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Industrial Services Market Size, Share Trends And Global Forecast To 2033
Industrial Services Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Strategic partnerships and collaborations are key trends gaining popularity in the application testing services market. Major companies operating in the industrial services market are undergoing partnerships to strengthen their position in the industrial services market. For instance, in August 2022, Tech Mahindra, an India-based company operating in Industrial services, partnered with Soroco, a US-based work graph company for an undisclosed amount. This partnership would help customers develop a culture of improvement and adapt the best industry practices to their operations. The customers would be able to use AI-based process discovery and mining technology to achieve better outcomes.
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Major Key Players of the Market:
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.
Industrial Services Market 2024 Key Insights:
• 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%.
• Accelerating Industrial Services Market Growth Through Surging Demand For Predictive Maintenance Services
• Tech Mahindra Strategic Partnership With Soroco Transforms The Landscape Of Industrial Services
• Asia-Pacific was the largest region in the industrial services market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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