The global industrial services market is expected to be valued at USD 33.6 billion in 2020 and is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025. The growth of the industrial services market is attributed to the growing need for operational excellence, increasing demand for maintenance-as-a-service, and increasing equipment complexity. Operational excellence is one of the major factors that help industry players achieve optimal performance in the production process.
“Market for operational improvement & maintenance services to grow at higher CAGR during forecasted period”
The operational improvement and maintenance services segment includes ad-hoc and emergency maintenance, scheduled maintenance, and predictive maintenance. These services help process and discrete industries to avert unexpected faults and enhance the life of equipment and systems. Operational improvement and maintenance services use an integrated approach that combines both organizational and technical solutions to enhance the working efficiency of a plant. These factors owing to the higher growth of operational improvement & maintenance services during forecasted period.
“Market for food & beverages industry to grow at highest CAGR during forecast period“
There is a strong demand for processed food from the emerging markets owing to the burgeoning population and the increasing food consumption all over the world. Besides rising costs, the food & beverages industry faces other challenges such as regulatory compliance, management of the global supply chain, product quality, and continuous process improvement. These challenges are overcome using SCADA, PLC, DCS, and MES systems to enhance productivity, save resources, and minimize downtime, as well as maintain adherence to regulatory compliances..
“APAC is projected to grow at a higher CAGR during the forecast period.”
APAC is expected to be the fastest-growing market for industrial services market. APAC is considered as one of the fastest-growing economies. Countries in this region focus on large-scale industrial manufacturing and, thus, has a vast number of manufacturing plants of almost all major companies across the world. Countries such as China, India, Japan, South Korea, Australia, and Indonesia are rapidly expanding their manufacturing output. China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC. Various multinational companies have set up their manufacturing plants in APAC and are adopting higher safety standards leading to increased demand for industrial services. However, due to the outbreak of COVID-19, various companies in APAC to witnessed a decline in demand for industrial services.
Profile break-up of primary participants for the report is given below:
- By Company – Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
- By Designation – C-level Executives = 40%, Managers = 60%,
- By Region – Americas = 30%, Europe = 20%, APAC = 35%, and RoW = 15%
The study includes an in-depth competitive analysis of these key players in the industrial services market, with their company profiles, recent developments, and key market strategies. ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Mitsubishi Electric Corporation (Japan), Metso Corporation (Finland), and Samson AG (Germany) are among the major players in the industrial services market.
The global industrial services market is segmented into type, application, industry, and region. The market based on type includes engineering & consulting, installation & commissioning, and operational improvement & maintenance services. The applications that are included in the study are motors and drives, distributed control system (DCS), programmable logic controller (PLC), supervisory control and data acquisition (SCADA), human machine interface (HMI), manufacturing execution system (MES), safety systems, industrial PC, industrial robotics, and industrial 3D printing. The industrial services market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast of the market based on type, application, industry, and region have been conducted to give an overall view of the industrial services market.
- A value chain analysis has been performed to provide in-depth insights into the industrial services market.
- The key drivers, restraints, opportunities, and challenges pertaining to the industrial services market have been detailed in this report.
- Detailed information regarding the COVID-19 impact on the industrial services market has been provided in the report.
- The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues