Industrial Services Market size to increase by USD 14.58 billion from 2023 to 2028, Wide range of industrial services applications boosts the market - Technavio

NEW YORK, Dec. 14, 2023 /PRNewswire/ -- The industrial services market is expected to grow by USD 14.58 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 6.06% during the forecast period. The market is segmented by type (engineering and consulting, installation and commissioning, and operational improvement and maintenance), end-user (oil and gas, chemicals, aerospace, automotive, food and beverages, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The wide range of industrial services applications drives the market growth. Industrial services offer a wide range of applications, such as programmable logic controllers, distributed control systems, human-machine interfaces, manufacturing execution systems, as well as industrial robotics applications, to end-users. Moreover, these services help in enhancing various aspects of of the manufacturing facility which drives the market growth. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the industrial services market: AB SKF, ABB Ltd., Bilfinger SE, Eaton Corp. Plc, EMCOR Group Inc., Emerson Electric Co., General Electric Co., Honeywell International Inc., Intech Environmental Ltd., John Wood Group PLC, Leadec Holding BV and Co. KG, Metso Outotec Corp., Mitsubishi Heavy Industries Ltd., Rockwell Automation Inc., SAMSON AG, Schneider Electric SE, Siemens AG, USES Group, Worley, and Yokogawa Electric Corp.
• Industrial Services Market is fragmented in nature.
• Market to observe 5.67% YOY growth in 2024.

Market Dynamics:

Trend

• Delegation of ancillary tasks allows industries to focus on core competencies is a primary trend in the market.
• Industrial services such as engineering and consulting services offer support to different complex projects across industries.
• Moreover, this helps end-user industries in assigning their enterprise resources to core tasks for enhanced operational efficiency.
• Hence, such factors are driving the market growth during the forecast period.

Challenges

• Lack of end-to-end quality and process control hinders the market growth.
• One of the significant challenges that hinder global industrial services market growth is the lack of end-to-end processes and quality control while delegating critical business processes and tasks to industrial services providers.
• Moreover, end-users fear losing sight of business processes and control across the value chain with the deployment of industrial services.
• Hence, such factors hinder the market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

• The market growth of the engineering and consulting segment is significant during the forecast period. The engineering and consulting segment enables end-users such as the automotive industry to improve the efficiency and quality of products and services, as well as develop the necessary infrastructure that allows the running of manufacturing processes efficiently. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Get a glance at the market contribution of the segments, Request a Free Sample Report 

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio