The Global Industrial Services Market size is expected to reach $68.8 billion by 2030, rising at a market growth of 8.2% CAGR during the forecast period.
The Internet of Things involves the interconnectedness of devices and systems, enabling real-time data exchange. These services providers leverage IoT technologies to create smart, connected solutions. This connectivity allows for remote monitoring, predictive maintenance, and data-driven decision-making, enhancing the efficiency of industrial assets. Consequently, the operational improvement and maintenance segment would acquire nearly 50% of the total market share by 2030. Artificial intelligence plays a transformative role in the services by enabling machines to analyze data, learn from it, and make autonomous decisions. Predictive analytics, machine learning, and cognitive computing enable industrial service providers to give more proactive and intelligent solutions, optimizing operations and reducing downtime. Some of the factors impacting the market are increasing complexity of industrial processes, enhanced focus on core competencies and cost sensitivity and budget constraints.
Integrating advanced technologies such as IoT, AI, machine learning, and automation into industrial processes has increased complexity. Industries often lack the in-house expertise to manage these technologies effectively, driving the need for specialized service providers with the requisite skills. In addition, different industries have unique operational requirements and challenges. Offerings that are customized to the complexities of particular processes are made available by specialized service providers to address the unique requirements of each industry. These aspects will drive the demand for these services in the upcoming years. Additionally, by outsourcing non-core services, firms may focus on their strengths and strategies. Businesses can channel their internal resources and efforts toward areas with a competitive advantage by entrusting specialized service providers with tasks like maintenance and repair. Additionally, industrial service providers specialize in specific areas such as equipment maintenance, technical support, and repairs. By outsourcing, companies gain access to the expertise of professionals who are dedicated to these functions, often resulting in higher quality outcomes and faster problem resolution. These factors will lead to rapid expansion in the market.
However, when facing budget constraints, industrial clients tend to prioritize essential services critical to sustaining their core operations. Routine maintenance, repairs, and services directly impacting production efficiency and safety often precede more advanced or non-essential offerings. Additionally, service providers need to carefully craft their value proposition to align with the cost considerations of industrial clients. Demonstrating the strategic value of advanced services, such as increased productivity, reduced downtime, or long-term cost savings, becomes crucial to overcoming budgetary constraints. These aspects will restrain the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
On the basis of application, the market is divided into motor & drives, distribution control system (DCS), PLC & SCADA, manufacturing execution system (MES), industrial robotics & PC, industrial 3D printing, and others. In 2022, the distribution control system (DCS) segment witnessed a substantial revenue share in the market. The proliferation of industrial automation in diverse industries has substantially influenced the growing demand for DCS. It is crucial to manage and control complex industrial processes, provide real-time monitoring, and ensure efficient and seamless operations. Therefore, the segment will grow rapidly in the upcoming years.
Based on end user, the market is divided into aerospace, automotive, chemical, energy & power, food & beverages, healthcare & pharmaceuticals, metal & mining, oil & gas, paper & pulp, semiconductor, and others. In 2022, the oil and gas segment witnessed a substantial revenue share in the market. The growing global population and expanding industrialization drive an increase in energy demand. As a major contributor to the global energy mix, the oil and gas sector experiences sustained demand for exploration, production, and related services to meet the world's energy needs. Therefore, the segment will expand rapidly in the upcoming years.
Based on type, the market is segmented into engineering & consulting, installation & commissioning, and operational improvement & maintenance. The engineering and consulting segment held a substantial revenue share in the market in 2022. As industrial processes and technologies become more sophisticated, the complexity of projects has increased. Engineering and consulting services are crucial in providing specialized expertise to navigate intricate challenges associated with designing, implementing, and optimizing complex industrial systems. These factors will help in the expansion of the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 37.1 Billion |
| Market size forecast in 2030 | USD 68.8 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.2% from 2023 to 2030 |
| Number of Pages | 338 |
| Number of Tables | 470 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, End User, Region |
| Country scope |
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| Companies Included | ABB Group, Honeywell International, Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, General Electric Company, Emerson Electric Co., Yokogawa Electric Corporation, Mitsubishi Electric Corporation and Samson AG |
| Growth Drivers |
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| Restraints |
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By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment acquired the highest revenue share in the market. The region is witnessing extensive infrastructure development projects, including construction roads, bridges, airports, and energy facilities. Many of these services are required to meet the demands of these endeavors, including engineering, procurement, and construction (EPC) services, operational support, and maintenance. These aspects will pose lucrative growth prospects for the segment.
Free Valuable Insights: Global Industrial Services Market size to reach USD 68.8 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Honeywell International, Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, General Electric Company, Emerson Electric Co., Yokogawa Electric Corporation, Mitsubishi Electric Corporation and Samson AG.
By End User
By Type
By Application
By Geography
The Market size is projected to reach USD $68.8 billion by 2030
Enhanced focus on core competencies are driving the Market in coming years, however, Cost sensitivity and budget constraints restraints the growth of the Market.
ABB Group, Honeywell International, Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, General Electric Company, Emerson Electric Co., Yokogawa Electric Corporation, Mitsubishi Electric Corporation and Samson AG.
The expected CAGR of this Market is 8.2% from 2023 to 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $24.6 billion by 2030.
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