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Industrial Services Market by Type, Application, Industry, and Region - Global Forecast to 2023

Industrial Services Market: Global Forecast until 2023

  • July 2017
  • 162 pages
  • ID: 5011653

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"Industrial services market intended to grow at a significant rate between 2017 and 2023"

The industrial services market is anticipated to increase at a compound annual growth rate (CAGR) of 5.40 percent between 2017 and 2023 and would be worth ~$35.4B by 2023. The main key factors driving the increase of the industrial services market are the development strategies, including service contracts and service agreements, product developments, alliances, and business developments, implemented by the actors operating in the industrial services; increasing demand for operational excellence; growing demand for maintenance as a service; and rising equipment complexity. Nevertheless, the main restraining factors for the increase of this market are varying compliances across localities and lack of skilled personnel.

"Operational improvement and maintenance services projected to hold the most important share of the industrial services market, established on category, during the estimate period"

The operational improvement and maintenance services is intended to hold the biggest share in the global industrial services market. The increasing need for operational excellence has driven the use of ad-hoc and emergency maintenance. Also, the industry demand for predictive maintenance services and growing equipment complexity would help in the increase of the industrial services market for operational improvement and maintenance services.

"The oil & gas sector forecasted to hold the most important share of the global 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 market. Modern services including remote monitoring and predictive maintenance can reduce the unexpected downtime. Owing to these factors, the oil & gas sector is forecasted to hold the biggest share of the global industrial services market.

Furthermore, the industrial services market for the automotive sector is anticipated to rise at the highest compound annual growth rate (CAGR) during the outlook period. In the automotive market, there are processes including 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 increasing demand for micro and nano PLCs in the automotive sector is driving the rise of the industrial services market.

"Industrial services market in Asia-Pac forecasted to grow at the quickest rate during the estimate period"

The industrial services market in Asia Pacific (APAC) is anticipated to grow at the quickest rate between 2017 and 2023.

With the increasing trend of cloud connectivity in the APAC, sectors would adopt Industrial Internet of Things -based remote monitoring and predictive maintenance services in this area. Adoption of these services would benefit the Asia-Pacific regions to grow at the quickest rate during the outlook period. The emerging economies including China and India (IN) are supporting the increase of the industrial services market. The governments of these countries are encouraging investments from foreign actors in the plan and discrete sectors.

The break-up of the profiles of primary members taking part for the analysis has been provided below.

• By Organization: Tier 1 - 45.0 percent, Tier 2 - 30.0 percent, and Tier 3 - 25.0 percent

• By Description: C-suite executives - 40.0 percent and Managers - 60.0 percent

• By Area: Americas - 30.0 percent, Europe (EU) - 20.0 percent, Asia-Pac - 35.0 percent, and rest of the world - 15%.

The top players operating in the industrial services market are ABB, Emerson Electric, General Electric (NYSE:GE), Honeywell (NYSE:HON), and Rockwell Automation (NYSE:ROK), Schneider Electric, Voith, Wood Group Mustang, Yaskawa, Mitsubishi Electric, and SKF AB, ATS Automation, Dynamysk Automation Ltd, and INTECH Process Automation, Danfoss, Fuji Electric, Iconics, Metso Corporation, Samson AG, Prime Controls LP, Tesco Controls Inc., Velan Inc., WEG, Wunderlich-Malec Engineering, and Samson AG.

Segment Research

The research report on the industrial services market is divided on the basis of type, application, market, and territory. The sector has been sliced n the basis of category into engineering and consulting, installation and commissioning, and operational improvement and maintenance services. Established on applications, the industrial services market has been categorized into PLC, SCADA, HMI, DCS, MES, electric motors and drives, valves and actuators, and safety systems. The industry has been divided on the basis of sector into chemicals, pharmaceuticals, oil & gas, automotive, aerospace & defense, water & wastewater, metals & mining, food & beverage, and energy & power.

Main highlights

Figures of segmentation, review, and estimate for the sector established on category, application, market, and area have been conducted to present an global view of the industrial services market.

The value chain study is provided, which offers a detailed insight into the industrial services market.

The main drivers, market restraints, alternatives, and opportunities for the industrial services market have been precised in this industry report.

The market research includes an exhaustive competitive analysis, detailed DIVE review, and revenue of the main actors.

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