Industrial Services Market is projected to grow at 5.9% Compound Annual Growth Rate during forecast period of 2018 to 2023. This Global Industrial Services Market growth is driven by factors such as Industrial Services are increasing demand is the implementation. 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 global Industrial Services market is expected to grow at USD$ ~35.71 Billion by 2023, at 5.9% of CAGR between 2017 and 2023.
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The global industrial services market is expected to scale the valuation of USD 35.71 Bn at an astounding CAGR of 5.9% during the forecast period (2017-2023), reports Market Research Future (MRFR). After the standardization of price and quality of diverse products, the expansion of the market now depends on multinational companies putting their business in associated areas to make them prosperous. Industrial services is one such domain where by providing operational excellence industries are vying for market superiority. Consumers, on the other hand, are also benefitting much from this process.
Market Research Future (MRFR) recognizes the following companies as the key players in the Industrial Services Market: – Siemens AG (Germany), ABB (Switzerland), Emerson Electric (US), Honeywell International Inc. (US), and General Electric (US), Schneider Electric (France), Wood Group Mustang (US), SKF AB (Sweden), ATS Automation (Canada), INTECH Process Automation (US) among others.
The global industrial services market can be segmented by type, application, and end-users.
By type, the market includes service strategies, resource planning, maintenance strategy & planning, engineering & consulting, and others. Maintenance strategy & planning is expected to grow the fastest during the forecast period. The market is expected to increase owing to the surging need for improvement of the asset’s lifecycle of the asset and reduction of downtime.
Application-based segmentation includes a human-machine interface, distributed control system, manufacturing execution system, programmable logic controller, safety systems, and others. Safety systems can witness a hike in the business owing to stringent government regulations regarding precautions and safety. Governments of countries such as the U.S., China, and India are taking steps to stop industry related fatal issues by implementing proper safety measures.
Based on end-users, the market comprises IT and telecom, transportation, metals & mining, food & beverages, oil & gas, and others. Oil & gas industry is expected to reign the market during the review period due to the need for plant production improvement and downtime reduction. Reduced oil prices are also likely to boost the market growth.
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Geographically, the market covers North America, Europe, Asia Pacific (APAC), Rest-of-the-World (RoW).
Europe region has emerged as the leader of the global industrial services market and accounted for the largest market share owing to the services offered in the region. Also, the presence of various leading international service providers has given the market the much-needed momentum.
North America is experiencing steady growth. The market is witnessing a surge in robotics and process industries that are boosting the services sector considerably.
The APAC is anticipated to register the fastest CAGR during the assessment period. The market is gaining traction owing to the trend of adopting cloud connectivity and Internet-of-Things (IoT) to handle situations with remote-based monitoring and predictive maintenance services effectively. China and India are proving profitable markets for the industry as the governments are encouraging foreign investments.
The service is also endorsing innovation and improvement of copious industrial equipment, and as a consequence, the manufacturers are investing more in research and developments. New companies are also developing such as Savills Vietnam who have started their industrial services recently.
The presence of multinational companies has made the market competitive. Strategies imbibed by them includes mainly mergers & acquisitions, and contracts. For instance, Wood has secured a contract with SABIC UK Petrochemicals Limited to provide services at the Olefins 6 plant. The business and assets of Colt Industrial Services have been acquired by Future Industrial Services from Augean PLC. AECOM’s Canadian wing has been acquired by Mullen Group Ltd. ASRC Industrial Services has taken over Englewood-based Hudspeth & Associates, Inc.
Drivers and Restraints:
The advent of technologies and their implementation in the diverse sector has ushered in a paradigmatic shift in consumer behavior resulting in an improved lifestyle. However, it has also introduced complex mechanisms which require regular maintenance. Along with it, a demand for operational excellence is also gaining traction which is perceptibly boosting the existing industrial services market.
Key factors dominating the industry are strategies that include service contracts and service agreements, product developments, partnerships, and expansions. Tie-ups between service providers and original manufacturers have also opened up avenues for further expansion of the market. These strategies have multifarious benefits that are getting reaped off by multiple sectors, and the result is an eventual holistic growth. Fluctuating oil price is also persuading the market considerably.
However, lack of sufficient IT support and devices for end-users can impede the market growth. A deficiency of proper insightful financial planning has become daunting. Ineffective project costing requirements, and cost variations can have an adverse impact on the market.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Original Equipment Manufacturers
- Consulting and training service providers
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