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Market

Industrial maintenance market

Viafin Service is an expert in industrial service and maintenance. We provide maintenance services to various industries through our regional operating network. In addition, we carry out selected projects for the varying needs of our customers.

Our key customer industries are pulp, board, gas and energy industries. In addition, we serve a variety of customers in other industries such as the chemical industry, the food industry and the metal and manufacturing industry.

The strategically relevant size of the market in Finland for our service portfolio is estimated to be at approximately EUR 2 billion.

Growth of the industrial service and maintenance market

Repair, maintenance and installation services for industrial machinery and equipment have grown steadily since 1995 in terms of revenue. Over the last ten years (2014-2023), the average annual growth rate of revenue (CAGR) of the market has been almost four per cent (Tilastokeskus). Thus, the growth of the industrial service and maintenance market has exceeded Finland's annual GDP growth (around 1%) over the corresponding period (Bloomberg).

Revenue of industry (2015 = 100), repair, maintenance and installation of machinery and equipment (source: Tilastokeskus)

Market trends

A key trend in our industry is the partial or complete outsourcing of the customers maintenance operations. Full outsourcing typically includes the maintenance of all production equipment and machinery in a factory or production facility. In a partial outsourcing, some work is done internally by the customer, and some is outsourced to a service and maintenance partner.

In addition to outsourcing, the industry's key trends are production automation, improvement of energy efficiency and the utilization of digital solutions.

In the future, Viafin Service aims to utilize new technologies to be able to provide new types of maintenance services. These can include, for example, electrical, automation, pump and valve maintenance and their ancillary technologies, such as relevant digital solutions. In addition, we are looking for opportunities to utilize new technologies in service and maintenance, such as computer vision, sensor technologies and other measurement and monitoring technologies.

Competitive environment

We provide services and products to large industrial companies and operate mainly in established markets where the competitive situation is quite stable. The Finnish market consists of both large international service and maintenance companies and small regional players operating. In our view, the market for industrial piping services is fragmented, although a few players control a large part of the market.

In our current range of services, i.e. maintenance services for industrial piping, hydraulics and pneumatics, installations, mechanical service and other industrial maintenance services some large competitors are Caverion, Quant and Bilfinger SE. In addition to these, there a several regional players competing on a local level.

Competition in the market is based on many factors such as customer loyalty, quality of service and the reliability of the service and maintenance partner, service offering range, product design and innovation, production capacity, distribution channels, delivery reliability and price. Other factors affecting competition include the number of competitors in the relevant market, the availability of resources, pricing and levels of demand and capacity.