Global Industrial Services Market Outlook 2028

Industrial services are the services that are offered to manufacturing, construction, engineering, maintenance, and other sectors. These services are used in various industries to enhance their product and service delivery processes. The global industrial services market is anticipated to grow by a CAGR of 5.12% during the forecast period, i.e., 2020-2028. Factors such as the growing need amongst businesses worldwide to optimize their operational costs, especially due to the impact of the COVID-19 pandemic, along with the increasing adoption of advanced technologies across end-user industry verticals are anticipated to drive the market growth in the coming years. Additionally, factors such as the increasing trends of globalization, and the rising need for operational excellence in industries are anticipated to contribute to the market growth. The market which registered a value of close to USD 29000 Million in 2019, is further projected to gain a value of about USD 41000 Million by 2028.

The global industrial services market is segmented into various segments which include segmentation by service type, application, end-user, and by region. The application segment can further be divided into distributed control system (DCS), programmable logic controller (PLC), supervisory control and data acquisition (SCADA), electric motors & drives, valves & actuators, human machine interface (HMI), monitoring systems, signaling systems, imaging systems, manufacturing executing system (MES), and safety systems, out of which, the manufacturing execution system (MES) segment registered the largest market value of about USD 5600 Million in the year 2019. The market is also segmented on the basis of end-user into oil & gas industry, chemical industry, energy & power, mining, marine & shipbuilding, pharmaceutical industry, machine building, food & beverage industry, and others. Out of these, the pharmaceutical industry segment is anticipated to register the largest market share of 19% approximately by the end of 2028.

Regionally, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in the Latin America is projected to hold the largest market share of 32% approximately by the end of 2028. Amongst the countries in the region, the industrial services market in Brazil is further projected to gain the highest market revenue of close to USD 1700 Million by the end of 2028.

Some of the key players operating in the global industrial services market are General Electric, Siemens AG, Schneider Electric, ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Samson AG, R. Stahl AG, Rockwell Automation, Inc., Leadec Holding BV & Co. KG, Bilfinger SE, WERMA Signaltechnik GmbH, and others.