How Has the Industrial Services Market Evolved Historically and What is its Current Size
The industrial services market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a significant increase in the size of the industrial services market. The market size is projected to expand from $35.06 billion in 2024 to $37.06 billion in 2025, representing a compound annual growth rate (CAGR) of 5.7%.
Factors such as economic advancement and industrialisation, accelerating demands for automation and efficiency, government spending on infrastructure progress, and the digital revolution in different industries, have all contributed to growth during the historical period.
What Does the Future Hold for the Industrial Services Market?
The industrial services market is expected to maintain its strong growth trajectory in upcoming years.
• The industrial services market is predicted to experience robust expansion in the upcoming years, expected to advance to a market size of $46.96 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 6.1%.
Factors contributing to this growth within the forecast duration include an increase in the demand for Distributed Control Systems (DCS), proliferation of Industry 4.0 and Internet of Things (IoT) technologies, the integration of Artificial Intelligence (AI) and data analytics in industrial procedures, and a greater emphasis on preventive maintenance and remote surveillance. Key trends for the forthcoming period involve technological progress in industrial procedures, IoT sensors, development of Human-Machine Interfaces (HMI), and Manufacturing Execution Systems (MES).
Which Drivers Are Accelerating Growth In The Industrial Services Market?
The industrial services market's growth is projected to accelerate due to the escalating demand in the automation industry. This industry involves the use of a variety of technologies and systems for tasks that require minimal human interaction. The increase in demand for automation is a result of factors such as the desire for higher efficiency, cost minimization, enhanced safety measures, and superior data analytics. Industrial services use automation to boost operational efficiency, cut down on labor expenses, enhance precision, and guarantee uniform quality in various manufacturing and processing roles. For instance, a survey by Formstack, a software company based in the US, revealed in December 2023 that 76% of companies are using automation to streamline their everyday workflows. Additionally, 58% are using it for data automation and reporting for planning goals, while 36% are using it to comply with regulations. Hence, the burgeoning automation industry is a key driver of the industrial services market's growth.
What Are The Primary Segments In The Global Industrial Services Market?
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
Subsegments:
1) By Engineering And Consulting: Design Engineering, Process Engineering, Environmental Consulting, Safety And Compliance Consulting
2) By Installation And Commissioning: Equipment Installation, System Integration, Start-up And Commissioning Services
3) By Operational Improvement And Maintenance: Process Optimization, Preventive And Predictive Maintenance, Troubleshooting And Repair Services, Training And Support Services
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Which Key Trends Are Driving Changes In The Industrial Services Market?
Building strategic alliances and joint efforts are trending in the application testing services sector. Predominant firms in the industrial services arena are entering into partnerships to bolster their market presence. For example, Tech Mahindra, an Indian organization in the Industrial services domain, collaborated with Soroco, an American work graph corporation, in August 2022 for an undisclosed figure. This alliance aims to assist clients in forming a model of progressive development and incorporating top industrial strategies into their workflows. As a result, customers will be able to utilize AI-powered process exploration and extraction technology to yield superior results.
Who Are the Key Players in the Industrial Services Market?
Major companies operating in the industrial services market include:
• 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
• 3M Company
• Illinois Tool Works Inc.
• Stanley Black & Decker Inc.
What Is The Most Dominant Region In The Industrial Services Market?
Asia-Pacific was the largest region in the industrial services market share in 2024. The regions covered in the industrial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
