The global industrial services market is estimated to garner a revenue of USD 41047 Million by 2028 from USD 28881.0 Million in 2019 by growing at a CAGR of 5.12% over the forecast period, i.e., 2020 – 2028. The growth of the market can be attributed to the increasing demand for operational excellence across the industrial sectors, coupled with the rising adoption of various technologies, such as industrial internet of things (IIoT). Industries are increasingly prioritizing their business operations to satisfy the demand of their customers and to generate high yields. Moreover, to gain a sustainable competitive edge over its competitors, there is a growing need amongst the industries to improve their process efficiency. Enhancing work quality, generating faster throughput and less waste, are some of the focus areas where development is required across industries, therefore raising the need for industrial services. On the other hand, increasing spending by geographies on internet of things (IoT) is also anticipated to contribute to the market growth. In the year 2019, United States and China were among the two major nations which held the largest share of around 26% and 24% respectively amongst other major geographies for spending on internet of things. On the other hand, the numerous challenges observed by businesses worldwide especially in logistics and other operational processes owing to the COVID-19 pandemic and the need to lower the operational costs is also anticipated to drive the market growth.
Global Industrial Services Market Regional Synopsis
Regionally, the global industrial services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region witnessed modest growth by attaining a revenue of USD 9740 Million in 2019 and is further expected to grow with a CAGR of 4.13% over the forecast period. The growth of the market can be attributed to the increasing evolution of different types of service models, along with the digital transformation witnessed across the region. Moreover, presence of several flourished industries such as the food and beverage industry, in countries such as the United States and Canada, along with the growing focus towards functional safety in industries such as mining, chemicals, pharmaceutical, and others, are some of the additional factors anticipated to drive the market growth. According to the statistics by the United States Census Bureau, the sales of retail trade and food services in the nation grew from USD 3282961 Million in 2000 to USD 6205714 Million in 2020. The market in the region is further segmented by country into the United States and Canada, out of which, the market in the U.S. is projected to grow with the highest CAGR of 4.30% during the forecast period.On the other hand, the market in the Asia Pacific is expected to hold the largest revenue of USD 13264 Million by the end of 2028 CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Industrial Services Market
The global industrial services market is segmented on the basis of service type into engineering & consulting, installation & commissioning, and operational improvement & maintenance. Among these segments, the operational improvement & maintenance segment is anticipated to register the largest market share by the end of 2028 and by registering a value of USD 18016.5 Million in the same year. Operational improvement & maintenance services deal with the minor maintenance and care of business assets, including budgeting, business maintenance, training, and other business improvement factors that work together to run an organization smoothly. This type of service does not require skilled professionals with in-depth technical knowledge. Moreover, the installation & commissioning segment is anticipated to grow with the highest CAGR of 5.38% during the forecast period. The market is further segmented on the basis of application into distributed control system (DCS), programmable logic controller (PLC), supervisory control and data acquisition (SCADA), electric motors & drives, valves & actuators, human machine interface (HMI), monitoring systems, signaling systems, imaging systems, manufacturing executing system (MES), and safety systems. Amongst these segments, the manufacturing execution system (MES) segment registered significant market value of USD 5615.7 Million in the year 2019. The market is further segmented by end-user into oil & gas industry, chemical industry, energy & power, mining, marine & shipbuilding, pharmaceutical industry, machine building, food & beverage industry, and others, out of which, the pharmaceutical industry segment is anticipated to register the largest market share of 18.85% by the end of 2028.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global industrial services market that are included in our report are General Electric, Siemens AG, Schneider Electric, ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Samson AG, R. Stahl AG, Rockwell Automation, Inc., Leadec Holding BV & Co. KG, Bilfinger SE, WERMA Signaltechnik GmbH, and others.
FREQUENTLY ASKED QUESTIONS
Increasing trends of globalization, along with the increasing need for operational excellence in industries are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 5.12% over the forecast period, i.e., 2020-2028.
Lack of skilled technicians are estimated to hamper the market growth.
The market in Latin America is anticipated to provide more business opportunities by holding the largest market share of 32.31% by the end of 2028.
The major players in the market are General Electric, Siemens AG, Schneider Electric, ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Samson AG, R. Stahl AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by service type, application, end-user, and by region.
The operational improvement & maintenance segment is anticipated to hold largest market size of USD 18016.5 Million and display significant growth opportunities.
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