INDUSTRIAL SERVICES MARKET: OVERVIEW
The Industrial Services Market was valued at USD 32.20 Billion in 2021, the market is projected to grow USD 46.28 Billion in 2030, at a CAGR of 5.60%. Industrial services are the services that companies offer to industries as required. Included are maintenance, operational improvement, installation and commissioning, and engineering and consulting. To hasten the delivery of finished goods or services, firms exchange these services.
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The market is growing as a result of both the increased use of various technologies, such as the industrial internet of things, and the increased need for operational excellence across industrial sectors. In order to fulfil customer demand and deliver high returns, industries are giving their business operations a higher importance. Increasing process efficiency is becoming more and more essential for companies to keep a competitive edge over competitors. Due to the need to increase productivity, decrease waste, and enhance work quality across numerous industries, industrial services are more essential than ever. Increasing internet of things (IoT) investment across regions is anticipated to promote market growth during the forecast period.
The COVID-19 is expected to have a major negative impact on the market for industrial services. Currently, manufacturers are starting to recognize the benefits of industrial automation. However, as a result of the global curfews, businesses are experiencing severe cash flow issues and delaying new initiatives, such as the adoption of industrial automation services. However, other technologies are in high demand since they are required for the effective functioning of digital industrial facilities during the lockdown, such as cloud computing, machine learning, and artificial intelligence.
INDUSTRIAL SERVICES MARKET: TREND
Development of Innovative Technology Boost Market Growth
Machine learning, artificial intelligence, and cloud computing are a few of the emerging technologies that are being created and used on a regular basis. Due to their importance for the effective operation of digital manufacturing facilities throughout the COVID-19 timeframe, these technologies are in great demand. Due to the growing need for industrial services in the automotive sector to speed up production and increase efficiency, the market is expected to grow over the projected period.
Industrial Services provides a wide range of applications, including those for manufacturing execution systems (MES), human-machine interfaces (HMI), distributed control systems (DCS), programmable logic controllers (PLCs), and industrial robots. The desire to enhance every part of the production site and extend the life of equipment and systems is driving up demand for industrial services.
INDUSTRIAL SERVICES MARKET: DRIVERS
Increasing Need of Operational Excellence Propel Market Growth
The market for industrial services will be driven by a rise in demand for predictive maintenance services during the forecast period. Asset management is crucial for industrial firms because they employ expensive equipment and pay high depreciation charges. Using predictive maintenance may save you a lot of money. Predictive maintenance is essentially the next step in asset management. The development of the industrial services sector is being aided by several techniques, such as service contracts and agreements, product advancements, and market expansions. Furthermore, it is projected that the effects of shifting oil prices would cause the industrial services sector to grow in size.
Global Industrial Services Market Report Coverage
|Market Size in 2021:||USD 32.20 Billion|
|Forecast Period 2021-2030 CAGR:||5.60%.|
|2030 Value Projection:||USD 46.28 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||215|
|Tables, Charts & Figures:||115|
|Segments covered:||COVID-19 Impact Analysis Report, By Type, By Application, By End User, By Region|
|Companies Covered:||General Electric, Siemens, Metso Corporation, John Wood Group PLC, Honeywell International Inc, ABB, Emerson Electric Co., Rockwell Automation, Inc., SAMSON AG, Schneider Electric, ATS Automation Tooling Systems Inc., SKF, Dynamysk Automation Ltd., Wunderlich-Malec Engineering, Inc., Yaskawa America, Inc., Fuji Electric Co., Ltd., Genpact ICONICS, Inc., Mitsubishi Electric Corporation.|
|Growth Drivers:||1)The Global Industrial Services Market is segmented by Type, Application, End-user, and Region. 2)Based on the Region, the Global Industrial Services Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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INDUSTRIAL SERVICES MARKET: RESTRAIN
High Compliances Impede Market Expansion
Government agencies are the primary decision-makers for determining compliances in any location. Compliances are done in accordance with the regional environmental circumstances. These compliances fluctuate depending on the area and the sectors. Businesses seeking to start their commercial operations in the area may run into challenges as a result of regional regulations and compliance standards. Barriers may include import and export levies, investment restrictions, mandated certifications, and industry-specific standards. The aforementioned poses a substantial obstacle to the growth of the industrial services industry.
INDUSTRIAL SERVICES MARKET: SEGMENTATION
The Global Industrial Services Market is segmented by Type, Application, End-user, and Region. Based on the Type, the market is categorized into Engineering and Consulting, Installation and Commissioning, Operational Improvement and Maintenance. Based on Application, the market is categorized into Distributed Control systems, Programmable Logic Controller, Supervisory Control and Data Acquisition, Electric Motors and Drives, Human Machine Interfaces, and Others. Based on End-user, the market is categorized into Oil and Gas, Healthcare and Pharmaceuticals Chemicals, Automotive, Water and Wastewater, Chemicals, Food and Beverages, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
SEGMENTATION: BY REGION
Based on the Region, the Global Industrial Services Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
The North America region is expected to dominate the global industrial services industry market share owing to the regional digital revolution and the continued development of numerous service model types. The factors that are anticipated to drive the market's growth include the existence of several flourishing industries, such as the food and beverage industry, in countries like the United States and Canada as well as the growing emphasis on functional safety in industries like mining, chemicals, pharmaceuticals, and other. However, over the projected period, the Asia Pacific region is anticipated to see the fastest growth rate. Due to developing nations like China and India, the market for industrial services is growing. These countries' governments encourage international investment in the discrete and process industries. The large amount of demand and growing labor expenses, according to China's National Bureau of Statistics, are the two main causes. Industrial automation is becoming more and more popular in China. This growth will lead to a rise in the need for industrial services providers for automation systems like PLC, SCADA, HMI, and DCS.
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INDUSTRIAL SERVICES MARKET: KEY PLAYERS
- General Electric
- Metso Corporation
- John Wood Group PLC
- Honeywell International Inc
- Emerson Electric Co.
- Rockwell Automation, Inc.
- SAMSON AG
- Schneider Electric
- ATS Automation Tooling Systems Inc.
- Dynamysk Automation Ltd.
- Wunderlich-Malec Engineering, Inc.
- Yaskawa America, Inc.
- Fuji Electric Co., Ltd.
- ICONICS, Inc.
- Mitsubishi Electric Corporation
INDUSTRIAL SERVICES MARKET: RECENT DEVELOPMENT
- October 2020- As a result of a collaboration between Schneider Electric and Semiotic Labs, the digital EcoStruxure Asset Advisor service will be extended to incorporate condition-based monitoring and proactive maintenance of rotating equipment.
- December 2019- ABB and Equinor announced a new framework agreement to offer safety and automation systems throughout the company's installed base and Greenfield projects internationally, with the goal of assisting Equinor in reducing cost, schedule, and risk.
- In July 2019- Emerson closed on a 48 million USD contract to supply automation systems and cloud engineering software-as-a-service for the Shah Deniz 2 project in Azerbaijan. A five-year service agreement is also being carried out by Emerson to ensure the project's dependable and secure operations.
INDUSTRIAL SERVICES MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Industrial Services Market. The Global Industrial Services Market is segmented by Type, Application, End-user, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Industrial Services Market.
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