Industrial Services Industry review
Industrial Services Industry Market Summary
According to Precedence Research, the industrial services market worldwide was worth a whopping USD 30 billion in 2022 and is anticipated to grow even more to USD 51.98 billion by 2032. This means it will grow at a rate of 5.7% each year until 2032.
In North America, the market is expected to experience a considerable surge during the forecast period. This is because the region has adopted advanced technology and is home to big industry players, creating ample growth opportunities.
Industrial Services Industry Market Analysis
The industrial services market offers maintenance, installation, engineering, and consulting services to help companies deliver goods and services faster. Industries are investing in technologies such as the industrial IoT to increase productivity, reduce waste, and improve work quality, leading to industrial service growth. Predictive maintenance is expected to drive the industrial services market, as it helps industrial companies save money and manage their assets better. Additionally, the growing demand for predictive maintenance and fluctuating oil prices will further drive the growth of the industrial services sector.
Industrial Services Industry Segmentation
The Industrial Services industry is segmented based on type, application, end-user, and region.
Type
Engineering and Consulting
Installation and Commissioning
Operational Improvement and Maintenance
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