Industrial Services Global Market Report 2025| Business Growth, Development Factors, Current and Future Trends till 2029

The Business Research Company’s Industrial Services Global Market Report 2025 - Market Size, Trends, And Global Forecast 2025-2034

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How Much Is The Industrial Services Market Worth?
The market size of industrial services has seen considerable growth over the past few years. It is projected to increase from $35.06 billion in 2024 to $37.1 billion in 2025, signifying a compound annual growth rate (CAGR) of 5.8%. This growth during the historic period can be ascribed to factors like economic development and industrialization, a rise in demand for automation and efficiency, governmental investment in infrastructure advancement, and digital transformation across diverse sectors.

The size of the industrial services market is predicted to experience significant expansion in the upcoming years, ballooning to $47.12 billion by 2029, underpinned by a compound annual growth rate (CAGR) of 6.2%. The rise during this forecast period is linked to a burgeoning demand for distributed control systems (DCS), the progression of Industry 4.0 and Internet of Things (IoT) technologies, as well as the implementation of artificial intelligence (AI) and data analysis in industrial practices. Another contributing factor is an amplified focus on predictive maintenance and remote surveillance. Foreseen trends over the same timeframe comprise of technological evolutions in industrial procedures, the introduction of IoT sensors, the emergence of human-machine interfaces (HMI), and the innovation of manufacturing execution systems (MES).

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What Are The Factors Driving The Industrial Services Market?
The growing interest in automation is forecasted to accelerate the progression of the industrial services market. The automation industry encapsulates sectors that employ different technologies and systems to carry out tasks with less human involvement. Factors such as increased efficiency requirements, cost reduction, improved safety measures, and better data analysis have led to this heightened demand. Industrial services utilize automation to bolster operational efficiency, decrease workforce expenses, enhance accuracy, and ensure uniformity in a variety of manufacturing and processing jobs. For example, in December 2023, Formstack, a software company based in the US, reported that 76% of businesses used automation for daily workflows, 58% used it for data and reporting for planning, and 36% used it for regulatory compliance. Consequently, the escalating automation industry is fueling the expansion of the industrial services market.

Who Are The Major Players In The Industrial Services Market?
Major players in the Industrial Services 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

What Are The Key Trends And Market Opportunities In The Industrial Services Sector?
Strategic alliances and collaborations are emerging as significant trends in the application testing services market. The main players in the industrial services market are forming partnerships to consolidate their market position. In an example from August 2022, Tech Mahindra, an Indian firm active in Industrial services, formed a partnership with Soroco, an American work graph company, for an undisclosed sum. The alliance is set to enable customers to foster an enhancement-driven culture and adopt top industry methods in their operations. This would allow them to employ AI-based process discovery and mining technology for superior results.

Which Segment Accounted For The Largest Industrial Services Market Share?
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

View the full industrial services market report:
https://www.thebusinessresearchcompany.com/report/industrial-services-global-market-report

What Are The Regional Trends In The Industrial Services Market?
In 2024, the industrial services market was led by Asia-Pacific. Anticipated growth patterns for this region were discussed in the report. Other regions assessed in the industrial services market study include Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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