Machines and components eventually start to show signs of wear and tear and require replacement or upgrades to work efficiently. Automation plants and machines can easily reach the end of their life expectancy, especially when demand for production is high. Plant operators are in need of innovative solutions in order to maintain the productivity and efficiency of machines. Retrofit services allow companies to achieve productivity and increase the life expectancy of machines. Upgrade and retrofitting of machinery increases its reliability, efficiency, and safety while maintaining the quality and quantity of production.
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Assuring optimum performance of machinery with the help of data driven services and preventive diagnostic methods helps companies improve compliance and reduce inventory and repair costs of machines. Retrofitting services primarily involve replacing old components with new ones and improving the life expectancy of the machinery. Constantly deploying new machinery at regular intervals of time can be costly and unfeasible for companies. Retrofitting involves only the add-on cost of hardware that can be integrated with the current system and communication modules to make the system work efficiently. Due to this factor, the demand for retrofitting services is rising among enterprises, thus driving the global retrofitting services market.
The global retrofitting services market can be segmented based on service, end-user, enterprise size, and region. Based on service, the market can be classified into in-house and outsourced. The outsourced segment is estimated to account for a significant share of the market as outsourcing of retrofitting services makes it easy for companies to focus on the core business operations and worry less about the maintenance of machinery.
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The outsourced segment can be further divided into installation and implementation & integration, consulting, and maintenance services. In terms of end-user, the global retrofitting services market can be categorized into commercial, industrial, and residential. The industrial and commercial segments constitute more than half of the market share due to rise in demand for retrofitting services from the industrial and commercial sectors.
Based on enterprise size, the market can be segmented into large-sized enterprises and small- and medium-sized enterprises (SMEs). The large-sized enterprises segment is expected to hold a major share of the global retrofitting services market during the forecast period, due to rise in awareness about the quality of processes and cost cutting.
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In terms of region, the global retrofitting services market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is estimated to hold a prominent share of the global retrofitting services market in the near future, followed by Europe. Canada and the U.S. contribute significantly toward the growth of the retrofitting services market in North America. Presence of leading market players in Europe is driving the market in the region. The retrofitting services market in Asia Pacific is projected to expand at a robust pace in the next few years.
This is primarily due to the presence of developing economies such as Japan, South Korea, Thailand, India, Malaysia, Australia, China, and Singapore. Initiatives undertaken by governments of these countries to support the growth of small- and medium-sized enterprises (SMEs) are likely to propel the retrofitting services market. Leading players trying to undertake the strategy of expanding their facilities in South America region is predicted to be one of the major factor propelling the retrofitting services market in this region.