According to MarketsandMarketsTM
report on "Industrial
Services Market by Type (Engineering and Consulting, Installation and
Commissioning and Operational Improvement and Maintenance), Application (PLC,
SCADA, HMI, DCS, MES, Electric Motors & Drives, Valves & Actuators, and
Safety Systems), Industry, and Region - Global Forecast to 2023", the industrial services market is expected to be valued at USD 35.41
Billion by 2023, growing at a CAGR of 5.4% between 2017 and 2023. The factors
that are driving the growth of this market are the growing need for operational
excellence, increasing demand for maintenance as a service, and increasing
equipment complexity.
•
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Browse 66 Market Data
Tables and 57 Figures spread through 161 Pages and in-depth TOC on "Industrial
Services Market - Global Forecast to 2023"
“Industrial services market for operational improvement and maintenance services expected to grow at the highest CAGR during the forecast period”
The
industrial services market for operational improvement and maintenance services
is expected to grow at the highest CAGR between 2017 and 2023. The operational
improvement and maintenance services help the end users to improve the
lifecycle of the asset and reduce the downtime. Growing equipment complexity
would help the market for scheduled maintenance to grow in the coming years.
“The industrial services
market for the automotive industry to grow at a highest CAGR between 2017 and
2023”
Among
various industries, the automotive industry accounted for the highest CAGR of
the overall industrial services market between 2017 and 2023. In the automotive
industry, there are processes such as welding, cleaning, and assembly, which
are time-consuming and hence need to be automated. The use of micro PLC helps
in monitoring the production processes, thereby reducing the time required for
production and resulting in increased efficiency. The growing demand for micro
and nano PLCs in the automotive industry is driving the industrial services
market.
“Asia Pacific expected to
lead the industrial services market between 2017 and 2023”
Asia
Pacific is expected to hold the largest size of the industrial services market
during the forecast period. This growth is mainly attributed to the expansion
of industrial automation and related services in China, Japan, and India. With
the growing trend of cloud connectivity in the APAC, industries would adopt
Industrial Internet of Things (IIoT)-based remote monitoring and predictive
maintenance services in this region.
•
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The
major players operating in the industrial services market are Omron Corporation
(Japan), Mitsubishi Electric (Japan), Fuji Electric (Japan), Yaskawa (Japan)
Schneider Electric (France), Wood Group Mustang (US), SKF AB (Sweden), ATS
Automation (Canada), INTECH Process Automation (US), and Dynamysk Automation
Ltd (Canada).
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