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Global Industrial Services Market to Grow by 5.12% CAGR over 2020-2028 and Touch USD 41,047 Million in 2028 Owing to the Rising Demand for Operational Excellence in Various Sectors

Key Companies Covered in the Industrial Services Market Research Report Are General Electric Company, 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 other key market players.

/EIN News/ -- New York, Sept. 15, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the World Trade Organization (WTO), the global trade in commercial services in the year 2019 increased by 2.1% than the previous year and reached a value of USD 5898 Trillion. Moreover, merchandise trade around the world in 2019 reached USD 19.051 Trillion. Moreover, the export of other commercial services, such as telecommunications or financial services among others, increased from USD 2736 Billion in 2016 to USD 3358 Billion in 2019. Besides this, the imports of other commercial services around the world grew from USD 2469 Billion in 2016 to USD 2979 Billion in 2019.

A report titled ‘Global Industrial Services Market’, has recently been published by Research Nester which is studied for the forecast period, i.e., 2020-2028. The report provides insight on the latest market trends, growth drivers, opportunities, and restraints associated with the market growth. A detailed description of the key players operating in the market along with their go-to-market strategies is also provided in this research report.

The demand for process-related services has grown significantly over the past few years, backed by the need for businesses to lower their operational costs. Business processes that include providing consultation, computer services, financial services, or other similar key process-related services across various industry verticals are on the rise and are expected to grow significantly in the coming years. In other statistics by the WTO, out of the total exports of other commercial services in the year 2019, telecommunication, computer & information services constituted a share of 20%, whereas financial services, insurance & pension services, construction, and other business services registered to 15%, 4%, and 42% respectively. In addition to it, computer services, which accounted for 81% of the share of the exports of telecommunication, computer & information services, grew by 11% in the year 2019 as compared to the previous year.

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With the rise in awareness amongst businesses for the benefits associated with the adoption of industrial services, the demand for such services is expected to grow massively in the coming years. Moreover, the increasing rate of globalization worldwide, growing foreign direct investments across countries, and increasing urbanization are also expected to create numerous opportunities for the growth of the global industrial services market during the forecast period. In addition, the rising GDP of nations globally is also expected to accelerate market growth in the coming years. According to the statistics by the World Bank, the GDP per capita worldwide increased from USD 33.555 Trillion in the year 2000 to USD 84.706 Trillion in 2020.

The global industrial services market garnered a revenue of USD 28,881.0 Million in 2019 and is projected to reach USD 41,047 Million by 2028, by growing with a CAGR of 5.12% throughout the forecast period. Moreover, in the year 2021, the market is estimated to reach USD 26,308.0 Million.

Regionally, the global industrial services market is segmented into five major regions, i.e., North America, Asia Pacific, Europe, Latin America and the Middle East & Africa. Amongst the market in these regions, the market in North America is expected to hold the leading stance and further attain a market revenue of USD 12800 Million by the end of 2028, up from a revenue of USD 9740 Million in 2019. The presence of several key players in the region is one of the major factors anticipated to drive the growth of the market in North America. The market is primarily driven by the U.S., where the market is expected to grow with the highest CAGR of 4.30% during the forecast period. An increase in awareness about the benefits of industrial services amongst the end-users is one of the major factors anticipated to drive market growth in the country.

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Furthermore, the market in the Asia Pacific is estimated to grow with a significant CAGR of 6.27% during the forecast period, and garner revenue of USD 13,264 Million by 2028. The growth of the market in the region can primarily be attributed to the growing number of enterprises in the emerging economies, such as China, India, and Vietnam, and their need to optimize process efficiency. By the end of 2021, the market in the region is expected to reach USD 7903 Million. The market in the Asia Pacific region is further segmented on the basis of country into China, India, Vietnam, South Korea, Japan, Singapore, Australia, and the Rest of Asia-Pacific, out of which, the market in China is estimated to generate highest revenue of USD 2872.98 Million by 2028, up from a revenue of USD 1869.90 Million in 2019. On the other hand, the market in Vietnam is estimated to grow with the highest CAGR of 7.31% throughout the forecast period.

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

The global industrial services market is segmented by service type into engineering & consulting, installation & commissioning, and operational improvement & maintenance, out of which, the operational improvement and maintenance segment is estimated to garner the largest revenue of USD 11,404.4 Million in 2021, and further attain revenue of USD 18,016.5 Million by 2028, owing to the growing need amongst businesses for various vital and essential services, including budgeting, and training. On the other hand, the installation and commissioning segment is anticipated to grow with the highest CAGR of 5.38% over the forecast period. Further, in the Asia Pacific, the operational improvement and maintenance segment is expected to hold the largest market revenue of USD 5573.28 Million by the end of 2028 and further grow with a CAGR of 6.60% during the forecast period. On the other hand, in Europe, the segment is expected to garner the largest revenue of USD 2563.02 Million in the year 2021.

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On the basis of end-user, the market is segmented into oil & gas industry, chemical industry, energy & power, mining, marine & shipbuilding, pharmaceutical industry, machine building, food & beverage industry, and others, out of which, the mining segment is estimated to grow with the highest CAGR of 6.09% over the forecast period. Alternatively, the pharmaceutical industry segment, which garnered a revenue of USD 5,412.63 Million in 2019, is further estimated to touch USD 7736.64 Million by 2028. In the Asia Pacific, the food & beverage industry segment is anticipated to hold the largest market revenue of USD 2359.32 Million by the end of 2028, by growing with the highest CAGR of 6.64% during the forecast period. Moreover, in North America, the pharmaceutical industry segment is expected to hold the largest market revenue of USD 3488.90 Million by the end of 2028, up from a revenue of USD 2504.51 Million in 2019. On the other hand, the aviation segment in the region is expected to grow with the highest CAGR of 5.27% during the forecast period.

The global industrial services market is also segmented on the basis of application.

Global Industrial Services Market, Segmentation by Application

  • Distributed Control System (DCS)
  • Programmable Logic Controller (PLC)
  • Supervisory Control and Data Acquisition (SCADA)
  • Electric Motors and Drives
  • Valves and Actuators
  • Human Machine Interface (HMI)
  • Monitoring Systems
  • Signaling Systems
  • Imaging Systems
  • Manufacturing Execution System (MES)
  • Safety Systems
    • Explosion Protection System
      • Motors & Control System
      • Power Supply System
      • Automation System
      • Surveillance System
      • Other Systems
    • Burner Management System (BMS)
    • Emergency Shutdown System (ESD)
    • Fire and Gas Monitoring and Control
    • High Integrity Pressure Protection System (HIPPS)
    • Turbomachinery Control (TMC)

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Some of the major industry leaders mentioned in our report that are associated with the global industrial services market are General Electric Company, 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.

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