Pune, March 27, 2025 (GLOBE NEWSWIRE) -- Industrial Services Market Size Analysis:
“The SNS Insider report indicates that the Industrial Services Market was valued at USD 35.47 billion in 2023 and is projected to reach USD 65.76 billion by 2032, growing at a robust CAGR of 7.15% during the forecast period from 2024 to 2032.”
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Major Players Analysis Listed in this Report are:
- ABB (Robotic Automation Solutions, Process Control Systems)
- Honeywell International Inc. (Industrial Cybersecurity, Building Automation Solutions)
- Rockwell Automation (Industrial Control Systems, Manufacturing Execution Systems)
- Schneider Electric (Energy Management Solutions, Industrial Automation Software)
- Siemens (SCADA Systems, Digital Twin Technology)
- General Electric (Predictive Maintenance Solutions, Power Automation Systems)
- Emerson Electric Co. (Flow Control Solutions, Industrial IoT Solutions)
- Yokogawa Electric Corporation (Process Automation Systems, Industrial AI Solutions)
- Eaton (Power Quality Solutions, Industrial Energy Management)
- Mitsubishi Electric Corporation (Factory Automation Systems, Servo Motors)
- Metso (Mining Automation Solutions, Valve Control Systems)
- Samson (Industrial Valves, Process Control Equipment)
- SKF (Predictive Maintenance Solutions, Asset Management Systems)
- John Wood Group PLC (Engineering Consulting, Industrial Asset Optimization)
- ATS Automation Tooling Systems Inc. (Automated Assembly Systems, Industrial Robotics)
- Dynamysk Automation Ltd. (Process Automation Engineering, Control System Integration)
- Wunderlich-Malec Engineering, Inc. (SCADA Integration, Industrial Automation Design)
- Yaskawa America, Inc. (Motion Control Systems, Robotics Solutions)
- Fuji Electric Co., Ltd. (Industrial Power Electronics, Factory Automation Solutions)
- Genpact (Industrial Analytics Solutions, Digital Process Transformation)
- ICONICS, Inc. (HMI/SCADA Software, Industrial IoT Solutions)
The U.S. Industrial Services Market is poised for robust growth due to several key drivers. The widespread adoption of Industry 4.0 technologies, including automation, IoT, AI, and machine learning, is enhancing operational efficiency and driving demand for predictive maintenance and remote monitoring services.
Industrial Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 35.47 Billion |
| Market Size by 2032 | USD 65.76 Billion |
| CAGR | CAGR of 7.15% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Industry 4.0 Adoption Driving Demand for System Integration, Software Solutions, and Predictive Maintenance Services in Industrial Sectors |
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By Type: Operational Improvement & Maintenance Leads as Installation & Commissioning Shows Rapid Growth
The Operational Improvement & Maintenance segment dominated the market and accounted for a significant revenue share in 2023, owing to the increasing focus on predictive and preventive maintenance to prevent effective system failure. In multiple industries, businesses are extensively investing in these services to improve system reliability and uptime, which is projected to continue holding the largest market share.
Installation & Commissioning is expected to register the fastest CAGR during the forecast period as the demand for advanced industrial equipment, along with the surge in infrastructure development, will contribute to the growth of this segment. It will primarily drive its growth curve among the new installations adoption phase in emerging economies during the forecast period.
By Application: Distributed Control Systems Dominate While Manufacturing Execution Systems Skyrocket
The DCS segment dominated the market and accounted for a significant revenue share in 2023 due to the high adoption of DCS in complex industrial environments such as oil & gas, power generation, and chemical manufacturing. The real-time data monitoring, process automation, and remote control capabilities offered by these systems are essential to enhancing operational efficiency. DCS automation is further enhanced with the convergence of AI and IoT, ensuring more accuracy in the control of industrial processes. Plant automation and control that mainstream technology is here to stay.
The MES segment is expected to register the fastest CAGR during the forecast period. MES includes software applications that monitor real-time data from productions, enabling companies to have complete visibility into factory-floor activities, which they can optimize, managing production resources and minimizing waste. MES adoption, however, is on the rise as Industry 4.0 initiatives spread across the globe, particularly in the automotive, pharmaceutical, and consumer electronics sectors. This segment is expected to grow exponentially due to increasing demand for agile production and digital twins.
By End-Use: Oil & Gas Dominates While Pharmaceuticals Surge as the Fastest-Growing Sector
The oil & gas segment dominated the market and accounted for a significant revenue share in 2023 since the industry depends largely on industrial services for asset maintenance, process optimization, and safety compliance. Because equipment failures in this industry incorporate a high risk, there is a great investment being made in predictive maintenance, asset performance management, and remote monitoring. Oil & gas firms, are also emphasizing automation and digitization to improve efficiency and lower costs as energy demands rise worldwide.
The pharmaceutical sector is expected to register the fastest CAGR during the forecast period due to the demand for precision manufacturing, regulatory compliance, and automation. An expanding biopharmaceutical production and the use of digital technologies for drug manufacturing and process optimization are the major drivers behind it. Growing investment in cleanroom technologies, robotics, and quality control systems that ensure product safety and efficacy is also boosting this segment.
Industrial Services Market Segmentation:
By Type
- Engineering & Consulting
- Installation & Commissioning
- Operational Improvement & Maintenance
By Application
- Distributed Control System (DCS)
- Programmable Controller Logic (PLC)
- Supervisory Control and Data Acquisition (SCADA)
- Electric Motors & Drives
- Valves & Actuators
- Manufacturing Execution System
- Others
By End Use
- Oil and Gas
- Chemicals
- Automotive
- Pharmaceuticals
- Others
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By Region: North America Dominates, While Asia-Pacific Emerges as the Fastest-Growing Region
North America dominated the market and accounted for a significant revenue share in 2023 is driven by the region's mature industrial infrastructure, early adoption of automation technologies, and preservice investments in research and development. Market Factors in North America is also influenced by the presence of key market players such as IBM, Honeywell, and Emerson Electric. Developmental work and a focus on oil & gas, pharmaceuticals, and advanced manufacturing continue to drive demand for industrial services.
The Asia-Pacific region is likely to register the fastest CAGR during this forecast period, owing to the rapid industrialization, urbanization, and economic growth in China, India, and Japan. There has been a major surge of investment for smart factories, automation, and IoT technology in the region. The growing requirement for energy, pharmaceuticals, and electronics and favorable government policies in favor of Industry 4.0 are paving the way for Clean Industrial Services.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Industrial Services Market Segmentation, By Type
8. Industrial Services Market Segmentation, By Application
9. Industrial Services Market Segmentation, By End Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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