Industrial Services Market Forecast and CAGR
The industrial services market saw soaring growth in 2021 with worldwide revenues up 6.6% year over year. A new forecast by report estimates that industrial services revenues will nearly double between 2020 and 2010, reaching nearly $57.0 billion in 2031 with a five-year compound annual growth rate (CAGR) of 6.0%.
The significant increase in the adoption of industrial services in various industries such as oil & gas, consumer electronics, food & beverages, automotive, and energy, and utilities, is boosting the market growth. It also offers various features such as intangibility, plant inspections, risk and safety analyses, more security, and others. The reliability of such features drives the growth of the industrial services market.
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What is Driving Demand for Industrial Services?
There is continuous developments and implementation of new technologies such as artificial intelligence, cloud computing, and machine learning, are in high demand, as they are important for the smooth running of digital manufacturing facilities during the COVID-19 period. With the increased demand for industrial services in the automotive industry to reduce production time and increase productivity, the market is expected to grow, during the forecast period.
Industrial Services offers a wide range of applications such as distributed control system (DCS), human-machine interface (HMI), programmable logic controller (PLC), manufacturing execution system (MES), and industrial robotics applications. The need for improving every aspect of the manufacturing site, and enhance the life of equipment and systems in the manufacturing industry is increasing demand for industrial services.
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What is the Impact of COVID-19 Pandemic Outbreak on Sales of Industrial Services?
The COVID-19 pandemic outbreak has disrupted many industries, including the Industrial Services market. As the stage of COVID-19 evolves across the world, technological developments have taken initiatives to stop the spread of COVID-19 disease.
End-users are finding industrial services to be much more relevant and useful amid the COVID-19 pandemic. Manufacturers are realizing the value of the network and inter-device connectivity, along with real-time data access. These features offer complete visibility throughout the supply chain. Strategists across every industry vertical are motivating companies to invest in industrial services amid the ongoing pandemic.
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North America Industrial Services Market Outlook
North America region is the largest market share for industrial services, due to the strong presence of industrial services providers in the region. This is attributed to the high increase in demand for industrial services for various end user verticals such as healthcare & pharmaceuticals, consumer electronics, metal & mining, automotive, manufacturing, and retail, among others.
Accelerated adoption of autonomous production monitoring and control equipment is enabling the industrial services market in North America to record the largest market share, among all the regional markets.
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South Asia & Pacific Demand Outlook for Industrial Services
The industrial services market in East Asia is estimated to record the fastest growth during the forecast period, followed by the industrial services market in South Asia and Pacific region. Increasing demand for industrial robotics in manufacturing hubs of the China, Japan, and India are estimated to enable the regional markets to record a strong growth rate during the forecast period.
South Asia & Pacific has accounted for an Industrial Services market share in 2021 and is projected to grow at a CAGR of over 9.5% during the forecast period. The East Asia & South Asia manufacturing industry is at the expansion stage, and this is expected to continue due to favorable macroeconomic indicators and strong support from governments in countries such as India, China, and Japan, among others, in both the region.
Who are the Key Providers of Industrial Services?
Some of the leading providers of industrial services include
- Emerson Electric Co.
- ABB Ltd.
- Honeywell International Inc.
- General Electric Company
- Schneider Electric SE
- Siemens AG
- Rockwell Automation Inc.
- Yokogawa Electric Corporation
The introduction of new industrial services and strategic partnerships are major strategies followed by key players in the market, to increase their business revenue. Industrial Services manufacturer and providers are focusing on innovation in products to improve their market shares.
For instance, April 2020, CBRE launched omnichannel retail and industrial services for retailers who want a quick adjustment to the new market context by expanding industrial spaces.
- Engineering & Consulting
- Operational Improvement & Maintenance
- Installation & Commissioning
By End-use Industry
- Oil & Gas
- Food & Beverages
- Transportation & Logistics
- Metal & Mining
- Consumer Electronics
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Industrial Services Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.