Global Industrial Services Market
Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "Industrial Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global industrial services market is expected to grow from $31.35 billion in 2022 to $33.31 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The industrial services market is expected to grow to $40.75 billion in 2027 at a CAGR of 5.2%.
The increase in demand for predictive maintenance services is expected to propel the growth of the industrial services market going forward. The continual monitoring of the status of industrial equipment while it is in use is referred to as predictive maintenance. The predictive maintenance are used by businesses to learn about potential concerns in the future.
For instance, in 2021, according to a survey conducted across Europe by Reichelt Elektronik, a European-based electronics and technology company, 83% of European businesses used predictive maintenance services, and 24% intended to increase their use over the next year. Therefore, the increasing demand for predictive maintenance services is driving the growth of the industrial services market.
Strategic partnerships and collaborations are key trends gaining popularity in the application testing services market. Major companies operating in the industrial services market are undergoing partnerships to strengthen their position in the industrial services market. For instance, in August 2022, Tech Mahindra, an India-based company operating in Industrial services, partnered with Soroco, a US-based work graph company for an undisclosed amount. This partnership would help customers develop a culture of improvement and adapt the best industry practices to their operations.
The customers would be able to use AI-based process discovery and mining technology to achieve better outcomes. Furthermore, in December 2020, Rolls-Royce, a UK-based aerospace and defense technology company, partnered with Infosys, an India-based company operating in Industrial Services for an undisclosed amount. This partnership will establish civil aerospace engineering capabilities in Bangalore, India. Also, the partnership would combine the product knowledge of Rolls-Royce with core engineering services and digital transformation capabilities of Infosys to achieve better outcomes in the civil aerospace engineering vertical.
In June 2022, Industrial Service Solutions, a US-based field, shop, and supply services provider, acquired Servo South Inc. for an undisclosed amount. This acquisition would bring motor repair, electronics repair, and other industrial service capabilities to Industrial Services Solutions. Servo South is a US-based company operating in industrial services.
Asia-Pacific was the largest region in the industrial services market in 2022. The regions covered in the industrial services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the industrial services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Where is the largest and fastest growing market for industrial services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial services market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
1) By Type: Engineering and Consulting; Installation and Commissioning; Operational Improvement and Maintenance
2) By Application: Distributed Control System; Programmable Logic Controller; Supervisory Control and Data Acquisition; Electric Motors and Drives; Valves and Actuators; Human Machine Interface; Manufacturing Execution System; Safety Systems; Industrial PC; Industrial 3D Printing; Industrial Robotics
3) By End-User: Oil and Gas; Healthcare and Pharmaceuticals; Chemicals; Automotive; Water and Wastewater; Chemicals; Food and Beverages; Energy and Power; Semiconductor and Electronics; Paper and Pulp; Metals and Mining; Aerospace; Other End Users
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Industrial Services Market Characteristics
3. Industrial Services Market Trends And Strategies
4. Industrial Services Market - Macro Economic Scenario
5. Industrial Services Market Size And Growth
6. Industrial Services Market Segmentation
7. Industrial Services Market Regional And Country Analysis
7.1. Global Industrial Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Industrial Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
Emerson Electric Co
Honeywell International Inc.
Schneider Electric SE
Rockwell Automation Inc.
General Electric Company
Yokogawa Electric Corporation
Mitsubishi Electric Corporation
Metso Outotec Oyj
Dynamysk Automation Ltd.
Wunderlich-Malec Engineering Inc.
Yaskawa Electric Corporation
Fuji Electric Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/khjc6b
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