Industrial Services Market, Global, 2025-2029

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

• More than 50

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)

• 39.1%

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