Press release
Industrial Services Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Industrial Services
What Is the Current Industrial Services Market Size and Its Estimated Growth Rate?
In previous years, the size of the industrial services market has significantly expanded. Expectations are for it to increase from $35.06 billion in 2024 to $37.06 billion in 2025, maintaining a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this progress in the historical period include economic expansion and industrialization, a rising need for automation and efficiency, government funding in infrastructural advancement, and the process of digital transformation across several industries.
The market size of industrial services is projected to witness substantial growth in the upcoming years, reaching a valuation of $46.96 billion by 2029, demonstrating a compound annual growth rate or CAGR of 6.1%. Factors contributing to this growth during the forecast period include a rise in the demand for distributed control systems (DCS), the proliferation of Industry 4.0 and Internet of Things (IoT) technologies, employed AI and data analytics in industrial applications, and an increased emphasis on predictive servicing and remote surveillance. The forecast period is also likely to see significant trends such as advancements in industrial procedures, the advent of IoT sensors, the evolution of human-machine interfaces (HMI), and the progression of manufacturing execution systems (MES).
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How Are Emerging Segments Shaping the Industrial Services Market Landscape?
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 Growth Factors Are Influencing Industrial Services Market Expansion?
The industrial services market is set to increase, driven by the escalating demand in the automation sector. The automation industry, which utilises a range of technologies and systems to carry out jobs with little human input, sees a growing demand due to numerous factors. These include the desire for greater operational efficiency, cost savings, better safety measures, and enhanced data analysis. In industrial services, automation is employed to bolster operational efficiency, decrease labour expenses, enhance accuracy, and guarantee uniform quality among various manufacturing and processing activities. An example illustrating this point can be seen in December 2023, when, as per Formstack, a software company based in the US, 76% of organisations employed automation to streamline their daily operations. Additionally, 58% used automation for data and reporting for planning objectives, and 36% used automation to ensure regulatory compliance. Hence, the expanding automation industry is propelling the growth of the industrial services market.
Who Are the Dominant Players Across Different Industrial Services Market Segments?
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 Are the Latest Developing Trends in the Industrial Services Market?
Collaborative strategies and alliances are emerging as significant trends in the application testing services industry. Top firms in the industrial services sector are forming collaborations to solidify their market position. For example, in August 2022, Industrial services firm Tech Mahindra, based in India, formed a partnership with Soroco, a US work graph company, for an undisclosed sum. This alliance aims to assist clients in fostering an environment of enhancement and integrating the finest industrial practices into their workflows. The clients will benefit from AI-powered process discovery and mining technology to attain superior results.
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Which Geographic Regions Are Expected to Dominate the Industrial Services Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Industrial Services Market?
2. What is the CAGR expected in the Industrial Services Market?
3. What Are the Key Innovations Transforming the Industrial Services Industry?
4. Which Region Is Leading the Industrial Services Market?
Why This Report Matters:
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