USD 36.2 billion
Industrial Services Market Size, Share, and Growth Analysis
Industrial Services Market By Service Type (Engineering & Consulting, Installation & Commissioning), By Application (Motor & Drives, Distribution Control System (DCS)), By End-user Industry (Aerospace, Automotive), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45A2479 |
Region:
Global |
Published Date: January, 2025
Pages:
178
|Tables:
94
|Figures:
71
Format -
Industrial Services Market Insights
Global Industrial Services Market size was valued at USD 36.2 billion in 2023 and is poised to grow from USD 38.66 billion in 2024 to USD 65.44 billion by 2032, growing at a CAGR of 6.8% during the forecast period (2025-2032).
The global industrial services market is witnessing considerable expansion owing to the demand for greater automation, advancement in technologies and the need for enhanced operational effectiveness in different industries. Industrial services include a variety of activities such as maintenance, repair, consulting, installation and commissioning of equipment and machinery utilized in the manufacturing, energy and infrastructure industries. There is growth in the market due to increasing focus on digital transformation and other emerging technologies such as artificial intelligence, machine learning, Internet of Things, and robotics. Moreover, the increasing attention towards sustainability and energy efficiency is driving the creation of new ideas such as energy management systems and smart grids. With these ongoing changes, the global industrial services market holds a favorable outlook for the near future.
A greater focus has been placed on predictive maintenance which makes use of data analytics and monitoring equipment in anticipation of any malfunctions and devising optimal schedules for maintenance. Predictive maintenance solutions are adopted by industries as they lower operational costs as well as increase the life span of machines’ which in turn increases the market for these services. The expanding industrial service market is also attributed to the rising rate of industrialization in developing countries. Fast-growing manufacturing and production activities in countries in the Asia-Pacific region increases the demands for industrial services. There are strict guidelines on compliance that are enforced. Safety and environmental regulation compliance require maintenance and servicing of industrial machines regularly, hence there is a consistent requirement for industrial services to ensure compliance so as to avoid fines.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Distributed Control System (DCS)
Fastest Growth
Manufacturing Execution System (MES)
Growth Rate
6.8% CAGR
Global Industrial Services Market ($ Bn)
Country Share for North America Region (%)
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Industrial Services Market Segments Analysis
Global Industrial Services Market is segmented by Service Type, Application, End-user Industry and region. Based on Service Type, the market is segmented into Engineering & Consulting, Installation & Commissioning and Operational Improvement & Maintenance. Based on Application, the market is segmented into Motor & Drives, Distribution Control System (DCS), Programable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Human Machine Interface (HMI), Safety Systems, Manufacturing Execution System (MES), Industrial Robotics, Industrial 3D Printing and Industrial PC. Based on End-user Industry, the market is segmented into Aerospace, Automotive, Chemicals, Energy & Power, Food & Beverages, Healthcare & Pharmaceuticals, Metal & Mining, Oil & Gas, Paper & Pulp, Semiconductor, Water & Wastewater and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Application
Based on application, the distributed control system (DCS) segment is dominating the market with the largest industrial services market share. The distributed control system (DCS) segment is leading owing to its significant application in managing multi complex multi-industrial processes while ensuring high reliability and accuracy. The DCS system significantly contributes to the maximization of production efficiency, retention of uniformity of product quality and provision of monitoring and control. Their rapid deployment in different industrial markets such as the oil and gas, chemicals, and power generation industries demonstrates their relevance in ensuring uninterrupted and efficient operations hence creating a huge requirement in the international market.
The manufacturing execution system (MES) segment is expected to witness significant demand growth during the forecast period. The high growth of the manufacturing execution system (MES) segment is due to its key role in linking enterprise-level planning with shop-floor activities. It is almost impossible for manufacturers today to do without MES solutions as they assist in the improvement of production efficiency, monitor production processes as they occur, and ensure better quality control of the processes. The growing integration of Industry 4.0 technologies as well as the requirements for increased visibility and faster operations are the key drivers of the MES market. In addition, the trends associated with digital transformation and smart manufacturing in many sectors also fuel growth of this segment.
Analysis by End Use
Based on end use, the oil & gas segment is dominating the industrial services market. The high demand share of the segment is propelled by the sector's substantial reliance on industrial services for operational efficiency, safety, and regulatory compliance. A large percentage of oil and gas companies operate in harsh environments, and such activities are complicated, large scale and require high level of routine maintenance, constant monitoring, and unique services. Moreover, there are also the sustained expenditures in respect of exploration and production activities and the integration of modern technologies which also support the demand for industrial services in this domain, reinforcing its dominant market position.
As per industrial services market analysis, pharmaceutical segment has been experiencing tremendous growth in recent years. The major reason for the high demand growth rate of the pharmaceuticals segment is the increasing requirement for precision and compliance in the manufacturing processes of drugs. The sector also has stringent regulatory requirements implying that thorough validation, maintenance and calibration are requisite services to support the quality and safety of products. Additionally, the booming biotechnology and the growth of customized medicine culture creates an extra demand for specialized industrial services which also enhances the growth rate of the segment.
Global Industrial Services Market Analysis by Application
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Industrial Services Market Regional Insights
North America is dominating with the largest industrial services market share. North America's high demand share is due to the developed industrialization and high rate of technology acceptance. Industrial services demand in the region are largely fuelled by the existence of key developed industries such as oil and gas, pharmaceuticals and manufacturing. Furthermore, the standards for regulatory requirements and the need for safety and efficiency is high and firms must opt for maintenance and operational improvement services regularly. Additionally, The U.S. is at the forefront of innovation which aids in improving the organization's automation and digital solutions. Adequate industry standards and operational efficiencies in organizations also compel them towards investing in a complete package of industrial services which makes the organization's position in the market even more dominant.
The Asia Pacific region is anticipated to witness the highest growth during the forecast period. The rapid industrial growth and expansion of manufacturing in the region has been crucial in pushing its demand growth within the Asia Pacific region. Industries are outsourcing integrated industrial service solutions to meet the increasing demand for advanced technologies as well as increasing automation solutions. Further, investing in infrastructure and government programs to support emerging economies are helping in expansion of this market. Adapting to the use of cloud and internet of things for situations which require vision monitoring and remote supervision proves that market is growing as it should. In addition, Chinese industrial services market was the largest, while the growth of India industrial services market in the Asia-Pacific region was the fastest.
Global Industrial Services Market By Geography
- Largest
- Fastest
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Industrial Services Market Dynamics
Drivers
High Adoption of Predictive Technology
- The increasing adoption of AI and the IoT in predictive maintenance solutions is one of the key factors fuelling the global industrial services market. This evolution of the industry, changes the way maintenance of equipment is performed, starting from conventional reactive models to data informed and time efficient anticipatory maintenance models. Advances in sensor technology and machine learning algorithms are responsible for predictive maintenance that integrates predictive technologies into equipment maintenance and allows for the monitoring of the potential problems before they progress to costly breakdowns.
High Degree of Complexity of Manufacturing Operations
- The increasing complexity of industrial operations stands out as one of the main factors sustaining the growth of the industrial services market, alongside the multi-nationalization of production processes, regulatory requirements, and technology. AI systems, IoTs and automation integrated with industries have now made it necessary to have specific skills to handle these systems. Together, these factors contribute to the rapid growth in demand for all-encompassing industrial services that encompass system integration services, maintenance, and automation.
Restraints
Very High Upfront Investment
- The notable barrier for the industrial services market is the large upfront capital requirement for adopting advanced technology, acquiring specialized equipment and hiring skilled labour. This essentially becomes more of a financial constraint barrier for certain industries in particular smaller firms preventing them from being able to utilize and therefore employ certain industrial service.
Shortfall in Technical Skills and Knowhow
- The lack of skilled technicians is one of the key elements restricting the growth of the industrial services sector. It often deters end users from adopting automation systems and leads to losses in productivity due to the perception that maintenance tasks requiring downtime are too expensive.
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Industrial Services Market Competitive Landscape
The degree of competition is intense due to the presence of the largest number of global players in the market. These companies are investing large number of resources in research and development to expand their product lines which would in turn result to the growth of the industrial services market. Various strategic initiatives are also being undertaken by the market participants to expand their market presence including new product launches, strategic agreements, sponsorships, acquisition, increased spending, and partnership with other companies. Industrial services sector players especially the competitors must provide cheap and economical products to grow and sustain in an ever growing and competitive market environment.
Top Players in Industrial Services Market
- ABB (Switzerland)
- KSB SE (Germany)
- Wartsila (Finland)
- Komatsu Limited (Japan)
- KION Group (Germany)
- Schneider Electric (France)
- Siemens AG (Germany)
- Emerson Electric Co. (United States)
- Honeywell International Inc. (United States)
- Rockwell Automation (United States)
- Yokogawa Electric Corporation (Japan)
- Hitachi, Ltd. (Japan)
- Bosch Rexroth AG (Germany)
- Danfoss A/S (Denmark)
- Parker Hannifin Corporation (United States)
- Eaton Corporation (Ireland)
- FANUC Corporation (Japan)
Recent Developments
- In June 2024, Honeywell developed its Battery Manufacturing Excellence Platform (MXP) leveraging AI assisted software to optimize the functioning of the gigafactories out of the box.
- In February 2023, ABB released the latest version of ABB Ability Symphony Plus distributed control system (DCS), promoting further digital transformation in the electricity generation and water industries.
- In March 2024, Schneider Electric began providing Managed Security Services (MSS) to assist customers using operational technology with their increased cyber risk from the upsurge in demand for remote access and connectivity technologies.
Industrial Services Key Market Trends
- Increasing Government Initiatives: To increase competitiveness and promote economic growth, governments across the globe are investing in implementing modernization and digital transformation programs which substantiate the need for industrial services. Several governmental programs can be listed such as the European Union initiative Horizon 2020 or Made in China 2025 initiative which aims at increasing degree of automation and the use of digital technologies in various sectors. As nations continue to prioritize industrial development and innovation, there will be increasing demand for industrial services.
- Growing Efficiency and Sustainability Trends: Sustainability and efficiency are some of the elements that are driving the emphasis in the industrial services market as the industries seek to reduce their environmental impact while improving performance efficiency. Also, the government, the consumers and regulation are advocating for even more stringent environmental measures, this has instigated companies to look for solutions that are able to comply and at the same time save costs.
Industrial Services Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the market for industrial services will be sensitive to the growth of predictive maintenance services during the forecast period. Industrial companies require effective asset management since they use costly machinery and incur hefty depreciation costs. The use of predictive maintenance can help you cut down a lot of expenditures. As with all asset management processes, it can be argued that predictive maintenance is the logical next step. Several strategies including service agreements and contracts, product innovations, and geographically widening the market are promoting the growth of the industrial services sector. Furthermore, it is expected that the changing oil prices will have an impact on the global expansion of the industrial services market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 36.2 billion |
| Market size value in 2032 | USD 65.44 billion |
| Growth Rate | 6.8% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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