Analysis. 96
13.2.6 Key Developments. 97
13.3 Wajax Corp. 98
13.3.1 Key Facts. 98
13.3.2 Business Description. 98
13.3.3 Products and Services. 99
13.3.4 Financial Overview. 102
13.3.5 SWOT Analysis. 105
13.3.6 Key Developments. 107
13.4 PSI Repair Service Inc. 108
13.4.1 Key Facts. 108
13.4.2 Business Description. 108
13.4.3 Products and Services. 109
13.4.4 Financial Overview. 110
13.4.5 SWOT Analysis. 111
13.4.6 Key Developments. 113
13.5 Halton Hydraulic Ltd. 114
13.5.1 Key Facts. 114
13.5.2 Business Description. 114
13.5.3 Products and Services. 115
13.5.4 Financial Overview. 115
13.5.5 SWOT Analysis. 116
13.5.6 Key Developments. 117
13.6 Select Fluid Power Ltd. 118
13.6.1 Key Facts. 118
13.6.2 Business Description. 118
13.6.3 Products and Services. 119
13.6.4 Financial Overview. 120
13.6.5 SWOT Analysis. 120
13.6.6 Key Developments. 122
13.7 RHK Hydraulic Cylinder Services Inc. 123
13.7.1 Key Facts. 123
13.7.2 Business Description. 123
13.7.3 Products and Services. 124
13.7.4 Financial Overview. 124
13.7.5 SWOT Analysis. 125
13.7.6 Key Developments. 126
13.8 Gir Del Hydraulic Services. 127
13.8.1 Key Facts. 127
13.8.2 Business Description. 127
13.8.3 Products and Services. 128
13.8.4 Financial Overview. 128
13.8.5 SWOT Analysis. 129
13.8.6 Key Developments. 130
13.9 Centre Hydraulique GMB Inc. 131
13.9.1 Key Facts. 131
13.9.2 Business Description. 131
13.9.3 Products and Services. 132
13.9.4 Financial Overview. 133
13.9.5 SWOT Analysis. 134
13.9.6 Key Developments. 136
13.10 Simplex Location d'outils Inc. 137
13.10.1 Key Facts. 137
13.10.2 Business Description. 137
13.10.3 Products and Services. 138
13.10.4 Financial Overview. 152
13.10.5 SWOT Analysis. 152
13.10.6 Key Developments. 154
13.11 Advanced Technology Services Inc. 155
13.11.1 Key Facts. 155
13.11.2 Business Description. 155
13.11.3 Products and Services. 156
13.11.4 Financial Overview. 160
13.11.5 SWOT Analysis. 161
13.11.6 Key Developments. 163
14. Appendix 164
14.1 About The Insight Partners. 164
List of Tables
Table 1. North America Heavy Machinery Maintenance and Repair Market Segmentation. 16
Table 2. List of Vendors. 29
Table 3. North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 37
Table 4. North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Component 39
Table 5. North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Application. 50
Table 6. North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Country. 65
Table 7. US: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Type. 67
Table 8. US: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Application. 68
Table 9. Canada: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Type. 71
Table 10. Canada: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Application. 72
Table 11. Mexico: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Type. 74
Table 12. Mexico: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) – by Application. 75
Table 13. Heat Map Analysis by Key Players. 78
List of Figures
Figure 1. North America Heavy Machinery Maintenance and Repair Market Segmentation, by Country. 17
Figure 2. PEST Analysis. 27
Figure 3. Impact Analysis of Drivers and Restraints. 35
Figure 4. North America Heavy Machinery Maintenance and Repair Market Revenue (US$ Billion), 2022–2030. 36
Figure 5. North America Heavy Machinery Maintenance and Repair Market Share (%) – by Component, 2022 and 2030. 38
Figure 6. Gearbox and Engine: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 41
Figure 7. Electric Motors: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 42
Figure 8. Electric Systems: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 44
Figure 9. Hydraulic Unit: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 45
Figure 10. Propeller Shaft: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 47
Figure 11. Others: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 48
Figure 12. North America Heavy Machinery Maintenance and Repair Market Share (%) – by Application, 2022 and 2030. 49
Figure 13. Aluminum and Steel Industry: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 52
Figure 14. Hydropower Plants: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 54
Figure 15. Construction: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 56
Figure 16. Mining: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 57
Figure 17. Marine: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 59
Figure 18. Agriculture and Forest: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 60
Figure 19. Pulp and Paper: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 62
Figure 20. Others: North America Heavy Machinery Maintenance and Repair Market– Revenue and Forecast to 2030 (US$ Billion) 63
Figure 21. North America Heavy Machinery Maintenance and Repair Market Breakdown by Key Countries, 2022 and 2030 (%) 65
Figure 22. US: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 66
Figure 23. Canada: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 69
Figure 24. Mexico: North America Heavy Machinery Maintenance and Repair Market – Revenue and Forecast to 2030 (US$ Billion) 73
Figure 25. Company Positioning & Concentration. 77
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.
- Simplex Location d'outils Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.