The global industrial services market size was estimated at USD 32.65 billion in 2023 and is projected to reach USD 50.09 billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030. The market’s growth is largely driven by the rapid adoption of industrial automation, the Internet of Things (IoT), and artificial intelligence (AI), which are significantly increasing the demand for sophisticated and high-value industrial services across multiple sectors.
Companies are increasingly integrating these advanced technologies into their operations to enhance efficiency, reduce machine downtime, and improve overall productivity. The adoption of automation, IoT-enabled devices, and AI-driven analytics allows firms to streamline workflows, optimize processes, and deliver more advanced and reliable industrial services to their clients. Such technological integration also supports the creation of customized solutions tailored to specific industrial needs, further strengthening market demand.
A growing focus on predictive maintenance is another key driver of market growth. Predictive maintenance leverages real-time monitoring, sensors, and data analytics to anticipate equipment failures, optimize maintenance schedules, and reduce unexpected downtime. By enabling companies to extend the service life of machinery, lower operational costs, and improve asset reliability, predictive maintenance solutions are increasingly being adopted across industries, further boosting demand for industrial services.
Additionally, the rising pace of industrialization, particularly in emerging economies, is contributing significantly to market expansion. Regions such as Asia-Pacific are witnessing substantial growth in manufacturing, production, and processing activities, which is driving higher demand for industrial services, including equipment maintenance, process optimization, and technology integration. The industrial expansion in these emerging markets, coupled with increasing investments in smart manufacturing and automation technologies, remains a critical factor propelling overall market growth.
Key Market Trends & Insights:
• North America dominated the industrial services market in 2023, accounting for the largest market share of 34.66%. The region’s leading position can be attributed to its well-established industrial infrastructure, advanced technological adoption, and presence of major service providers. Within North America, the United States held the largest share, driven by continuous investments in automation, IoT, and AI technologies across diverse industrial sectors, which are increasing the demand for sophisticated industrial services.
• By service type, the operational improvement & maintenance segment emerged as the market leader, capturing the largest revenue share of 47.65% in 2023. This segment includes services aimed at enhancing operational efficiency, optimizing equipment performance, and minimizing downtime, which are critical for industries seeking to maintain competitiveness and reduce operational costs. Companies increasingly rely on these services to streamline processes, ensure reliable operations, and extend the lifespan of machinery.
• By application, the distributed control system (DCS) segment accounted for the largest revenue share of 20.14% in 2023. Distributed control systems are widely used in industrial plants to monitor, manage, and automate complex processes, enabling real-time data analysis, predictive maintenance, and process optimization. Their adoption is particularly high in industries that require precision, reliability, and continuous operations, contributing to the segment’s leading position in the market.
• By end-use industry, the oil and gas segment led the market with the largest revenue share of 28.36% in 2023. The oil and gas sector relies heavily on industrial services for maintenance, operational efficiency, and technology integration due to the high cost and critical nature of its operations. Services such as equipment optimization, predictive maintenance, and process automation are increasingly adopted to reduce operational risks, improve safety, and enhance productivity, driving the strong demand for industrial services within this sector.
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Market Size & Forecast:
• 2023 Market Size: USD 32.65 Billion
• 2030 Projected Market Size: USD 50.09 Billion
• CAGR (2024-2030): 6.5%
• North America: Largest market in 2023
• Asia Pacific: Fastest growing market
Key Companies & Market Share Insights:
Some of the key companies operating in the global industrial services market include ABB and Siemens, among others. These established players hold significant market share due to their extensive product portfolios, global reach, and advanced technological solutions.
• ABB is a leading technology and engineering company offering a wide range of products and solutions across areas such as electrification, robotics, automation, and motion. The company also provides access to digital solutions through its ABB Ability Marketplace portal, which hosts more than 100 cloud-based applications designed to improve operational efficiency, predictive maintenance, and data-driven decision-making for clients.
• ABB serves a diverse array of industries, including aluminium, buildings and infrastructure, automotive, cement, chemical, data centers, food and beverage, marine, metals, life sciences, mining, power generation, pulp and paper, oil and gas, ports, printing, process automation, water, railway, solar power, and wind power. The company operates through four primary segments: electrification, process automation, motion, and robotics & discrete automation.
• The electrification segment is responsible for producing and marketing electrical goods and solutions that ensure safe, efficient, and reliable flow of electricity from substations to end-user applications. This segment operates through six divisions: smart power, distribution solutions, smart buildings, installation products, e-mobility, and power conversion, offering comprehensive solutions for both industrial and commercial applications.
In addition to ABB, SKF and Metso Technologies are emerging players gaining traction in the industrial services market.
• SKF provides an extensive range of products and solutions, including bearings and units, mechatronics systems, seals, lubrication systems, and related services. The company operates through two main segments: Automotive and Industrial. The Automotive segment manufactures components for cars, light and heavy trucks, buses, trailers, and two-wheelers, offering customized seals, bearings, and related products. SKF’s automotive products are distributed globally through a network of over 10,000 distributors.
• The company has a presence in over 130 countries, with around 91 manufacturing units and 15 technology centers worldwide. Its largest customer industries in the Latin America region include light vehicles, industrial distribution, vehicle aftermarket, and heavy industries. Globally, SKF serves sectors such as industrial distribution, renewable energy, off-highway, heavy machinery, and automotive (including light vehicles, trucks, and vehicle aftermarkets).
• SKF emphasizes reducing product failures, enhancing bearing performance, and providing seamless integration for industrial and automotive applications. The company is publicly listed on the Nasdaq Nordic (Stockholm Stock Exchange) under the ticker symbols SKF A and SKF B, reflecting its global stature and commitment to innovation in industrial solutions.
Key Players
• General Electric Company
• ABB
• Emerson Electric Co.
• Honeywell International Inc.
• Metso
• Rockwell Automation
• Samson
• Schneider Electric
• Siemens
• SKF
• John Wood Group PLC
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Conclusion:
The global industrial services market is experiencing significant growth, driven by advancements in industrial automation, the Internet of Things (IoT), and artificial intelligence (AI). These technologies are enhancing operational efficiency, reducing downtime, and improving productivity across various industries. Additionally, the increasing adoption of predictive maintenance strategies, which utilize data analytics and real-time monitoring to anticipate equipment failures, is further propelling market expansion. The growing industrialization in emerging economies, particularly in regions like Asia-Pacific, is also contributing to the rising demand for industrial services.
