“Industrial services market expected to grow at a significant rate between 2017 and 2023”
The industrial services market is expected to grow at a CAGR of 5.4% between 2017 and 2023 and would be worth USD 35.41 billion by 2023. The key factors driving the growth of the industrial services market are the development strategies, such as service contracts and service agreements, product developments, partnerships, and expansions, implemented by the players operating in the industrial services; growing demand for operational excellence; increasing demand for maintenance as a service; and increasing equipment complexity. However, the major restraining factors for the growth of this market are varying compliances across regions and lack of skilled personnel.
“Operational improvement and maintenance services expected to hold the largest share of the industrial services market, based on type, during the forecast period”
The operational improvement and maintenance services is expected to hold the largest share in the overall industrial services market. The growing need for operational excellence has driven the use of ad-hoc and emergency maintenance. Moreover, the demand for predictive maintenance services and increasing equipment complexity would help in the growth of the industrial services market for operational improvement and maintenance services.
“The oil & gas industry expected to hold the largest share of the overall industrial services market in 2017”
The impact of reduced oil prices has created a demand for industrial services. There is a need for operational efficiency in the oil & gas industry. Modern services such as remote monitoring and predictive maintenance can reduce the unexpected downtime. Owing to these factors, the oil & gas industry is expected to hold the largest share of the overall industrial services market.
Moreover, the industrial services market for the automotive industry is expected to grow at the highest CAGR during the forecast period. In the automotive industry, there are processes such as welding, cleaning, and assembly, which are time-consuming and hence need to be automated. The use of micro PLC helps in monitoring the production processes, thereby reducing the time required for production and resulting in increased efficiency. The growing demand for micro and nano PLCs in the automotive industry is driving the growth of the industrial services market.
“Industrial services market in Asia Pacific expected to grow at the fastest rate during the forecast period”
The industrial services market in Asia Pacific (APAC) is expected to grow at the fastest rate between 2017 and 2023.
With the growing trend of cloud connectivity in the APAC, industries would adopt Industrial Internet of Things (IIoT)-based remote monitoring and predictive maintenance services in this region. Adoption of these services would help the APAC region to grow at the fastest rate during the forecast period. The emerging economies such as China and India are supporting the growth of the industrial services market. The governments of these countries are encouraging investments from foreign players in the process and discrete industries.
The break-up of the profiles of primary participants for the report has been given below.
- By Company: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
- By Designation: C-Level Executives – 40% and Managers – 60%
- By Region: Americas – 30%, Europe – 20%, APAC – 35%, and RoW – 15%.
The key players operating in the industrial services market are ABB (Switzerland), Emerson Electric (US), General Electric (US), Honeywell International Inc. (US), and Rockwell Automation (US), Schneider Electric (France), Voith (Germany), Wood Group Mustang (US), Yaskawa (Japan), Mitsubishi Electric (Japan), and SKF AB (Sweden), ATS Automation (Canada), Dynamysk Automation Ltd (Canada), and INTECH Process Automation (US), Danfoss (Denmark), Fuji Electric (Japan), Iconics (US), Metso Corporation (Sweden), Samson AG (Germany), Prime Controls LP (US), Tesco Controls Inc. (US), Velan Inc. (Canada), WEG (Brazil), Wunderlich-Malec Engineering (US), and Samson AG (Germany).
The research report on the industrial services market is segmented on the basis of type, application, industry, and geography. The market has been segmented based on type into engineering and consulting, installation and commissioning, and operational improvement and maintenance services. Based on applications, the industrial services market has been classified into PLC, SCADA, HMI, DCS, MES, electric motors and drives, valves and actuators, and safety systems. The market has been segmented based on industry into chemicals, pharmaceuticals, oil & gas, automotive, aerospace & defense, water & wastewater, metals & mining, food & beverage, and energy & power.
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market based on type, application, industry, and geography have been conducted to present an overall view of the industrial services market.
- The value chain analysis is provided, which offers an in-depth insight into the industrial services market.
- The major drivers, restraints, opportunities, and challenges for the industrial services market have been detailed in this report.
- The report includes a detailed competitive landscape, in-depth DIVE analysis, and revenue of the key players.