BANGALORE, India, March 11, 2021 /PRNewswire/ -- The Industrial Services Market is Segmented Type(Engineering and Consulting, Installation and Commissioning, Improvement and Maintenance, Others)and End Use (PLC, SCADA, HMI, DCS, MES, Electric Motors & Drives, Valves & Actuators, Safety Systems): This report covers Global Opportunity Analysis and Industry Forecast from 2021 to 2026. This report is published on Valuates Reports in the Industrial Materials & Equipment Category.
The global Industrial Services market size is projected to reach USD 32,300 Million by 2026, from USD 24,990 Million in 2020, at a CAGR of 4.4% the forecast period during 2021-2026.
Major factors driving the growth of Industrial Services market size are the growing need for operational excellence, increasing demand for maintenance as a service, and increasing equipment complexity.
TRENDS INFLUENCING THE INDUSTRIAL SERVICE MARKET SIZE
The growing demand for predictive maintenance services is driving industrial service market size during the forecast period. In manufacturing industries, where equipment is costly, and depreciation is a major expense, asset management is important. With predictive maintenance, big cost savings are possible. Essentially, predictive maintenance is the next lever for asset management improvement.
The deployment of strategies like service contracts and agreements, product developments, and expansions are fueling the growth of industrial service market size.
Furthermore, the industrial services market size is expected to grow due to the effects of fluctuating oil prices. In the oil & gas industry, an immense amount of operational productivity also serves as an increasing field for this market. Operators might consider implementing the industrial services to help optimize output, which incorporates engineering and computational power to allow companies to forecast yields or maximize industry assets.
The disruption in the supply chain due to the outbreak of the COVID-19 pandemic is the biggest challenge for the industrial service market players in the current situation. Governments around the world have implemented numerous rules and regulations aimed at curbing the spread of the virus, such as bans on the export and import of goods and raw materials. This has contributed to a massive disruption in the supply chain, resulting in a lack of raw materials used in different industries. However, towards the end of 2021, as new treatments are introduced to curb the spread of the virus, the industrial service market is expected to recover at a steady pace.
The market for improvement & maintenance services is expected to witness the highest CAGR during the forecasted period.
Ad-hoc and emergency repair, planned maintenance, and predictive maintenance is included in the improvement and maintenance services segment. These services support processes to avoid unintended faults and increase the life of equipment and systems.
The MES segment is expected to hold the largest industrial service market share based on application during the forecast period.
MES helps maintain updated product life cycle data, product quality, execution and dispatch of orders, resource scheduling, Overall Equipment Effectiveness (OEE) downtime management, and production analysis. In addition, MES helps to preserve all data relating to the production process, such as raw materials processed into finished products and related documents, as well as data from robots and workers.
The automotive industry is expected to hold the largest industrial market share during the forecast period.
The automotive industry deals with vehicle design, production, and manufacturing. In this industry, in inventory management, performance analysis, design process, and supply chain management, automation plays a critical role.
APAC is expected to grow at a higher CAGR during the forecast period.
Countries in this area concentrate on large-scale industrial production and, as a result, have a large number of manufacturing plants. China is regarded as one of the world's largest manufacturing countries, thereby driving the APAC manufacturing market. Several multinational companies have developed their production facilities in APAC and are adopting higher safety standards that lead to higher demand for industrial services.
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