Overview and Scope
Industrial services are those services provided to customers who are principally engaged in a process that converts raw or unfinished resources into another form or product. These are used for facilitating industrial processes.
Sizing and Forecast
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).
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the industrial services market share in 2023. The regions covered in the industrial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the industrial services market report are Mitsubishi Electric Corporation, Siemens AG, General Electric Company, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Schlumberger Limited, Baker Hughes Company, Halliburton Company, Bechtel Corporation, Jacobs Engineering Group Inc., Fluor Corporation, Emerson Electric Co., SKF AB, McDermott International Inc., Rockwell Automation Inc., WorleyParsons Ltd., TechnipFMC plc, KBR Inc., SNC-Lavalin Group Inc., Metso Outotec Oyj, Weatherford International plc, Yaskawa Electric Corporation, Fuji Electric Co. Ltd., Yokogawa Electric Corporation, Petrofac Limited, Wood Group Mustang lnc., Samson AG, Wunderlich-Malec Engineering Inc., Dynamysk Automation Ltd., National Oilwell Varco Inc., Cameron International Corporation, Endress+Hauser AG, Eaton Corporation plc, Parker Hannifin Corporation, Danaher Corporation, Johnson Controls International plc, United Technologies Corporation, 3M Company, Illinois Tool Works Inc., Stanley Black & Decker Inc.
The industrial services market report table of contents includes:
1. Executive Summary
2. Industrial Services Market Characteristics
3. Industrial Services Market Trends And Strategies
4. Industrial Services Market – Macro Economic Scenario
5. Global Industrial Services Market Size and Growth
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32. Global Industrial Services Market Competitive Benchmarking
33. Global Industrial Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Services Market
35. Industrial Services Market Future Outlook and Potential Analysis
36. Appendix
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