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.
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Industrial Services Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.06% |
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Market Growth 2024-2028 |
USD 14.58 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.67 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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.
Contacts
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SOURCE Technavio
