Authored By: Sarah
11 Jul 2024

 Industrial Services Market Size to grow by USD 14585.85 million between 2024-2028

According to a research report “ Industrial Services Market” by Type (Engineering and consulting, Installation and commissioning, Operational improvement and maintenance) End-user (Oil and gas, Chemicals, Aerospace, Automotive, Food and beverages and others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 14585.85 million, at a CAGR of  6.06% during the forecast period. In developing countries, the absence of specialized technical knowledge among the workforce poses a significant barrier to the global industrial services market. End-users require a comprehensive understanding of automation systems and must stay updated on regular maintenance schedules to ensure uninterrupted production. The scarcity of technical proficiency often discourages end-users from implementing automation solutions, leading to inefficiencies and increased downtime for maintenance. This reluctance to adopt advanced technologies is a major hurdle in developing countries, as the economic impact of downtime for maintenance is perceived as a substantial financial loss.

Browse market data tables, figures, and in-depth TOC on “Industrial Services Market” by Type (Engineering and consulting, Installation and commissioning, Operational improvement and maintenance) End-user (Oil and gas, Chemicals, Aerospace, Automotive, Food and beverages and others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Engineering and consulting segment is projected to dominate the market size in 2024

The oil and gas sector dominated the global industrial services market in 2023, accounting for the largest market share. The importance of minimizing unexpected downtime in this industry is driving the demand for industrial services, particularly engineering services. Companies in the oil and gas sector are grappling with the challenges posed by fluctuating global oil prices, making operational efficiency optimization a priority. Industrial services, including engineering, enable these firms to leverage technical expertise, enhance product quality, and streamline processes to boost value and reduce overheads.

By End-user, Oil and gas  segment is expected to hold the largest market size for the year 2024

Industrial engineering and consulting services play a pivotal role in enhancing the efficiency and quality of products and services for businesses, particularly in sectors like automotive and oil and gas. By leveraging technical expertise, these services help companies optimize processes, reduce overhead costs, and increase the value of their offerings. In the context of complex infrastructure projects, engineering services are in high demand, providing essential support during design, planning, and execution phases to ensure successful implementation and optimal value creation for customers.

APAC is forecasted to hold the largest market size by region in 2024

In the Asia Pacific (APAC) region, there is a rising trend among manufacturers to engage industrial services to streamline intricate production processes and enhance operational efficiency. The escalating scale of operations across various industries has resulted in more complex supply chains. To expand their market presence and consolidate the highly fragmented industrial automation services market in APAC, leading vendors are collaborating with system integrators to offer automation solutions. This strategic move is expected to significantly contribute to the expansion of the industrial services market in APAC during the forecast period. The APAC region is evolving as a global manufacturing hub, making it imperative for businesses to optimize their production processes and adopt advanced technologies to remain competitive.

The Industrial Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AB SKF
  • ABB Ltd.
  • Bilfinger SE
  • Eaton Corp. Plc
  • EMCOR Group Inc.
  • Emerson Electric Co.
  • General Electric Co.
  • Honeywell International Inc.
  • Intech Environmental Ltd.
  • John Wood Group PLC
  • Leadec Holding BV and Co. KG
  • Metso Outotec Corp.
  • Mitsubishi Heavy Industries Ltd.
  • Rockwell Automation Inc.
  • SAMSON AG
  • Schneider Electric SE
  • Siemens AG
  • USES Group
  • Worley
  • Yokogawa Electric Corp.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Industrial Services Market is experiencing a significant transformation due to the integration of Data Analytics, Digital Technologies, and Advanced Engineering Solutions. Industrial processes are becoming more data-driven, with specialized service providers offering Offshore Services, Asset Integrity Management, and Predictive Maintenance Services. Digital technologies such as Cloud Computing, Human-machine interfaces (HMI), Artificial Intelligence, and Machine Learning are being adopted to optimize industrial operations and enhance asset management. The Automotive sector is a key player in this market, leveraging Data Analytics and Digital Technologies to improve manufacturing processes and enhance the production of Finished Goods. Engineering and Consulting firms are offering Installation and Commissioning services to help businesses implement these advanced solutions. Asset Management is a critical area of focus, with companies utilizing Predictive Maintenance Services to minimize downtime and maximize efficiency. Overall, the Industrial Services Market is evolving to meet the demands of Industry 4.0, providing innovative solutions to optimize Industrial Processes and drive business growth.

Market Research Overview

The Industrial Services Market is experiencing significant growth due to the increasing demand for technological expertise in addressing water scarcity and optimizing industrial processes. DCS applications, automation, and Industry 4.0 are key value propositions for specialized service providers offering cybersecurity, digital twins, and lifecycle services. Economic fluctuations and financial barriers are challenges, but digital technologies like cloud computing, artificial intelligence (AI), data analytics, and machine learning are driving innovation. Industries such as chemicals, mining, and automotive are major consumers of industrial services. Automation systems, industrial robots, and human-machine interfaces (HMI) are essential components of modern industrial processes. Offshore services, asset integrity management, and predictive maintenance services are critical for ensuring operational improvement and maintenance. Engineering and consulting firms provide installation and commissioning services, while financial institutions offer financing solutions to help industrial businesses invest in these advanced technologies. In conclusion, the industrial services market is transforming rapidly, driven by the need for digitalization, automation, and cybersecurity. Specialized service providers with technological expertise and innovative solutions are well-positioned to meet the demands of industries facing water scarcity, economic fluctuations, and the need for operational improvement and maintenance.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio