The size of the industrial services market will be worth around USD 65 billion by 2030

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precedence research

The global industrial services market size is expected to be worth around USD 65 billion by 2030 and is projected to grow at a recorded CAGR of 6.96% during the forecast period of 2022 to 2030.

Ottawa, Dec. 22, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the world industrial services market size it was estimated at USD 37.95 billion in 2022. In recent years, there has been a large increase in demand for process-related services, driven in part by the need for companies to reduce operating expenses. Business operations that include providing advice, offering IT or financial services, or providing other comparable vital services in many business verticals are expanding and are projected to skyrocket in the coming years.

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According to other WTO figures, telecommunications, computer and information services accounted for 20% of all other commercial services exports in 2019, while financial, insurance and pension services, construction and other business services accounted for the 15%, 4% and 42%. %, respectively. In addition, exports of telecommunications, computer and information services increased by 11% in 2019 compared to the previous year, representing 81% of the total.

Demand for industrial services is expected to increase significantly in the coming years as companies become more aware of the benefits of using them. In addition, increasing rates of globalization, growth in foreign direct investment, and urbanization are anticipated to contribute to the development of the global market for industrial services over the forecast period. In the coming years, the GDP growth of countries around the world is also expected to accelerate the development of the market. World Bank figures show that between 2000 and 2020, world GDP per person would have gone from USD 33.555 trillion to USD 84.706 trillion.

regional snapshots

Demand for industrial services is expected to increase significantly in the coming years as companies become more aware of the benefits of using them. In addition, increasing rates of globalization, growth in foreign direct investment, and urbanization are anticipated to contribute to the development of the global market for industrial services over the forecast period.

In the coming years, the GDP growth of countries around the world is also expected to accelerate the development of the market. World Bank figures show that between 2000 and 2020, world GDP per person would have gone from USD 33.555 trillion to USD 84.706 trillion. Furthermore, the Asia Pacific market is forecast to expand with a sizeable CAGR of 6.27% over the course of the research period and generate revenue of USD 13.264 million by 2028.

The region’s market is expanding largely as a result of the growing number of companies in emerging markets such as China, India and Vietnam, as well as the desire of those companies to maximize process efficiencies. The market in the area is expected to reach USD 7.903 million by the end of 2021.

The Asia Pacific market is further divided by country into China, India, Vietnam, South Korea, Japan, Singapore, Australia, and the rest of Asia Pacific. Of these countries, the Chinese market is expected to have the highest revenue by 2028, reaching $2,872.98 million, up from $1,869.90 million in 2019. On the other hand, the Vietnam market is expected to grow expand to the higher CAGR of 7.31. % over the course of the projected year.

Report hFeatured

  • based on typeThe improvements and services segment is anticipated to have a dominant share of the industrial services market due to the increasing demand for ad-hoc repairs, emergency repairs, planned maintenance and Predictive Maintenance to stop unwanted breakdowns and extend the useful life of the equipment.

  • Due to the fact that MES is beneficial in a number of tasks including lifecycle data, execution, product shipping, resource scheduling, downtime management, and product analytics, the MES industry will have a significant increase in the market share of industrial services. In addition, it keeps track of all the data related to the processing of equipment, raw materials, finished products, papers, and even employee data.

  • Region Based, Asia-Pacific will offer prosperous growth prospects due to its extensive industrial production and existence of several manufacturing facilities. Several companies are using industrial services to increase their production capacity while maintaining strict safety requirements.

recent developments

  • In October 2020, Schneider Electric and Semiotic Labs entered into a partnership. Through this cooperation, EcoStruxure Asset Advisor’s digital solution will be expanded to include predictive maintenance and condition-based monitoring of rotating equipment.

  • A new framework contract was signed with ABB in December 2019. The goal of the agreement is to provide security and automation technologies at Equinor’s existing base and new construction projects.

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Scope of the Report

report attributes

Details

Market size in 2022

$37.95 billion

Income forecast for 2030

$65 billion

CAGR

6.96% from 2022 to 2030

largest market

North America

fastest growing region

Pacific Asia

base year

2022

forecast year

2022 to 2030

Key players. main players

General Electric (USA), Siemens (Germany), Metso Corporation (Finland), John Wood Group PLC (UK), Honeywell International Inc (USA), ABB (Sweden), Emerson Electric Co. (USA) USA), Rockwell Automation, Inc. (USA), SAMSON AG (Germany), Schneider Electric (France), ATS Automation Tooling Systems Inc. (Canada), SKF (Sweden), Dynamysk Automation Ltd. (Canada ), Wunderlich-Malec Engineering, Inc. (USA), Yaskawa America, Inc. (Japan), Fuji Electric Co., Ltd. (Japan), Genpact (USA), ICONICS, Inc. (USA USA), Mitsubishi Electric Corporation (Japan), and others

Market D.dynamic

drivers

Companies are increasingly susceptible to the current economic crisis. Customers are now more price conscious and want services to be delivered faster. As a result, companies around the world are facing lower profit margins and more intense competition. Operational excellence is essential to maintaining a market advantage. During the time of the projection, this will increase the market demand for industrial services. Value stream design results in a final flow of information. To show the links between raw materials management and end-user information, interactive visualizations are used. Both productivity and service quality can be increased if you have well-defined objectives. They reinforce safety precautions and improve adaptability. Faster achievement of meaningful financial goals and blacking out financial metrics are the results of better operations and improved customer experience. An empowered and engaged staff is the result of improved and transparent corporate communication. The main corporate objectives are communicated to all personnel through a defined strategy and precise measurement of KPIs. As a result, there is a significant improvement in cooperation and collaboration, as well as a reduction in employee downtime, excess inventory buildup, and over/under production.

restrictions

One of the problems preventing the expansion of the industrial services industry is the absence of end-to-end process and quality control. Engineering services are an example of an industry service that includes the management, implementation, and maintenance of critical business operations, data, and systems. Low-quality goods may eventually result in the violation of the rights of relevant parties, such as buyers’ consumers or end-users in the marketplace. Manufacturers and OEMs are increasingly ceding many of their duties and obligations to engineering service providers as a result of the complexity and size of today’s increasingly complicated projects. However, the expansion of the industrial services market will be hampered during the projection period by a lack of end-to-end quality and process control.

Opportunities

One of the main factors promoting the expansion of the industrial services industry is the shortage of technical skills. It often discourages end users from using automation systems and leads to operational inefficiencies because they see the downtime required for maintenance tasks as a substantial financial loss. Difficulties have been resolved by providers providing industrial services such as engineering and consulting, operational improvement and maintenance by providing 24-hour remote assistance, solutions through cloud monitoring, and other enhanced services. Vendors must increasingly employ online and offline training and consulting methods to ensure that end users are familiar with their technology if they are to maintain a competitive advantage in the marketplace. These factors drive revenue for industrial service providers, particularly small and medium-sized enterprises (SMEs), which in turn drives market expansion.

challenges

The main problem facing market participants right now is the supply chain disruption caused by the COVID 19 epidemic. To stop the spread of the virus, countries have enacted a number of laws and regulations, including limitations on the export and import of goods and raw materials. This has caused significant disruption to the global supply chain and a lack of necessary raw materials in numerous sectors.

Market segmentation

by application

  • Distributed Control System (DCS)

  • Programmable Controller Logic (PLC)

  • Supervisory Control and Data Acquisition (SCADA)

  • Electric motors and drives

  • Valves and Actuators

  • Manufacturing Execution System

  • man-machine interface

  • Security systems

  • industrial computers

  • Industrial 3D printing

  • Industrial robotics

  • Others

By industry

  • oil and gas

  • chemicals

  • Automotive

  • pharmaceutical products

  • Others

By type

By Geography

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