Society in general is becoming “greener,” and we are witnessing fundamental changes in our attitude and usage of various technologies. Everyone appreciates the benefits of recycling and reusing resources, tools, and gadgets, as long as there is no loss of quality in the end products. From past experience with industrially developed parts of the world and with the ongoing economic difficulties around the globe, we know that we no longer have the luxury of being able to throw away everything that is slightly damaged. Yet the world over, commercial advertisements and marketing tools are pressuring society to buy the latest products. This is how the consumer society was created and is sustained, to the detriment of our natural resources.
Fortunately, cooler heads in society and manufacturing industry understand that we must reduce costs by repairing, regenerating, and renovating. Industry does not have excess money to buy new machines—instead, it needs and really depends on recovery. Even if the resources are available, nobody is now prepared to throw their money to the winds. Thanks to these social changes, new attitudes, and economic pressure, the repair and refurbishment sector of mechanical and manufacturing engineering is currently booming.
The size and potential of this repair and renovation market is enormous in virtually every manufacturing sector, from heavy equipment to welding. The industrial services market is expected to grow at a compound annual growth rate (CAGR) of 5.4% between 2017 and 2023, and would be worth $35.41 billion by 2023.