Transformational Growth is due to Increasing Customer Expectations, Digital Transformation, and the Rise of Advanced Services Offerings
Industrial services ensure maximum performance of equipment and processes. Spare parts replacement, calibration, repairs, predictive maintenance, advanced services, and training improve productivity, minimize cost, and extend the useful life of products and systems, and give customers in process, hybrid, and discrete industries a faster return on their investment.
The industrial services market is segmented into installation and commissioning, maintenance and support, connected and consulting, outcome-based, and revamp and decommissioning. Products and applications include measurement and analytics tools, valves, industrial robotics, control systems, safety systems, and software.
The market is seeing a shift from simple, limited coverage of an asset to comprehensive asset stewardship. Services are changing in response to customer expectations and the rapid proliferation of advanced technologies, and now may include subscriptions or rentals, consumable models, uptime-based contracts, and as-a-service offerings including robotics-as-a-service.
Talent, digital transformation, data analytics, data entrepreneurship, and speed and expertise are important differentiators. Service providers focus on advanced offerings, degree of customization, value-based pricing, technology, supply chain efficiency, and customer-centricity.
Revenue Forecast
The revenue estimate for the base year is $43.0 billion, with a CAGR of 7.0% for the study period 2021-2029.
The Impact of the Top 3 Strategic Imperatives on the Industrial Services Market
- Innovative Business Models
- Disruptive Technologies
- Transformative Megatrends
WHY
- A remote-first approach, workforce empowerment with technology and actionable insights, and advanced offerings (as-a-service solutions) are changing the way industrial services organizations work and generate revenue.
WHY
- Industrial services rely on digital capabilities. Technology-enabled service delivery significantly enhances workforce productivity, efficiency, and the customer experience through faster dispatching, seamless access to real-time, remote expert support, and faster resolution of issues.
WHY
- The labor market is tight, and companies face a skills gap in digital and analytics capabilities amid the expected increase in demand for new technological skills.
Scope of Analysis
- Services ensure maximum performance of equipment and processes. Spare parts replacement, calibration, repairs, predictive maintenance, advanced services, and training improve productivity, minimize cost, and extend the useful life of products and systems, and give customers a faster return on their investment.
- Measurement and analytics: Sensors, transmitters (pressure, temperature, and level), process analytical instrumentation, liquid and gas analyzers, gas chromatographs, flow meters
- Industrial robotics
- Control valves
- Control systems, safety systems, and software: Distributed control systems, safety instrumented systems, programmable logic controller (PLC), supervisory control and data acquisition (SCADA) systems, manufacturing execution systems (MES), digital twins, enterprise asset management (EAM), asset performance management (APM), cybersecurity, conditioning monitoring software, vision systems, machine safety systems
Key Competitors
Global
- Emerson
- ABB
- Rockwell Automation
- Siemens
- Schneider Electric
- Yokogawa
- Honeywell
- Fanuc
- Yaskawa
- BECKHOFF
- Endress+Hauser
- Danfoss
- Hitachi
- Keyence
- IFS
- PTC
- ATS Corporation
North America
- CIMTEC Automation
- MachineMetrics
- MaintainX
- Andrews Cooper
- Aspen Technology
- Litmus Automation Inc.
- NovaTech Automation
- Advanced Motion & Controls Ltd.
- Wajax
- AMETEK.Inc
- Hach Company
- Teledyne Technologies
- Delta Automation Inc.
- Honeywell
- Rockwell Automation
- Accruent
- General Electric
Europe
- Critical Manufacturing
- FORCAM ENISCO GmbH
- RUBIX
- Leadec
- Metso
- Eaton
- Sick AG
- Danfoss
- ABB
- Siemens
- Trimasy
- Bilfinger
- Comau
- SERNA AUTOMATION
- BAMA
- B&R Industrial Automation GmbH
- BN Automation AG
Middle East
- ABB
- Honeywell
- Rockwell Automation
- Siemens
- Yokogawa
- Schneider Electric
- TriMays
- Siemens
- Yokogawa
- Schneider Electric
Asia-Pacific
- Mitsubishi
- Yaskawa
- Hitachi
- BHEL
- Keyence
- Adverdb
- UNBOXROBOTICS LABS PVT LTD
- Pennar Industries
- KRISAM Automation Pvt. Ltd.
- Messung Industrial Automation
- Moxa
- Trimays
- Titan Engineering and Automation Ltd
- Fuji Electric
Latin America
- Moxa
- Fanuc
- Rockwell Automation
- Honeywell
- General Electric
- ABB
- Schneider
- Emerson
Competitive Environment
Number of Competitors
Key Stakeholders
- Automation solution and industrial service providers, original equipment manufacturers, industrial service software providers, industrial end users, industrial digital solution providers
Competitive Factors
- Services portfolio, regional presence, advanced services offerings (as-a-service solutions), degree of customization, value-based pricing, technology and domain expertise, parts supply chain efficiency, customer-centricity, talent management
Key End-user Industry Verticals
- Life sciences, chemicals and petrochemicals, automotive and transportation, machinery
Leading Competitors
- Rockwell Automation, Emerson, ABB, Yokogawa, Honeywell, Schneider Electric, Siemens
Revenue Share of Top 6 Competitors (2024)
Other Notable Competitors
- Hitachi, Yaskawa, MachineMetrics, MaintainX, Aspen Technology, Beckhoff Automation, General Electric, Festo, PTC
Notable Acquisitions and Mergers
- Siemens signed an agreement to acquire Altair Engineering Inc.
- Rockwell Automation acquired Verve Industrial Protection, Clearpath Robotics and OTTO Motors, and Knowledge Lens
- ABB acquired SEAM Group
- Emerson acquired National Instruments Corporation, Flexim, Afag, and AspenTech
Table of Contents
Growth Opportunities: Research Scope
- Scope of Analysis
- Segmentation
Growth Environment: Transformation in the Industrial Services Market
- Why Is It Increasingly Difficult to Grow?
- The Strategic Imperative 8
- The Impact of the Top 3 Strategic Imperatives on the Industrial Services Market
Ecosystem in the Industrial Services Market
- Competitive Environment
- Key Competitors
Growth Generator in the Industrial Services Market
- Growth Metrics
- Growth Drivers
- Growth Restraints
- Forecast Considerations
Industrial Services Market, Global, 2025-2029 KAB1-
- The Business Case for Industrial Services
- Revenue Forecast
- Revenue Forecast by Product
- Revenue Forecast by Service Type
- Revenue Forecast by Region
- Percent Revenue by Country
- Revenue Forecast by Industry Vertical
- Percent Revenue by Industry
- Revenue Forecast Analysis
- Top Findings
- Top Findings/Futuristic Industrial Services
- Customer Interaction and Product Management
- Industrial Services Transformation
- Technology and Digitalization Enhance Industrial Services
- Skills Gap and Talent Management in Industrial Services
- Evolving Service Models
- Digitization Shifts the Business Model for Service Providers
- Technology Integration and Knowledge Sharing Enhance Service Delivery
- Unified Business Platform for Continuous Innovation
- Transforming Services Landscape
- Robotics-as-a-Service
- Pricing Trends and Forecast Analysis
- Revenue Share
- Revenue Share Analysis
- Companies 2 Action
Growth Generator: Installation and Commissioning Services
- Growth Metrics
- Revenue Forecast
- Revenue Forecast by Region
- Forecast Analysis
Growth Generator: Maintenance and Support Services
- Growth Metrics
- Revenue Forecast
- Revenue Forecast by Region
- Forecast Analysis
Growth Generator: Connected and Consulting Services
- Growth Metrics
- Revenue Forecast
- Revenue Forecast by Region
- Forecast Analysis
Growth Generator: Outcome-based Services
- Growth Metrics
- Revenue Forecast
- Revenue Forecast by Region
- Forecast Analysis
Growth Generator: Revamp and Decommissioning Services
- Growth Metrics
- Revenue Forecast
- Revenue Forecast by Region
- Forecast Analysis
Growth Opportunity Universe in the Industrial Services Market
- Growth Opportunity 1: Improving Customer Experiences through Digital Offerings and Self-Service Tools
- Growth Opportunity 2: Growing Industrial Automation Market in China
- Growth Opportunity 3: Tailor Services to Customers' Needs
Appendix & Next Steps
- Benefits and Impacts of Growth Opportunities
- Next Steps
- List of Exhibits
- Legal Disclaimer