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Industrial services help industry plants not only to improve productivity and working efficiency, but also to reduce downtime and maintenance costs. These services assist the user in improving the plant's reliability, availability, and efficiency. The key industrial services are engineering & consulting, installation & commissioning, and operational improvement & maintenance. These are provided either by OEMs or third-party vendors.
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Industry Trends of the Global Industrial Services Market:
1. ABB and TECO Electric & Machinery entered a strategic collaboration to develop solutions for offshore wind substation-related equipment and engineering in Taiwan. Following the collaboration, ABB will be accountable for designing and supplying electricity, data acquisition and monitoring, and automation. ABB will ensure the provision of engineering, production, commissioning, and operational maintenance services for the equipment involved.
2. Siemens Gamesa, a subsidiary of Siemens, signed two agreements with Hai Long Offshore Wind Project at the Energy Taiwan trade fair in Taipei. The two agreements include the Turbine Supply Agreement and Service and Availability Agreement pertaining to three offshore wind power projects in Taiwan, which encompass 1,044 MW. The service agreement currently entails a 15-year contract, with the option of being extended to 20 years. Under the service agreement, Siemens Gamesa will provide offshore logistics and operations and maintenance service facilities for all three projects.
What are the Driving Factors of Evolution of technologies and consolidation of Industrial Services Market?
The Industrial services market is projected to grow from USD 33.6 billion in 2020 to USD 44.1 Billion by 2025, at a CAGR of 5.6% between 2020-2025.
Operational improvement & maintenance services to grow at the highest growth rate during the forecast period
The operational improvement and maintenance services help the end users improve the asset's lifecycle and reduce downtime. The complete suite of operational improvement and maintenance services segment can be further divided into a broad spectrum of services, including scheduled maintenance, ad-hoc and emergency maintenance, and predictive maintenance services. Ad-hoc and emergency maintenance services help end users reduce unplanned downtime by providing a control system expert for fast and efficient onsite support.
Industrial Services Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Industrial 3D printing to grow at the highest growth rate during the forecast period
Industrial 3D printing is used in major industries such as automotive, aerospace, food & beverages, electrical/electronics, and foundry and forging industries. Manufacturing tools is an expensive and time-consuming process, but it can be simplified using industrial 3D printing tools. The highly complex designs can be easily manufactured using 3D printing, thereby eliminating the requirement of an assembly line.
Major players in industrial services market are ABB (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International (US), Schneider Electric (France), Rockwell Automation, Inc. (US), Siemens (Germany), Yokogawa Electric Corp. (Japan), Mitsubishi Electric Corporation (Japan), Metso Corporation (Finland), and Samson AG (Germany).
Industrial Services Market - Geographical Regional Vision by MarketsandmarketsTM
The industrial services market in Asia Pacific is expected to grow significantly from 2020 to 2025
The growth in Asia Pacific is mainly attributed to the increasing adoption of industrial automation and related services in China, Japan, and India. With the growing trend of cloud connectivity in Asia, industries would adopt Industrial Internet of Things (IIoT)-based remote monitoring and predictive maintenance services. The downstream sector of Chinas oil & gas industry is undergoing remarkable developments and reformation to modernize refineries, fueling the demand for machine safety systems. The adoption of automation solutions in the manufacturing industries in India is increasing significantly.
Industrial Services Market Report is also available for Specific Regions & Countries:
North America (US, Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe)
Asia-Pacific (South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC)
Latin America (Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America)
Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA)
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