Electronic Equipment Repair Service Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3631
Electronic Equipment Repair Service Market size is expected to witness high growth in the projected period owing to unprecedented rise in the manufacturing and sale of electronic products across the world. Increase in the sale of electronic products, such as television, smartphone, laptop, and air conditioner, has caused a corresponding rise in the demand for maintenance and repair services. Moreover, the increasing level of automation in the manufacturing sector has prompted the usage of electronic solutions in modern equipment, accelerating the electronic equipment repair service market growth. The automated machines used in industries consist of digital display, controls, and monitoring solutions that require timely maintenance and repair for effective performance and operations.
Higher purchase cost of some electronic products is also encouraging users to manage and maintain solutions on a regular basis, augmenting the electronic equipment repair service market growth. For instance, in case of a machine breakdown due to the failure of an electronic system, it is not feasible to replace machines with new products. The repair costs will be lower than the costs associated with the purchase of a new solution, driving the market demand. Moreover, for avoiding the system breakdown, manufacturing industries are partnering with service providers for periodical maintenance services of electronic solutions. For instance, Global Electronic Services, Inc. offers repair services, such as industrial electronic repair, servo motor repair, on-site service, and consulting services, to a wide range of industrial sectors.
The increasing adoption of refurbished products in the industrial sector is also a factor accelerating the electronic equipment repair service market growth. Refurbished products tend to provide nearly identical level performance as a brand-new product. Small businesses are shifting toward refurbished equipment and solutions for reducing additional capital expenses in purchasing new products. These refurbished solutions require high maintenance and management, propelling the market demand. The demand for refurbished medical equipment is growing rapidly due to the high costs associated with these healthcare solutions. Moreover, increasing population and rapid development of healthcare facilities around the world are growing the adoption of modern technological solutions.
The lack of skilled technicians for providing maintenance services to customers will hamper the electronic equipment repair service market growth. Increasing complexities in electronic circuits and devices are growing the demand for highly skilled engine electronic equipment repair service that has complete knowledge of various technologies trending in the electronics industry. Moreover, high costs associated in training service technicians about the advanced technologies is also a major factor restraining the market growth. The quality of the service delivered is inconsistent due to the lack of proper training and users may remain dissatisfied with the refurbished or repaired electronic products. The installation of inferior components while repairing electronic products also negatively affects the performance of the product. Such factors are encouraging users to prefer new products that have better features than repairing their outdated defective product.
The growing demand for automated machinery in industries will also drive the electronic equipment repair service market demand. Several equipment that are witnessing high adoption in industries include laser equipment, voltmeter, pulse & signal generator, motors & generators, printers, etc. These machines are being operated by digital technologies and consist of several electronic components such as semiconductors, transistors, and capacitors. The malfunctioning or fault in these components results in system downtime, impacting the production volume. To avoid such situations in the industrial environment, operators are depending upon the regular service and maintenance of electronic systems, accelerating the market growth.
The growing adoption of consumer electronic products in the Asia Pacific region is predicted to drive the electronic equipment repair service market growth. Countries including India, China, Taiwan, and South Korea are the major economies that are involved in the manufacturing and sale of electronic solutions. The rapid adoption of smartphones, tablets, and other mobile technologies in the country is encouraging consumer electronics manufacturers to target their solutions, augmenting the market growth. Moreover, service providers in the region provide maintenance and repair services in a very affordable price range. Some of the major consumer electronic players including Samsung Electronics Inc., Panasonic Corporation and Toshiba Corporation are engaged in attracting customers by improving their after-sales services, driving the electronic equipment repair service market growth.
Major players operating in the electronic equipment repair service market include Encompass Supply Chain Solutions Inc, iCracked Inc., and Electronix Services Ltd. Service providers are focused on collaborations, strategic partnerships, mergers, and acquisitions to sustain in the market. These companies are also investing highly in R&D activities to improve their service methods. It will enable players to better understand customer requirements and expectations. For instance, customers might expect certain modifications to the equipment to be done but not be able to properly convey it. Effective counseling and proper knowledge about products will help service providers to analyze and deliver according to the expectation of customers.
- Consumer electronics
- Smartphones & mobile phones
- Notebooks & laptops
- Home Appliances
- Air conditioners
- Washing machines
- Medical Equipment
- Industrial Equipment
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
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