Technology Key to Advances in Field Service Profession
The labor market is constantly fluctuating from year to year due to a number of circumstances. The Bureau of Labor Statistics has predicted strong growth at 7% for service technician jobs through 2026. In fact, the BLS also stated that the two fastest growing occupations are both in the service technicians field. Keep reading to learn why these jobs are expected to have such booming growth within the following years.
In general, there are several key reasons behind the projected growth in the field.
Service is a heavy profit generator so there will continue to be increased emphasis on this. The more efficient a company can be, the more service will rise. Improving service means requiring more technicians who are skilled in what they do. According to the Association of Equipment Manufacturers, not only does service make up half of revenue, but also 80% of profit.
Equipment is improving and becoming more advanced which requires more efficient workers. As equipment becomes more digitized, it becomes more difficult for the owner to fix issues without the experience for it. This creates a demand for technicians who are trained to fix software problems and not necessarily just tangible issues. Similarly, more companies are becoming environmentally sustainable and energy efficient, which means there will be a need for workers to help make this transition.
The internet of things is on the rise which will contribute to the projected service technician career growth. We have the ability to predict when things are going to breakdown or need service, therefore, we can provide that service before there are breakdowns. With more focus on small but critical part repairs, the number of visits and procedures will increase, requiring more workers. These costs will be more than offset by fewer breakdowns, less major repairs and placements, reduced downtime, and improved quality of service.
Taking a deeper look into specific service technician jobs, reasons for job growth may vary.
Solar panel installers are currently the fastest growing occupation with a growth rate at 105%. The cost of solar panels is decreasing, which means households with these systems will increase. More houses that wish to have solar panels will drive a demand for workers. In addition, there is an increasing popularity for solar leasing plans which let home owner lease, rather than purchase systems. This will also increase demand.
Wind Turbine Techs
These technicians fall close behind solar photovoltaic installers as the second fastest growing occupation with a growth rate at 96%. Development of taller towers with larger blades reduces the cost of wind power and makes it more competitive with coal, natural gas, etc. As we create more wind turbines this will create a need for more workers.
HVAC: Another service technician job that is expected to grow at a faster rate than average is HVAC techs. This profession is expected to grow at a rate of 15%. With the growing emphasis on energy efficiency and pollution reduction, this means more and more sophisticated climate controls are being implemented in homes. These new systems will require more highly qualified HVAC techs to install them.
Elevator Installers: Demand for these workers is going up faster than average by 12% and due to a number of reasons. The construction of offices and stores with elevators is expected to increase within the next decade, which is closely tied to the demand for these installers. The need to maintain, update, repair old equipment and provide access for the disabled will maintain demand for these technicians. As stated previously, these systems will increasingly become more advanced which will drive the need for experienced technicians.
The changing efficiency in the industrial world around us is making it so that more and more companies need to gain a competitive edge. As competition increases, this trend of growing demand for service technicians will continue as well. The emergence of the internet of things will continue to accelerate the performance predictive maintenance as companies realize the significant ROI associated with such maintenance vs. the more costly breakdown/ major repair cycle.