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Market HighlightsThe global industrial services market is rising continually, mainly due to the increasing industrialization. The increasing number of industries are witnessing augmenting demand for operational excellence and maintenance as a service. Moreover, increasing complexities in equipment functions are promoting the rapid implementation of these services more than ever. This, as a result, helps the proliferation of industrial services market.
The market has witnessed a constant rise in its size over the recent years and would continue to grow at a rapid pace throughout the forecasted period. According to a leading research firm Market Research Future (MRFR), the global Industrial Services Market is poised to touch a valuation of over USD 35.71 BN by 2023. MRFR also confirms that the market will register approximately 5.9% CAGR between 2017 and 2023.
The deployment of strategies, such as service contracts and agreements, product developments, partnerships, and expansions, are key factors driving the growth of the market. Industrial services have also helped large multinational organizations to evolve further. Due to its standardized price and quality, industrial services represent a clear competitive advantage for the clients, improving their asset utilization.
As a result, industrial services are proving to be a valuable source for revenue generation and growth for its end-users. Technological advancements in the field of industrial services are not only increasing the size of the market but also endorsing the innovation and development of various industrial equipment. Increasing demand for the implementation of industrial services is a major driving factor for the market growth.
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Moreover, the demand for predictive maintenance services and increasing equipment complexity are supporting the growth of the industrial services market. Fluctuating oil prices and a huge amount of operational efficiency in the oil & gas industry are increasing the demand for industrial services.
Major Players:
Players leading the global industrial services market include ABB (Switzerland), Siemens AG (Germany), Emerson Electric (US), General Electric (US), Honeywell International Inc. (US), Schneider Electric (France), SKF AB (Sweden), Wood Group Mustang (US), ATS Automation (Canada), and INTECH Process Automation (US), among others.
Global Industrial Services Market – Segments
The report is segmented into four key market dynamics to widen the scope of understanding,
By Type: Service Strategies, Resource Planning, Installation & Commissioning, and Engineering & Consulting, among others.
By Applications: Human Machine Interface, Distributed Control System, Manufacturing Execution System, Programmable Logic Controller, Safety Systems, and Valves & Actuators, among others.
By End-users: Automotive, IT and Telecom, Transportation, Metal & Mining, Food & Beverages, Paper, and Oil & Gas, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Industrial Services Market – Regional Analysis
Europe is currently leading the global industrial services market with the largest share due to the broad spectrum of services offered in these regions. The growing demand for installation & commissioning services in industries, such as metal & mining and oil & gas, is driving the regional market. Moreover, the presence of key vendors, such as ABB (Switzerland), Siemens AG (Germany), and many more impact the market growth, positively. The growing adoption of these services in the burgeoning industries, such as manufacturing, automotive, and F&B, is also helping the region to experience high growth and larger market share.
The industrial services market in the North American region takes the second lead, globally. The region is expected to generate high revenues over the forecast period, heading with the early adoption of advanced technologies.
Additional factors, such as the high adoption of advanced software to manage various tasks, especially, in the manufacturing and IT & telecom sectors of the region, impacts the regional market growth, positively. The US accounts as the major contributor to the industrial services market in North America.
The Asia Pacific industrial services market is emerging as a profitable market, globally. The region holds a considerable portion of the global oil and gas demand and hence, is expected to have a significant impact on the growth in the industrial services market.
Global Industrial Services Market - Competitive Analysis
Characterized by the presence of many well-established and small players, the industrial services market appears to be highly competitive. These players incorporate strategic initiatives, such as acquisition, collaboration, expansion, and service/technology launch, in order to gain a competitive advantage in this market. They invest heavily in research and development projects to develop state-of-the-art facilities and systems & processes. As the market is still in its development stage, small vendors with innovative solutions have the chances of being acquired by large players in the market.
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Industry/ Innovation/ Related News:
July 01, 2019 --- ASRC Industrial Services (AIS – the US), a leading provider of industrial and environmental services, announced the acquisition of a full-service environmental remediation company in the US -Environmental Quality Management (EQM) to expand its capabilities and presence in the Midwest. EQM will join AIS’s Environmental Engineering and Professional Services (EEPS) operating group.
The acquisition is expected to enhance AIS’ enterprise-wide capabilities, increase its presence in key markets, and ultimately will bring it closer to achieving its vision of building an enduring, employee-centric, customer-focused industrial services provider. EQM also specializes in providing services, such as emergency response, site restoration, environmental consulting, and emission measurement services. It serves a variety of end markets, focusing on the public sector (EPA, US Army Corps of Engineers, Department of Defense), steel industry, and manufacturing.
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Organization: Market Research Future
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Website: https://www.marketresearchfuture.com/reports/industrial-automation-services-market-4823
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