The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The industrial services market size has grown strongly in recent years. It will grow from $33.34 billion in 2023 to $35.24 billion in 2024 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 $44.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.  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).

The industrial services market is poised for growth, fueled by an increasing demand for predictive maintenance services. Predictive maintenance involves continuous monitoring of industrial equipment during operation to anticipate potential future issues. According to a 2021 survey conducted across Europe by Reichelt Elektronik, an electronics and technology company, 83% of European businesses utilized predictive maintenance services, with 24% intending to increase their usage in the coming year. This rising demand for predictive maintenance services is a significant factor driving the growth of the industrial services market. To gain a comprehensive understanding, it is crucial to delve into the market size values for the years 2023, 2024, and 2028.

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What Are The Key Trends That Influence Industrial Services Market Share Analysis?

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.

Which Market Players Are Driving Growth In The Industrial Services Market?

Major companies operating in the industrial services market report are 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, United Technologies Corporation, 3M Company, Illinois Tool Works Inc., Stanley Black & Decker Inc.

How Is The Global Industrial Services Market Segmented?

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

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The Industrial Services Global Market Report 2024 provides an overview of the industrial servicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The industrial services market forecast analyzes industrial services market size, industrial services market share, leading competitor and their market positions.

The Table Of Content For The Industrial Services Market Include

1. Industrial Services Market Executive Summary
2. Industrial Services Market Segments
3. Industrial Services Market Size And Template Market Growth Rate
4.  Key Industrial Services Market Trends
5. Major Industrial Services Market Drivers
……
25. Key Mergers And Acquisitions In The Industrial Services Market
26. Top Industrial Services Companies
27. Industrial Services Market Opportunities And Strategies
28. Industrial Services Market, Conclusions And Recommendations
29. Appendix

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