Industrial Services Market Revenue, Insights, Overview, Outlook, Analysis

Industrial Services Market

The global Industrial Services market size is projected to reach US$ 32300 million by 2027, from US$ 28360 million in 2020, at a CAGR of 4.4% during 2021-2027. Key drivers of the industrial services market include the growing need for operational excellence. The rising demand for maintenance as a service will fuel the growth of the industrial services market during the forecast period. The increasing equipment complexity is driving the need for enhanced predictive maintenance which will fuel the demand for the market in the upcoming years.

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Industrial Services Market Trends

Importance of Operational Excellence

Companies are becoming vulnerable to the existing current economic downturn. Customers have become price sensitive and want faster delivery of services. Hence businesses around the world are experiencing lower profit margins and increased market competition. Operational excellence is necessary for retaining the competitive edge in the industry. This will push the demand for the industrial services market during the forecast period. The designing of value streams leads to an end flow of information. Interactive visuals are being deployed to see the connections from raw material management to end-user information. Clearly demarcated goals help in boosting productivity and service quality. They increase safety measures and enhance flexibility. Better operations and improving customer experience lead to rapid fulfillment of important financial goals and ticking off the financial metrics. Better and more open organizational communication leads to an empowered and motivated workforce. A clear strategy and exact KPI measurement ensure all the employees are aware of the key goals of the company. This drastically improves teamwork, and collaboration and decreases instances of employee downtime, stockpiling of excess inventory, and over or underproduction.

The advent of maintenance as a service

Businesses are increasingly facing maintenance issues with the growing global complexities and uncertain industrial climate. However industrial services are required mandatorily as it provides a lot of benefits. This will bolster the growth of the industrial services market in the forthcoming years. It saves money in the long duration by keeping all the real assets working as per their optimum potential, It significantly helps in increasing the shelf life and decreases the chances of the facility's reduction due to service deterioration. Moreover, a maintenance service ensures safety by allowing all employees to work in a healthy environment. Improvement in production will keep the entire assembly in good order. Having a well-maintained facility avoids undertaking large-scale preventative repairs which are costly and dangerous if left unattended. Workplace injuries and hazards are tragic and very harmful. This is totally preventable by completing the servicing on time and not ignoring even minor maintenance issues. Particles of dirt and dust get lodged in filters, and fans and restrict the airflow between the vents. This leads to premature equipment failure which can be eliminated completely with all the necessary checks and balances.

Equipment complexity

Preventative maintenance is a must for the smooth functioning of the business. It extends the asset lifespan by calculating the mean time between failures to make informed maintenance decisions. Tracking the issue ensures making the right maintenance at the right time. This helps in catching defects before the actual breakdown. The risk of breakdowns is lowered which will drive the growth of the industrial services market in the forthcoming years. With a good plan in hand maintenance activities can be scheduled proactively thereby giving peace of mind. There will be the increasing availability of the equipment, more uptime, and efficient functioning. Unplanned downtime is avoided completely. Accurate monitoring promotes the health and safety of the equipment. Moreover, integration with a computerized maintenance management system allows one to foresee all the equipment by storing the information on a single centralized hub. The software simplifies the procedure of safety audits and all the information can be accessed via a smartphone with just a few clicks. As machines work as per their optimum potential these automatically increase revenue, boost productivity, and strengthen the overall personal brand image. Unplanned maintenance costs are high than planned maintenance. There is the price of rushing the shipping of necessary machine parts and technicians have to be onboarded. In worst-case scenarios, a full equipment overhaul is necessary to boost production capacity. Predictive maintenance solves all these problems.

Industrial Services Market Segment Review

Based on type, the improvement and service segment is expected to dominate in the industrial services market share due to the growing need for ad-ho, emergency repair, planned maintenance, and predictive maintenance to prevent unintended breakdowns and increase the shelf life of the equipment.

Based on application, the MES segment will witness considerable growth in the industrial services market share because MES is useful in a variety of roles such as life cycle data, execution, product dispatch, resource scheduling, downtime management, and product analysis. Moreover, it stores all the information related to equipment processing, raw materials, finished products, documents, and even information from workers.

Based on region, Asia-Pacific will provide lucrative growth opportunities due to large-scale industrial production and the presence of many manufacturing plants. Several companies are expanding their production facility and utilizing high safety standards through industrial services.

Industrial Services Market by Type
• Engineering and Consulting
• Installation and Commissioning
• Improvement and Maintenance

Industrial Services Market by Application
• PLC
• SCADA
• HMI
• DCS
• MES
• Electric Motors & Drives
• Valves & Actuators
• Safety Systems

Major Players in the Industrial Services Market
• ABB (Switzerland)
• Siemens (Germany)
• General Electric (US)
• Emerson Electric (US)
• Honeywell International (US)
• Schneider Electric (France)
• Wood Group Mustang (US)
• SKF AB (Sweden)
• ATS Automation (Canada)

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This release was published on openPR.