Service innovation in the engineering sector is increasing in importance each day. Pay-per-X and Equipment as a Service business models that have already been established in other sectors, such as car sharing, could also offer opportunities for the engineering sector. This chapter uses qualitative interview data to explore the opportunities and risks of these business models for the family-led engineering sector. A grounded theory approach was applied to obtain insights via in-depth interviews with industry experts to identify potential connections and create guidelines based on these findings. Engineering companies hope to expand into new customer segments through Pay-per-X and Equipment as a Service, build long-term customer loyalty, and generate constant revenue streams. However, the systems that the manufacturers work with (for example, to write an invoice) often do not yet have the digital maturity level to fully integrate the requirements of Pay-per-X and Equipment as a Service. It is essential to drive digitalization within these companies, starting with adopting more intelligent machines to offer services such as remote maintenance. This minimizes the risk of downtime and maximizes system performance. Additionally, further expanding the knowledge of business models in the engineering sector is necessary to reduce existing fears on the customer and supplier sides.