According to the new market research report “Industrial Services Market with COVID-19 Impact by Type (Engineering & Consulting, Installation & Commissioning, Operational Improvement & Maintenance), Application (MES, Motors & Drives, DCS, HMI, PLC), Industry, and Region – Global Forecast to 2025″, the industrial services market is expected to be valued at USD 33.6 billion in 2020 and is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025. Key factors driving the adoption of industrial services include growing need for operational excellence, and increase in demand for maintenance-as-a-service. Moreover, adoption of digital technology to minimize the impact of COVID-19 and elevate organization safety.
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“Market for the operational improvement & maintenance service to grow at fastest CAGR from 2020 to 2025”
The operational improvement & maintenance services segment includes ad-hoc and emergency maintenance, scheduled maintenance, and predictive maintenance. These services help process and discrete industries to avert unexpected faults and enhance the life of equipment and systems. Operational improvement and maintenance services use an integrated approach that combines both organizational and technical solutions to enhance the working efficiency of a plant.
“MES market to lead the industrial services market during the forecasted period”
MES can process several tasks by controlling the number of production processes. MES helps maintain all the data related to the manufacturing process, such as raw material converted into finished goods and related documentation, and data from robots and employees. The use of MES helps to improve productivity and reduce the production cycle time required for an order to be completed.
“Automotive industry to hold the largest market share for industrial services in 2020.”
The automotive industry deals with the design, development, and manufacturing of vehicles. In this industry, automation plays a vital role in inventory management, performance analysis, design process, and supply chain management. In an assembling process, automation helps companies to reduce production time and increase productivity. Major companies offering industrial services to the automotive industry are Rockwell Automation (US), Emerson Electric (US), General Electric (US), ABB (Switzerland), and Siemens AG (Germany).
“APAC to be the largest market for industrial services during the forecast period.”
Rapid industrialization has boosted the manufacturing sector in APAC. China is one of the most impacted countries by the COVID-19 pandemic in APAC and a major manufacturing hub and as well as a leading oil & gas producer in the region. Apart from China, vigorous industrial activities in other countries of the region offer lucrative opportunities for the growth of the industrial services market.
Major players in the industrial services market are ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Mitsubishi Electric Corporation (Japan), Metso Corporation (Finland), and Samson AG (Germany)
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