Global Industrial Services Market Analysis 2023 – Market Size And Key Drivers

The Industrial Services Global Market Report 2023 by The Business Research Company, provides industrial services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Industrial Services Global Market Report 2023, the global industrial services market is expected to grow from $31.35 billion in 2022 to $33.31 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the industrial services market is expected to grow to $40.75 billion in 2027 at a CAGR of 5.2%.

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The industrial services market 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

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.

The industrial services market report table of contents includes: