Industrial Services Market Size to Reach USD 32,300 Million by 2026 at CAGR 4.4% | Valuates Reports
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.
Request a Sample Copy of the Report For COVID-19 Impact Analysis on Industrial Services Market : https://reports.valuates.com/request/sample/QYRE-Othe-1S431/Industrial_Services_Market
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.
View Report Details Before Purchasing: https://reports.valuates.com/market-reports/QYRE-Othe-1S431/industrial-services
INDUSTRIAL SERVICE MARKET SHARE
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.
Inquire for Regional Report : https://reports.valuates.com/request/regional/QYRE-Othe-1S431/Industrial_Services_Market
Industrial Services Breakdown Data by Type
- Engineering and Consulting
- Installation and Commissioning
- Improvement and Maintenance.
Industrial Services Breakdown Data by Application
- PLC
- SCADA
- HMI
- DCS
- MES
- Electric Motors & Drives
- Valves & Actuators
- Safety Systems.
Major Key Vendors in this Market
- ABB (Switzerland)
- Siemens AG (Germany)
- General Electric (US)
- Emerson Electric (US)
- Honeywell International Inc. (US)
- Schneider Electric (France)
- Wood Group Mustang (US)
- SKF AB (Sweden)
- ATS Automation (Canada)
- INTECH Process Automation (US )
- Others.
Buy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Othe-1S431&lic=single-user
Buy Now for Enterprise License + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Othe-1S431&lic=enterprise-license
SUBSCRIPTION
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
SIMILAR REPORTS :
- Industrial Cleaning Services Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type (Equipment cleaning, Shop floor cleaning, Public areas cleaning, Window cleaning), By Application (Commercial, Industrial, Residential) and Regional Opportunity Analysis and Industry Forecast.
- Industrial Automation Service Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type (Distributed control systems (DCS), Supervisory control and data acquisition (SCADA), Programmable logic control (PLC), Manufacturing execution system (MES), Others (HMI, EMI, and AM)), By Application (Project engineering and installation, Maintenance and support, Consulting services, Operational services) and Regional Opportunity Analysis and Industry Forecast.
- Industrial Robotics Services Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type ( Engineering and Consulting, System Integration, Robot Programming, Installation and Commissioning, Maintenance and Repair, Training), By Application (Welding, Assembly Lline, Material Handling, Others) and Regional Opportunity Analysis and Industry Forecast.
- Process Automation market size is projected to reach USD 12080 Million by 2026, from USD 7123.9 Million in 2020, at a CAGR of 9.2% during 2021-2026.
- 3D Machine Vision market size is projected to reach USD 1342.2 Million by 2026, from USD 1256.9 Million in 2020
- IoT in Manufacturing market size is projected to reach USD 1038.8 Million by 2026, from USD 567.2 Million in 2020, at a CAGR of 10.6% during 2021-2026.
- Predictive Maintenance for Manufacturing market size is projected to reach USD 2456.8 Million by 2026, from USD 2097.2 Million in 2020.
- Smart Manufacturing Market is expected to grow from USD 157,289.47 Million in 2019 to USD 314,839.98 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 12.26%.
- Human Machine Interface (HMI) market size is projected to reach USD 5674.8 Million by 2026, from USD 3369.8 Million in 2019, at a CAGR of 7.6% during 2021-2026.
- Industrial Robots Market size was 11300 Million USD in 2018 and is expected to 24500 Million USD by the end of 2025, growing at a CAGR of 10.2% between 2019 and 2025.
- Intelligent Process Automation Market is expected to grow from USD 7,654.27 Million in 2019 to USD 15,672.44 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 12.68%.
- Robotic Process Automation (RPA) market size was valued at USD 477 Million in 2018and it is expected to reach USD 1930 Million by the end of 2025, with a CAGR of 21.3% between 2019 and 2025.
To see the full list of related reports on the Industrial Services
ABOUT US:
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources
CONTACT US:
Valuates Reports
[email protected]
For U.S. Toll-Free Call +1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp : +91 9945648335
Website: https://reports.valuates.com
Twitter - https://twitter.com/valuatesreports
Linkedin - https://in.linkedin.com/company/valuatesreports
Facebook - https://www.facebook.com/valuatesreports
Logo: https://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg
Share this article