Industrial Services Market Examined in New Market Research
Industrial services are an array of services for manufacturers or producers of goods provided by partners and third-party companies. The global industrial services market report by Market Research Future (MRFR) has a comprehensive and in-depth study of the market and its dynamics in a detailed manner. The prospects and challenges are outlined by economic, political, and technological policies and the outbreak of the COVID-19 pandemic.
Market Scope
The global industrial services market is expected to grow to USD 35.71 billion by 2023 at 5.9% CAGR between 2017 and 2023 (forecast period). This is driven by the ability of original equipment manufacturers (OEMs) for doubling their capacity by integrating industrial services as well as improving their bottom line margins. Huge niche for maintenance as a service, operational efficiency, service contracts, agreements, and partnerships can bolster the market demand among major large and mid-size companies.
Huge demand for predictive services and rise in complexity of equipment can induce market demand. Emphasis on customer satisfaction levels, equipment uptime, and emergence of new technologies such as internet of things (IoT), analytics, and artificial intelligence can lower diagnostic issues of equipment and favor the global industrial services market growth. The demand for safety systems due to strict government laws for lowering industry casualties and allocating compensation to workers can bolster the market demand till 2023.
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Segmentation
The global industrial services market has been segmented on the basis of type, application, and end-users.
By type, it is segmented into engineering and consulting, resource planning, maintenance strategy and planning, service strategies, and others. The maintenance strategy and planning segment is predicted to drive the global industrial services market due to industrial services accountable in lowering maintenance times and enhancing operational efficiencies.
By application, it is segmented into safety systems, distributed control system, programmable logic controller, human machine interface, manufacturing execution system, and others.
By end-users, it is segmented into oil & gas, food & beverages, metals & mining, IT and telecom, transportation, and others. The oil & gas segment is projected to be the biggest end user of the global industrial services industry owing to safeguards used in keeping operational assets in check.
Regional Analysis
The regional analysis of the global industrial services market is being studied for regions of Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). Europe is dominating the global industrial services market and accounted for a largest market share due to wide spectrum of services offered in the region. Another attributing factor is the presence of key vendors such as Siemens AG, ABB, and others in the market. Adoption of industrial internet of things (IIoT) as well as the need for constant monitoring of processes in assembly line and production chain can bode well for the market.
The North America industrial services market is expected to fetch huge revenues due to change in business approaches, shift in operational efficiency and growth strategies, and an abundance of industries. The evolution of technology, the expansion of various sectors such as automotive, oil & gas, aerospace, renewable energy, telecom, and medicines coupled with development of custom products can drive the market growth.
Competitive Outlook
General Electric, ATS Automation, Schneider Electric, INTECH Process Automation, Siemens AG, Emerson Electric, Honeywell International Inc., SKF AB, Wood Group Mustang, ABB, and others are reliable names in the global industrial services market.
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