Industrial Services Market 2024 – By Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033

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The Industrial Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Industrial Services Global Market Report 2024, The industrial services market size has grown strongly in recent years. It will grow from $33.34 billion in 2023 to $35.24 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to economic growth and industrialization, increasing demand for automation and efficiency, government investments in infrastructure development, digital transformation in various industries.

The industrial services market size is expected to see strong growth in the next few years. It will grow to $44.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to growing demand for distributed control systems (DCS), expansion of industry 4.0 and Internet of Things (IoT) technologies, integration of artificial intelligence (AI) and data analytics in industrial processes, increased focus on predictive maintenance and remote monitoring. Major trends in the forecast period include technological advancements in industrial processes, IoT sensors, development of human-machine interfaces (HMI) and manufacturing execution systems (MES).

The increase in demand for predictive maintenance services is expected to propel the growth of the industrial services market going forward. The continual monitoring of the status of industrial equipment while it is in use is referred to as predictive maintenance. The predictive maintenance are used by businesses to learn about potential concerns in the future. For instance, in 2021, according to a survey conducted across Europe by Reichelt Elektronik, a European-based electronics and technology company, 83% of European businesses used predictive maintenance services, and 24% intended to increase their use over the next year. Therefore, the increasing demand for predictive maintenance services is driving the growth of the industrial services market.

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The industrial services market covered in this report is segmented –

1) By Type: Engineering and Consulting, Installation and Commissioning, Operational Improvement and Maintenance

2) By Application: Distributed Control System, Programmable Logic Controller, Supervisory Control and Data Acquisition, Electric Motors and Drives, Valves and Actuators, Human Machine Interface, Manufacturing Execution System, Safety Systems, Industrial PC, Industrial 3D Printing, Industrial Robotics

3) By End-User: Oil and Gas, Healthcare and Pharmaceuticals, Chemicals, Automotive, Water and Wastewater, Chemicals, Food and Beverages, Energy and Power, Semiconductor and Electronics, Paper and Pulp, Metals and Mining, Aerospace, Other End Users

Major companies operating in the industrial services market are focusing on introducing advanced solutions, such as digital transformation, to provide reliable services to customers. Digital transformations are the process of integrating digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers. For instance, in February 2023, Schneider Electric SE, a France-based company that specializes in digital automation and energy management, launched an Industrial Digital Transformation Consulting and Deployment Service. An Industrial Digital Transformation Consulting and Deployment Service is a service that helps industrial enterprises achieve successful digital transformation. It is designed to provide specialized end-to-end support to accelerate digital transformation strategic planning and implementation. It is intended to deliver demonstrable impact across various targets, such as operational efficiency, sustainability, energy efficiency, asset optimization, and cybersecurity.

The industrial services market report table of contents includes: