Pwc, in global industry AI and transition drive M&A

Artificial intelligence, automation and energy transition. These are the main levers driving the strategies of industrial and services companies globally and, by transitive property, driving the sector's M&A in 2025. The analysis "PwC Global & Italian M&A Trends in Industrials & Services and Outlook 2026" reveals that worldwide extraordinary transactions have grown by 20% to $454 billion; in Italia the counter-value is 7.8 billion with 518 transactions monitored (against 481 in 2024). The Italian trend, observes Gianpaolo Chimenti, Partner PwC Italia and Industrials & Services Leader, "reflects a balance between caution and confidence: companies are proceeding selectively, prioritising transactions that strengthen resilience, ensure critical capabilities and accelerate strategic repositioning". This year," he points out, "the context remains complex but rich in opportunities: M&A becomes a key accelerator of growth.

In more detail, against a backdrop of geopolitical tensions, labour shortages and persistent risks in supply chains, PwC's analysis shows that companies in the industrial and service sectors in 2025 are moving towards capacity-building operations in automation, advanced digitisation and productivity enhancement to strengthen resilience, technological capability and international competitiveness.

M&A grew in value globally in 2025 by 20 per cent compared to 2024, to around USD 454 billion, confirming it as a key strategic lever. Companies are progressively reallocating capital to AI-enabled businesses, scaling back legacy and non-core activities and accelerating targeted consolidation strategies. Private equity plays a crucial role by acting as a key catalyst driven by a strong focus on fragmented markets such as professional services, technology outsourcing and mission critical industrial solutions, through buy and build strategies to create rapidly scalable and expandable platforms to drive value creation across operations.

Also in Italy in 2025, the Industrials and Services sectors have confirmed global dynamics by moving towards portfolio redefinition, industrial modernisation and technology integration. M&A activity is underpinned by the need to increase operational efficiency, strengthen international competitiveness and enhance manufacturing capacity at a time when resilient infrastructure, AI, energy and supply chains become strategic areas. Artificial Intelligence-powered innovation is also one of M&A's main investment drivers in Italia, where demand for data centres, electrification, backup systems, network automation and software-enabled solutions are redefining industrial priorities and investment strategies.

In Italia in 2025, M&A deals in the Industrials & Services sector totalled 518, marking an increase in the number of deals of 8% compared to 2024 with a widespread growth in all Sectors; the "disclosed" countervalue for the main deals reached an amount of approximately USD 7.8 billion. The Aerospace & Defence, Automotive, Business Services, Engineering & Construction and Manufacturing Sectors show differentiated dynamics but are united by the convergence of advanced technologies, industrial consolidation and strategic repositioning.