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Electronic equipment repair service market size is anticipated to grow substantially over 2023-2032, considering the strong demand for laptops and other electronic gadgets. The escalating sales of electronics give rise to cases of failures in their functions, thereby augmenting the requirement for electronics repair tools and equipment.
In recent years, the emphasis on improved semiconductor manufacturing has been made. Citing an instance, in August 2022, President Joe Biden inked the CHIPS and Science Act of 2022. This legislation included over USD 53 billion in funding to fuel domestic chip manufacturing. Initiatives such as these will stimulate electronic device production and in turn, create lucrative prospects for electronic test equipment repair service providers.
Electronic equipment repair refers to troubleshooting malfunctioning equipment. Electronic equipment repair technicians focus on consistently maintaining and testing the equipment to lower instances of breaking down. They gain a significant understanding of the structure and operation of diodes, capacitors, and other electrical components.
A prominent reason behind the electronic equipment repair service market expansion is the rising emphasis on refurbished electronic business. For example, HyperXchange, a refurbished electronics brand, announced a potential growth in businesses in FY2022-2023, mainly due to a rise in refurbished electronics demand, primarily laptops and mobile phones. Furthermore, the growing concern regarding e-waste generation will also complement industry dynamics over the forecast period.
The medical equipment product segment is set to account for an electronic equipment repair service industry by 2032, due to the high awareness about the role of medical electronics in successful operations. They are also specially designed to detect health problems and are suitable for medical procedures and imaging systems such as magnetic resonance imaging. Furthermore, the growing health consciousness and the acceptance of wearable electronics, especially following the COVID-19 outbreak, will proliferate the need for electronic equipment repair services.
Based on the end-use, the electronic equipment repair service market size from the residential application segment will amass considerable profits over the estimated timeline. This growth is attributable to the mounting adoption of refrigerators, TVs, and other consumer electronics.
In the initial months of the coronavirus pandemic, in 2020, the consumption of electronic appliances to equip homes with the latest technologies for work-from-home consumers has also surged. These factors, alongside the escalating installation of smart home appliances, will boost electronic equipment repair service delivery for residential applications.
From a regional frame of reference, the Asia Pacific electronic equipment repair service industry share will depict a strong growth rate through 2023-2032. This is given the implementation of production-linked incentive schemes and other favorable policies to support electronic manufacturing. Smart electronics developers have also been focusing on expanding their footprint.
The competitive landscape of the electronic equipment repair service market comprises companies such as Encompass Supply Chain Solutions, Inc., iCracked Inc. (SquareTrade), and Electronix Services Ltd., among others. These companies are focusing on strategic acquisitions, partnerships, and new service launches to sustain their position in the global market.
Although economists predicted a global trend toward stabilization, the geopolitical conflict and business delays due to lockdowns led to supply chain shortages in industries including electronics. The spike in the inflation rate, along with the supply chain issues, also has led to a crisis whereby one-third of the global economy may shrink in the forthcoming years. These factors may limit the sales of electronics and in turn, hamper the global market outlook.