Industrial services market to expand at a CAGR of 6.10% by 2030 to value USD 49.46 billion – Report by Market Research Future (MRFR)
Research Reports
Sep 15, 2023
Market Research Future Insights:
According to MRFR analysis, The size of the Industrial Services Market was estimated at 30.8 billion USD in 2021. A CAGR of 6.10% is predicted for the industrial services market industry, which is expected to increase from USD 32.68 billion in 2022 to USD 49.46 billion by 2030. The primary market factors accelerating the market expansion of industrial services are the rise in infrastructure-related activities and the demand for sturdy industrial hoses in a variety of applications.
Over the past few years, demand for process-related industrial services has sharply increased as a result of firms’ drive to lower operational costs. Operations that offer guidance, computer or financial services, or other comparable critical services are expanding across a variety of corporate sectors and are anticipated to soar in the upcoming years.
Financial, insurance, pension, construction, and other industrial services made up 15%, 4%, and 42% of all other commercial service exports in 2019, according to additional WTO data. 20% of all other commercial service exports were made up of telecommunication, computer, and information services. A further 81% of the total was made up of exports of computer, information, and communications services in 2019, up 11% from 2018.Industrial service suppliers compete with one another to dominate the market. To gain a bigger market share, businesses should update their portfolio of industrial services frequently. A service provider can become more customer- and market-focused by creating a customised service portfolio. Predictive maintenance services routinely inspect machinery and systems to evaluate their condition and provide fixes when a problem materialises.
Predictive maintenance services will be more in demand as the Internet of Things (IoT) expands.
Click Here to Get Sample Premium Report
Key Players:
Key Companies in the industrial services market include:
- Siemens AG (Germany)
- Emerson Electric (US)
- ABB (Switzerland)
- General Electric (US)
- Schneider Electric (France)
- Wood Group Mustang (US)
- Honeywell International Inc. (US)
Scope of the Report – Industrial Services Market:
|
Report Metrics |
Details |
|
Market Size by 2030 |
USD 49.46 Billion |
|
CAGR during 2022-2030 |
6.10% |
|
Base Year |
2021 |
|
Forecast |
2022-2030 |
Buy Now Premium Research Report – Get Comprehensive Market Insights.
Market Segmentation:
Engineering and consulting as well as installation and commissioning are included in the type-based market segmentation of industrial services. In 2021, the engineering and consulting segment held the lion’s share.
Application-based market segmentation comprises valves & actuators, distributed control systems, and human-machine interfaces. In 2021, the market was dominated by the sector for distributed control systems.
End-users have divided the market data for industrial services into the automotive, metal & mining, food & beverage, paper, and oil & gas sectors. During the forecast period of 2022–2030, the automotive segment, which dominated the market in 2021, is expected to increase at a higher rate than any other segment.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) Industrial Services Market – https://www.marketresearchfuture.com/reports/industrial-services-market-3902
The report breaks down the markets by region, covering North America, Europe, Asia-Pacific, and the rest of the world. The market for industrial services in North America, which had revenue of USD 13.52 billion in 2021, is anticipated to increase at a substantial CAGR over the research period. The market is flooded with mechanical technology and interface projects, considerably advancing the administrative field. The second-largest market share belongs to the industrial services market in Europe. From 2022 to 2030, the Asia-Pacific Industrial Services Market is anticipated to experience the quickest CAGR growth. The market is expanding, as evidenced by the tendency to successfully handle circumstances requiring remote-based checking and vision maintenance benefits by adopting cloud accessibility and the Internet of Things (IoT).
Related Articles:
Affective Computing Market Expected To Reach USD 330.1267393 Billion at a CAGR 36.40% by 2032
Facility Management Services Market To Reach USD 1323.62 Billion at a 7.73% CAGR by 2030
AI in Transportation Market Share Estimated to Garner USD 8.4 Billion by 2032
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Also, we are launching “Wantstats” the premier statistics portal for market data in comprehensive charts and stats format, providing forecasts, regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.
Contact Information:
Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
Tags:
Research Newswire, English