Market Research Future (MRFR) has published a cooked research report on the “Global Industrial Services Market” that contains information from 2022 to 2030. The Global Industrial Services Market is estimated to register a CAGR of 6.10% during the forecast period of 2022 to 2030.
MRFR recognizes the following companies as the key players in the Global Industrial Services Market— Siemens AG, Emerson Electric, ABB, General Electric, Schneider Electric, Wood Group Mustang, and Honeywell International Inc.
Global Industrial Services Market is accounted to register a CAGR of 6.10% during the forecast period and is estimated to reach USD 49.46 Billion by 2030.
Industrial services refer to a wide range of specialized activities, products, and solutions that are designed to support the operational needs of various industries. These services are often provided by third-party companies or professionals with expertise in specific fields, and they aim to enhance the efficiency, productivity, safety, and overall functioning of industrial processes and facilities. Industrial services encompass a diverse array of sectors, including manufacturing, construction, energy, transportation, and more.
The Global Industrial Services Market has been segmented based on Type, Application, End-Users.
Based on the Type, the market is segmented into Installation & Commissioning and Engineering & Consulting. The dominance of the Installation & Commissioning category in the Industrial Services market is attributed to its pivotal role in ensuring seamless integration and optimal functionality of industrial equipment and systems.
Based on Application, the market is segmented into Human Machine Interface, Distributed Control System, and Valves & Actuators. The dominance of the Human Machine Interface category in the Industrial Services market is attributed to its critical role in enhancing operator control, monitoring, and interaction with complex industrial processes.
Based on End-Users, the market is segmented into Automotive, Metal & Mining, Food & Beverages, Paper, and Oil & Gas. The dominance of the Automotive category in the Industrial Services market is attributed to the high demand for manufacturing, assembly, and technological integration within the rapidly evolving automotive industry.
The Global Industrial Services Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Industrial Services Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Industrial Services Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Industrial Services Market comprises of Middle East, Africa, and Latin America.
In 2021, the North America Industrial Services market recorded a value of USD 13.52 billion, and a substantial compound annual growth rate (CAGR) is anticipated during the study period. The market is witnessing an influx of mechanical technology and interface projects, significantly augmenting the administrative sector.
Europe's industrial services market secures the second-largest market share, driven by the comprehensive range of services offered, making Europe a predominant contributor to the industry as a whole. This market boasts significant dynamism due to the presence of numerous highly active specialist cooperatives. Notably, the Germany industrial services market holds the leading market share, while the UK industrial services market demonstrates the swiftest growth within the European region.
The Asia-Pacific Industrial Services Market is poised to experience the most rapid CAGR growth between 2022 and 2030. This growth can be attributed to the increasing adoption of cloud accessibility and the Internet of Things (IoT) for remote monitoring and predictive maintenance, indicative of the market's expansion. Furthermore, the China industrial services market commands the largest market share, with the India industrial services market emerging as the fastest-growing segment within the Asia-Pacific region.
Key Findings of the Study