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 size is estimated to be USD 33.6 billion in 2020 and is projected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025. The rising necessity for operational excellence, growing demand for predictive maintenance services, and increasing demand for maintenance-as-a-service are major factors driving the growth of the industrial services market. Additionally, increasing equipment complexity leading to a growing need for calibration and repair services is another key driver for the market.
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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 assets 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. Scheduled maintenance services assist the process & discrete industries in monitoring the operational equipment—the services provide up-to-date maintenance of filed devices, software, and plant. Predictive maintenance services help end users decrease unplanned downtime by monitoring installed devices and systems continuously.
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. It also reduces the labor cost. As the potential applications for 3D printing increase, companies are beginning to create new business models and opportunities with the technology.
Food & beverages industry is expected to register the highest CAGR during forecast period
Besides rising costs, the food & beverages industry faces other challenges such as regulatory compliance, management of the global supply chain, product quality, and continuous process improvement. There is a strong demand for processed food from the emerging markets owing to the burgeoning population and increasing food consumption worldwide. These challenges are overcome using SCADA, PLC, DCS, and MES systems to enhance productivity, save resources, minimize downtime, and maintain adherence to regulatory compliances.
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. In addition, the growing number of power projects to meet the rising demand for electricity in India has provided momentum to implement machine safety systems such as burner management and fire and gas systems at plant locations. The need for quality control, worker safety, and improved productivity is also boosting the market for automation services in countries such as South Korea, Malaysia, Taiwan, Australia, and Singapore.
Major players in the 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).
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