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Industrial Services Market Growth Analysis up to 2027

Industrial Services Market, By Type (Installation and Commissioning, Engineering and Consulting), By Applications (Human Machine Interface, Distributed Control System, Valves and Actuators), By End-Users (Automotive, Metal and Mining, Food & Beverages, Paper, Oil & Gas) – Forecast 2027

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. The oil & gas segment is projected to be the biggest end user of the global industrial services industry owing to safeguards used in keeping operational assets in check.

Market Highlights

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.

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.

Industry Trend:

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.

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Regional Analysis:

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.

Market Competition:

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.

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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 products, services, technologies, applications, end users, 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.

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