North American Industrial Services Market, Forecast to 2023
NEW YORK, Oct. 18, 2017 /PRNewswire/ -- Increasing Awareness on Advanced Services is Expected to Drive the Growth of Industrial Services Market
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The aim of this study is to evaluate the opportunities for the industrial services market across several industry sectors in North America assessing the trends across the region during the study period.
This study covers the growth opportunities for the a whole array of Industrial Services across Pumps, Valves, and Compressors, across the region and covers topics on how changing landscape and needs and requirements are driving the need for adoption of effective aftermarket services and MRO that are smarter and crisply address every challenge and issue that customers face in the current scenario.
The scope of the study includes pump services used in oil and gas, chemicals and petrochemicals, power generation, water and wastewater treatment, food and beverage, and other industries such as pharmaceuticals, pulp and paper, and metals and mining. Services include maintenance, repair, and overhaul (MRO), installation and commissioning (I&C), value-added services (VAS), and decommissioning (Decom).
North America has plenty of development and exploration activities happening, which is set to spur the demand for pump and valves and compressors services throughout the forecast period. As oil and gas, water treatment, and power generation industries will continue to invest in advanced pumping solutions, a greater demand for pump services is expected. The study concludes with an analysis of forecasted growth trends of the process equipment market during the forecast period.
Key takeaways from Frost & Sullivan's research on this market concludes that end-user focus on reliability and safety is expected to drive growth of the services market in the oil & gas and power generation industries. All end-user industries are expected to exhibit a high demand for spare parts and consumables. In addition, MRO services continue to top the revenues for the industrial services market, with stable demand for regular services and maintenance.
However, VAS has risen significantly in the market, with increasing demand for condition monitoring and advanced automation solutions. Due to fewer upcoming projects, end users are shifting their approach from capital expenditure (CAPEX) to operational expenditure (OPEX), which will drive demand for the services market. Ongoing projects with assets spur assets maintenance costs. Digital transformation is ushering a set of disruptive technologies that is transforming the manufacturing and process industries and upending the existing vendor ecosystem.
Some of the key influencers of the NA Industrial Services market include improving levels of safety and reliability that puts greater focus on pump services and maintenance. Other factors include increasing awareness on advanced services that is expected to drive the growth of pump services market, surge in new projects leads to an increase in services such as Installation, testing and commissioning activities and end user's increased preferences for longer operational lifetime of existing compressors that is likely to result in the growth of the services market.
In addition, increasing complexity of compressors, especially in the oil & gas and power generation industries, increases end-user focus on reliability and safety are some of the key drivers of the market.
Major dampeners of growth included pricing pressures due to commodity applications that are dampening demand for services market and slower than expected investment pace that is inherently affecting demand for valves, both in terms of replacements and services. For the compressors market, increased demand for oil-free compressors was observed as one of the biggest factors for the reduction in maintenance requirements. In addition, reducing Greenfield investments due to sovereign debt crisis is also expected to restrict addressable client base.
Key Conclusions:
Shift from preventive/predictive maintenance to proactive maintenance of heavy-duty centrifugal pumps is a growing opportunity in oil and gas and chemicals and petrochemicals industries.
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