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Industrial manufacturers can diversify revenue most reliably by building a lifecycle-services portfolio around equipment already in the field. Start with parts, consumables, repairs, planned maintenance, upgrades and service agreements. Add training, remanufacturing or conversion work where the installed base supports it. Remote monitoring, digital services and usage- or outcome-linked contracts can follow when the manufacturer has trustworthy asset data, customer access and the operational capability to deliver the promised result.
This approach answers the practical question, “How can industrial manufacturers diversify revenue beyond large contracts?” without treating diversification as a sudden exit from equipment sales. The objective is to earn more transactions from each asset over its useful life while solving measurable customer problems.
Why lifecycle revenue is the logical starting point
A large equipment contract creates a relationship, an installed asset and a stream of future needs. Parts wear out, consumables are replenished, faults require repair, maintenance has to be scheduled, and customers eventually need upgrades or conversions. These needs occur between major capital purchases, so they can smooth a manufacturer’s exposure to lumpy order cycles.
Aftermarket offerings also differ economically from new-equipment sales. Boston Consulting Group’s 2025 benchmark reports an average gross margin of 50% on spare parts and consumables; that is a benchmark finding, not a result every manufacturer or part will achieve. A historical McKinsey cross-industry comparison published in 2017 found average EBIT margins of 25% for aftermarket services versus 10% for new equipment across 30 industries. The two figures measure different things and come from different studies and years, so neither is a promise for an individual business.
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BCG reported that service revenue grew 10% in 2023 among the companies covered and that respondents expected another 8% in 2024. The 8% figure was a survey expectation reported in a 2025 article, not a confirmed industry outcome. In the same BCG article, service growth exceeded new-equipment growth for most surveyed companies. These findings support making services a strategic growth stream, while leaving the actual opportunity to be established from a manufacturer’s own installed-base economics.
Epiroc illustrates what a broad portfolio can look like at company scale. Its 2025 annual report says 66% of group revenue came from aftermarket: 42% from service and digitalization and 24% from tools and attachments. That is a single-company example, not an industry average. Its portfolio also includes training, remanufacturing, midlife services and conversion kits, showing that “aftermarket” can include several businesses rather than only replacement parts.
For a useful overview of the aftermarket opportunity, see BCG’s 2025 services benchmark, McKinsey’s industrial aftermarket analysis and Epiroc’s 2025 report.
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| Offering | Typical revenue pattern | Customer value to prove | Capability and data requirements | Main risk to examine |
|---|---|---|---|---|
| Spare parts and consumables | Repeat transaction | Availability, compatibility and shorter downtime | Part identification, forecasting, inventory and logistics | Obsolescence, counterfeit exposure and working capital |
| Repair and planned maintenance | One-time or scheduled service | Restored operation and fewer failures | Technicians, procedures, scheduling and service history | Variable labor time and coverage gaps |
| Service agreements | Annual or multi-year contract | Predictable support, uptime or maintenance cost | Contract management, response capacity and parts access | Underpricing the promised service level |
| Upgrades, retrofits and conversions | Project or milestone payment | Longer asset life, compliance or higher productivity | Engineering, integration and change management | Scope creep and installation downtime |
| Training and remanufacturing | Course fee or refurbishment transaction | Safer operation, skills and lower replacement cost | Instructors, curriculum, cores and quality controls | Demand variability and quality consistency |
| Remote monitoring and diagnostics | Subscription, bundled service or paid intervention | Earlier fault detection and better maintenance decisions | Connectivity, secure data, analytics and support workflows | Low adoption or alerts that do not change outcomes |
| Usage- or outcome-linked service | Per-use, availability or output payment | A defined operational result | Reliable measurement, financing and risk controls | Provider carries performance and demand risk |
These options are not a universal ladder. A 2024 peer-reviewed study of eight industrial-goods firms found traditional product-oriented services—spare and wear parts, upgrades, repair and maintenance—dominant in the firms studied, while digital product-service systems were less mature. The cases showed that companies can develop service models along different, sometimes parallel, paths. Read the study at Industrial Marketing Management (2024).
Capture more value from the installed base
Parts and consumables
Begin by making it easy for customers to identify and obtain the correct item. Link every supported asset to a model, serial number, bill of materials, approved substitutes, lead time and price. Segment items by failure frequency and criticality so that high-consequence components receive appropriate stocking attention. Consumables can create a recurring purchase rhythm, but only when specifications, replenishment timing and channel responsibilities are clear.
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Repair and planned maintenance
Standardized repair packages turn technician expertise into a repeatable offer. Define inspection points, labor assumptions, parts included, turnaround targets and escalation rules. Planned maintenance can be sold as scheduled visits or included in a broader agreement. The manufacturer should compare the contract price with actual travel, labor, parts and rework costs; otherwise a recurring contract can conceal an unprofitable service obligation.
Upgrades, retrofits and midlife work
Customers may prefer improving an existing machine to replacing it. Retrofit kits, control upgrades, conversion kits and midlife overhauls can address productivity, safety, regulatory or compatibility requirements. Each offer should state installation time, required site preparation, expected operating change and what remains the customer’s responsibility. Engineering and field-service teams need a shared configuration record so that the modified asset remains supportable.
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Training can be sold to operators, maintenance staff or channel partners when misuse or skill shortages contribute to downtime. Remanufacturing and refurbishment can create value from returned components while offering customers a lower-cost alternative to new equipment. These businesses require documented quality criteria, traceability and a clear warranty boundary; they should not be treated as informal add-ons to parts sales.
Turn one-off support into recurring agreements
A service agreement bundles several lifecycle activities—maintenance visits, parts planning, technical support, inspections or monitoring—under a defined term. The agreement should specify equipment covered, response times, exclusions, preventive tasks, consumables, renewal terms and the evidence used to verify delivery. Start with commitments the service organization can meet consistently, then expand scope as performance data accumulates.
More advanced contracts charge by usage, availability or an agreed output. Such arrangements can align payment with the customer’s economics, but they transfer more operational risk to the manufacturer. Before signing, define the measured outcome, measurement interval, acceptable exceptions, customer operating duties, data rights, maintenance authority and the remedy when the target is missed. A contract promising “uptime” without a shared definition invites disputes about site conditions, operator behavior and third-party equipment.
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Servitization literature describes product-as-a-service and customer-outcome models as advanced services, but existence of the model does not establish fit for every equipment category. The practical guide Servitization Strategy: Delivering Customer-Centric Outcomes Through Business Model Innovation provides additional background on these models.
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Connectivity can enable remote monitoring, diagnostics, maintenance planning and efficiency services. It does not, by itself, create a marketable subscription. BCG reports that 28% of new machines featured remote connectivity, while only 4% of surveyed companies said they had succeeded in generating recurring revenue from digital services linked to their equipment. The contrast identifies a monetization gap: collecting data and selling a useful service are separate achievements.
A credible digital offer starts with a decision the customer already makes. For example, a diagnostic service might identify a condition early enough to schedule a repair, avoid secondary damage or reduce an unplanned shutdown. The manufacturer then needs a workflow that turns the alert into an action—triage, parts reservation, technician dispatch or a customer recommendation. If an alert produces no operational change, customers are unlikely to keep paying for it.
Digital pilots should establish sensor coverage, data quality, cybersecurity controls, ownership and retention, alert thresholds, response responsibilities and a success measure before pricing is set. A bundle with maintenance or parts may be easier to justify than a standalone dashboard, particularly when the customer values the intervention rather than the visualization.
BCG’s evidence on connectivity and digital monetization is available at its 2025 aftermarket-services article.
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Build sales around customer and asset information
Lifecycle growth depends on knowing what is installed, where it operates, who owns it, how it is used, which configuration is present and what work has already been performed. Many manufacturers have fragments of this information in enterprise-resource-planning, dealer, warranty and field-service systems. Reconcile those records before launching a targeted campaign; a wrong serial number or obsolete configuration can damage trust and waste technician capacity.
Use the resulting installed-base view to rank opportunities by service need and propensity to buy. Useful signals include age, operating intensity, warranty status, prior repair frequency, parts spend, distance to a service location and whether the customer has a direct relationship with the manufacturer. Sales and service teams should agree on ownership of each account and on the next action, rather than sending generic promotions to every equipment owner.
McKinsey reported a case in which customer-targeting work at a power-equipment OEM increased service revenue by 30% without adding sales resources. That is a result from one published case, not a forecast for other manufacturers. The targeting approach is discussed in McKinsey’s customer-targeting analysis.
A practical sequence for choosing and launching an offer
- Map the installed base. Reconcile asset identity, location, ownership, configuration, age, usage, warranty and service history. Record the percentage of records that are complete enough for selling and delivery.
- Quantify the customer problem. Estimate downtime cost, maintenance spend, parts delays, safety exposure, energy use or productivity loss for a defined customer segment. Select a problem for which the customer can recognize value.
- Choose the least complex viable offer. Test parts availability, a repair package, planned maintenance, an upgrade or a basic service agreement before assuming a digital or outcome-based model is necessary.
- Design the delivery system. Set stocking points, technician coverage, partner roles, scheduling rules, remote-support procedures, escalation paths and contract exclusions. Price the resources needed to meet the promised service level.
- Define measurement and economics. Track revenue pattern, gross margin or contribution, renewal, response time, first-time fix, parts fill rate, downtime avoided and customer adoption. Keep gross-margin and EBIT measures distinct and state the period and scope.
- Run a bounded pilot. Select a customer segment, equipment configuration and service territory with enough volume to test delivery. Document baseline performance and the customer’s responsibilities before the pilot starts.
- Review failure modes. Examine missed response targets, unavailable parts, inaccurate asset records, unused alerts, warranty disputes and technician rework. Change the offer or operating process before expanding it.
- Scale through channels deliberately. Decide which work stays with the manufacturer, which goes to distributors or service partners and how customer data, training, quality and commercial credit will be shared.
How to compare alternatives before investing
Use a common decision sheet rather than selecting the most fashionable model. Score each candidate on the following dimensions:
- Revenue pattern: one-time sale, repeat purchase, annual contract, usage charge or outcome payment.
- Customer value: parts availability, reduced downtime, longer asset life, productivity, energy efficiency or a defined output.
- Delivery capability: logistics, technician access, remote support, partner coverage and the ability to meet contract commitments.
- Data requirement: equipment identity, location, condition, usage and service history, plus the systems needed to keep them current.
- Risk and economics: price potential, investment, variable service cost, working capital and the operational risk accepted under a performance promise.
- Customer relationship: direct access to the end user and permission to understand needs across the asset lifecycle.
McKinsey’s 2024 discussion of aftermarket and service emphasizes execution, customer information and the importance of making services a core capability; it does not provide a universal ranking of business models. Compare your options using those dimensions and the evidence from your own assets and contracts. See McKinsey’s 2024 analysis.
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Common failure modes and corrective actions
Launching a subscription before proving value
A recurring invoice does not make a service valuable. If customers cannot connect the offer to a cost, risk or operational result, adoption and renewal will suffer. Start with a paid intervention or agreement whose benefit can be observed, then add digital features that improve that intervention.
Confusing connectivity with monetization
Connected assets can generate data without generating revenue. Confirm who acts on each signal, what action costs, and what measurable result the customer receives before investing in broader connectivity.
Promising outcomes without control of the inputs
Availability and output depend on site conditions, operators, utilities and upstream or downstream equipment. Exclude factors the manufacturer cannot control, assign responsibilities explicitly and use a measurement method both parties can audit.
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Ignoring channel and data ownership
Dealers and service partners may own customer access or historical records. Define consent, data sharing, lead ownership, warranty handling and revenue crediting early; otherwise the manufacturer can have an attractive offer that no channel will sell or support.
Underestimating service operations
Parts shortages, travel time, technician turnover and inconsistent procedures can erase attractive margins. Capacity planning, skills training, inventory policy and quality reviews belong in the business case, not after launch.
Bottom line
Diversification beyond large contracts is best treated as a portfolio built around the installed base. Capture dependable value first through parts, consumables, repair, maintenance, upgrades and agreements; then add training, remanufacturing, remote services or outcome-linked pricing where customer value is measurable and delivery capability is real. The right path is the one whose revenue pattern, data needs, risk and operating requirements match the manufacturer’s products and customer relationships—not the one with the most advanced label.
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