Industrial Services Market Applications, Industry Size, Challenges, Development

Posted by Sakshi Mishra on April 30th, 2021

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. 

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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.

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