Global Industrial Services Market Insights, Forecast to 2030

The global Industrial Services market is projected to grow from US$ 475.7 million in 2024 to US$ 623 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period.

Industrial Services Market Trends

Importance of Operational Excellence

Companies are becoming vulnerable to the existing current economic downturn. Customers have become price sensitive and want faster delivery of services. Hence businesses around the world are experiencing lower profit margins and increased market competition. Operational excellence is necessary for retaining the competitive edge in the industry. This will push the demand for the industrial services market during the forecast period. The designing of value streams leads to an end flow of information. Interactive visuals are being deployed to see the connections from raw material management to end-user information. Clearly demarcated goals help in boosting productivity and service quality. They increase safety measures and enhance flexibility. Better operations and improving customer experience lead to rapid fulfillment of important financial goals and ticking off the financial metrics. Better and more open organizational communication leads to an empowered and motivated workforce. A clear strategy and exact KPI measurement ensure all the employees are aware of the key goals of the company. This drastically improves teamwork, and collaboration and decreases instances of employee downtime, stockpiling of excess inventory, and over or underproduction. 

The advent of maintenance as a service

Businesses are increasingly facing maintenance issues with the growing global complexities and uncertain industrial climate. However industrial services are required mandatorily as it provides a lot of benefits. This will bolster the growth of the industrial services market in the forthcoming years. It saves money in the long duration by keeping all the real assets working as per their optimum potential, It significantly helps in increasing the shelf life and decreases the chances of the facility’s reduction due to service deterioration. Moreover, a maintenance service ensures safety by allowing all employees to work in a healthy environment. Improvement in production will keep the entire assembly in good order. Having a well-maintained facility avoids undertaking large-scale preventative repairs which are costly and dangerous if left unattended. Workplace injuries and hazards are tragic and very harmful. This is totally preventable by completing the servicing on time and not ignoring even minor maintenance issues. Particles of dirt and dust get lodged in filters, and fans and restrict the airflow between the vents. This leads to premature equipment failure which can be eliminated completely with all the necessary checks and balances. 

Equipment complexity

Preventative maintenance is a must for the smooth functioning of the business. It extends the asset lifespan by calculating the mean time between failures to make informed maintenance decisions. Tracking the issue ensures making the right maintenance at the right time. This helps in catching defects before the actual breakdown. The risk of breakdowns is lowered which will drive the growth of the industrial services market in the forthcoming years. With a good plan in hand maintenance activities can be scheduled proactively thereby giving peace of mind. There will be the increasing availability of the equipment, more uptime, and efficient functioning. Unplanned downtime is avoided completely. Accurate monitoring promotes the health and safety of the equipment. Moreover, integration with a computerized maintenance management system allows one to foresee all the equipment by storing the information on a single centralized hub. The software simplifies the procedure of safety audits and all the information can be accessed via a smartphone with just a few clicks. As machines work as per their optimum potential these automatically increase revenue, boost productivity, and strengthen the overall personal brand image. Unplanned maintenance costs are high than planned maintenance. There is the price of rushing the shipping of necessary machine parts and technicians have to be onboarded. In worst-case scenarios, a full equipment overhaul is necessary to boost production capacity. Predictive maintenance solves all these problems. 

• Engineering and Consulting
• Installation and Commissioning
• Improvement and Maintenance

• PLC
• SCADA
• HMI
• DCS
• MES
• Electric Motors & Drives
• Valves & Actuators
• Safety Systems

• ABB (Switzerland)
• Siemens (Germany)
• General Electric (US)
• Emerson Electric (US) 
• Honeywell International (US)
• Schneider Electric (France)
• Wood Group Mustang (US)
• SKF AB (Sweden)
• ATS Automation (Canada)
• INTECH Process Automation (US)

Report Metric	Details
Report Name	Industrial Services Market
The Market size value in 2024	475.7 Million USD
The Revenue forecast in 2030	623 Million USD
Growth Rate	CAGR of 4.6%
Base year considered	2023
Forecast period	2024-2030
Forecast units	Value (USD)
Segments covered	Type, End-User, Offerings, and Region
Report coverage	Revenue & volume forecast, company share, competitive landscape, growth factors, and trends
Geographic regions covered	North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Ans. Major factors driving the growth of the Industrial Services market size are the growing need for operational excellence, increasing demand for maintenance as a service, and increasing equipment complexity.

2. Who are the top companies that hold the market share in the Industrial services market?

Ans. The top companies operating in the Industrial services market include ABB (Switzerland), Siemens (Germany), General Electric (US), Emerson Electric (US), Honeywell International (US), Schneider Electric (France), Wood Group Mustang (US), SKF AB (Sweden), ATS Automation (Canada), INTECH Process Automation (US)

3. How big is the Industrial services market?

Ans. The global Industrial Services market is projected to grow from US$ 475.7 million in 2024 to US$ 623 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period.

4. What would be the forecast period in the Industrial Services market report?

Ans. The forecast period for the Industrial services market is 2023 to 2030

5. Which is the most influencing segment growing in the global Industrial Services market report?

Ans. Based on Application, The MES segment is expected to hold the largest industrial service market share

6. Which is the most influencing segment growing in the global Industrial Services market report?

Ans. Based on Application, The MES segment is expected to hold the largest industrial service market share.