How large is the industrial services market, and what is its growth trajectory?
The industrial services market size has grown strongly in recent years. It will grow from $35.06 billion in 2024 to $37.06 billion in 2025 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 $46.96 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. 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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What key drivers have fueled the industrial services market’s development over the years?
The rising demand in the automation industry is expected to propel the growth of the industrial services market going forward. The automation industry refers to the sector that uses various technologies and systems to perform tasks with minimal human intervention. Rising demand in the automation industry is due to factors such as the need for increased efficiency, cost reduction, enhanced safety, and improved data analytics. Automation is used in industrial services to enhance operational efficiency, reduce labor costs, improve accuracy, and ensure consistent quality across various manufacturing and processing tasks. For instance, in December 2023, according to Formstack, a US-based software company, 76% of organizations use automation to automate their daily workflows, automating data and reporting for planning purposes is used by 58%, and compliance with regulations is used by 36% of firms. Therefore, the rising automation industry is driving the growth of the industrial services market.
What is the segmentation for the industrial services market?
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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Who are the most influential companies in the industrial services market?
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 top industry trends projected to impact 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.
What are the major regional insights for the industrial services market, and which region holds the top position?
The countries covered in the industrial services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Industrial Services Market Report 2025 Offer?
The industrial services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Industrial services refer to a range of specialized services that support the operations, maintenance, and optimization of industrial facilities, including equipment installation, repair, consulting on process improvements, and digital transformation strategies to enhance operational efficiency and sustainability.
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