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Global Industrial Services Market Size, Trends, and Analysis - Forecasts To 2026 By Type (Installation & Commissioning, Engineering & Consulting, Operational Improvement & Maintenance), By Application (Programmable Logic Controller (PLC), Human Machine Interface (HMI), Distributed Control System (DCS), Supervisory Control and Data Acquisition (SCADA), Manufacturing Execution System (MES), Industrial 3D Printing, Motors & Drives, Industrial Robotics, Safety Systems, Industrial PC), By End-User (Metals & Mining, Automotive, Healthcare & Pharmaceuticals, Aerospace, Chemicals, Energy & Power, Semiconductor & Electronics, Oil & Gas, Food & Beverages, Water & Wastewater, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Industrial services are the service offered to clients who are primarily engaged in a process that produces or converts raw or unfinished materials, like electricity generation, into another form of chemical or commodity. The rising adoption of autonomous solutions inmanufacturingcompanies and the growing oil demand are anticipated to increase the market value during the forecast period. It is also analyzed that the increasing acceptance of innovative industrial services to improve productivity would accelerate the growth of this market.However, the lack of qualified professionals is expected to hinder market growth over the estimated timeline.
Based on the uses of these services, the market can be segregated into a programmable logic controller (PLC), human-machine interface (HMI), distributed control system (DCS), supervisory control and data acquisition (SCADA), manufacturing execution system (MES), industrial 3d printing, motors & drives, industrial robotics, safety systems, and industrial PC. Manufacturing execution system (MES) application would be the largest shareholder in the market as of 2019.All of the information pertaining to the production process, such as raw material processed into finished products and related documents and data from robots and employees, is maintained by MES.It helps to improve efficiency and decrease the production cycle time required to complete an order.Also, rising technological advancements in the manufacturing industry have anticipated market growth.
The fragmentation of the market as per theend-useroutlook aremetals & mining, automotive, healthcare & pharmaceuticals, aerospace, chemicals, energy & power, semiconductor & electronics, oil & gas, food & beverages, water & wastewater. The largest market share in 2019 was theautomotive industry due to the increasing productivity associated with vehicle production. The automotive industry is involved in the design, manufacturing, and maintenance of various types of vehicles. Automation plays a vital role in this industry for inventory control, performance analysis, design process, and management of the supply chain. Hence, these parameters are anticipated to fuel the growth of the automotive industrysegment throughout the forecast period.
Based on the type, this market can be divided into four segments: installation & commissioning, engineering & consulting, and operational improvement & maintenance. The operational improvement & maintenance segmentis expected to have significant growth from 2020 to 2026. To improve the work efficiency of a plant, operational capabilities, this segment plays a vital role in the market.
The Asia-Pacific region is projected to be the fastest-growing region in terms of revenue from 2020-2026. It is anticipated that the growing adoption of technological advancements in the manufacturing sector clubbed with the availability ofa low-cost labor force will accelerate the development of this region's market. The rising population of emerging economies has also increased the demand for industrial automation in India, China, Japan, and South Korea. This has offered enormous opportunities for market participants in industrial services.
The major players that compete in this market are ABB, Rockwell Automation, Siemens AG, Emerson Electric, ATS Automation, Mitsubishi, Dynamysk Automation Ltd, Prime Controls LP, Wood Group Mustang, Honeywell International, Schneider Electric, General Electric, Yokogawa, Metso Corporation, Nintech Process Automation, SKF AB, and Samson, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In October 2020, Schneider Electric collaborated with Semiotic Labs to extend the digital services of EcoStruxure Asset Advisor in developing markets.
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The Global Industrial Services Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Industrial Services Market .
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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