Industrial Services Market 2020: Size, Landscape and Demand by Forecast to 2023
Posted by Eshu Gupta on December 3rd, 2020
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.
Get Sample Copy @ https://www.marketresearchfuture.com/sample_request/3902
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.
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.
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 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.
The key players of the global market are Siemens AG (Germany), Emerson Electric (US), ABB (Switzerland), General Electric (US), Schneider Electric (France), Wood Group Mustang (US), Honeywell International Inc. (US), and others.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/industrial-services-market-3902
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
+1 646 845 9312
Like it? Share it!
About the AuthorEshu Gupta
Joined: July 8th, 2020
Articles Posted: 58
More by this author