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Market Research Future (MRFR)’s latest report indicates that the Industrial Services Industry is set to mark a CAGR of 5.9% during the forecast period 2017 to 2023. The valuation of the market is predicted to reach USD 35.71 Bn by the end of 2023. The increasing market presence of maintenance as a service is likely to fuel the demand for industrial services over the next couple of years.
Operational efficiency is the key focus for the industry leaders which has accelerated the adoption of industrial services in the recent times. The trend is very likely to continue over the assessment period, thus, augmenting the Industrial Services Industry. Additionally, the growth strategies implemented by service vendors such as service contracts agreements, product innovations, partnerships, acquisitions, etc. are expected to catapult the Industrial Services Industry on an upward trajectory.
The rapid industrialization has paved the way for the growth of the Industrial Services Industry by necessitating operational efficiency for sustenance. The increasing complexities of industrial equipment have further opened avenues of growth opportunities for the market participants.
The study reveals that the Industrial Services Industry is projected to witness constant growth over the next few years. The advent of industry 4.0 is prognosticated to revolutionize the expansion of the Industrial Services Industry through the forecast period. Other factors responsible for the growth of the market are standardization of price and quality, adoption of industrial automation, the need for optimum utilization of asset, rising demand from oil& gas industry, etc.
By type, the Industrial Services Industry has been segmented into installation and commissioning, service strategies, resource planning, maintenance strategy and planning, engineering and consulting, and others.
By application, the Industrial Services Industry has been segmented into human machine interface, distributed control system, manufacturing execution system, programmable logic controller, safety systems, and others.
By end-users, the Industrial Services Industry has been segmented into IT and telecom, transportation, metals & mining, food & beverages, oil & gas, and others.
Some of the key players profiled for a detailed assessment of the Industrial Services Industry are Siemens AG (Germany), Emerson Electric (US), Honeywell International Inc. (US), ABB (Switzerland), General Electric (US), Wood Group Mustang (US), SKF AB (Sweden), ATS Automation (Canada), Schneider Electric (France), and Intech Process Automation (US).
The global Industrial Services Industry, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe has secured a pole position and is expected to retain a dominant share of the market in the foreseeable future. The rising adoption of industrial automation in the region is poised to lead the expansion of the Industrial Services Industry. Furthermore, the presence of key players as ABB (Switzerland), Siemens AG (Germany), etc. in the region is expected to boost the growth of the market.
North America is anticipated to witness a considerable rate of market expansion owing to the early adoption of technologies, and equipment complexities. Also, Asia Pacific is expected to thrive at a healthy CAGR across the review period. The growth of the region can be ascribed to rapid industrialization, technological innovations in the industrial sector, deployment of IIoT and cloud technology, etc.
In November 2018, Thompson Industrial Services, a leader in the industrial cleaning business, has acquired Petrochem Services Group (PSG) for adding its specialized tank cleaning and vapor control services to the product line.
In November 2018, B&B Crane Service, LLC, a North Carolina-based industrial company, has announced its plan for the expansion of its operations in Horry County, the U.S. state of South Carolina.
LIST OF TABLES
TABLE 1 INDUSTRIAL SERVICES INDUSTRY, BY TYPE
TABLE 2 INDUSTRIAL SERVICES INDUSTRY, BY APPLICATIONS
TABLE 3 INDUSTRIAL SERVICES INDUSTRY, BY INDUSTRY
TABLE 4 INDUSTRIAL SERVICES INDUSTRY, BY REGION
TABLE 5 NORTH AMERICA INDUSTRIAL SERVICES INDUSTRY, BY TYPE
LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 INDUSTRIAL SERVICES INDUSTRY: BY TYPE (%)
FIGURE 3 INDUSTRIAL SERVICES INDUSTRY: BY APPLICATIONS (%)
FIGURE 4 INDUSTRIAL SERVICES INDUSTRY: BY INDUSTRY (%)
FIGURE 5 INDUSTRIAL SERVICES INDUSTRY: BY REGION (%)
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. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
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Michael Owens serves as the marketing advisor of Head45 in Cardiff Bay. He is a specialist in customer experience and an expert brand strategist who is keen to take on challenges that will help the business expand. Michael puts his creative energy into penning posts that are both interesting and useful for the most popular blogging sites.