Global Industrial Services Market Size, Share, and COVID-19 Impact Analysis, By Type (Engineering and Consulting, Installation and Commissioning, Operational Improvement and Maintenance), By Application (Distributed Control System, Programmable Logic Controller, Supervisory Control and Data Acquisition, Electric Motors and Drives, Human Machine Interface, and Others), By End User (Oil and Gas, Healthcare and Pharmaceuticals Chemicals, Automotive, Water and Wastewater, Chemicals, Food and Beverages, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Global Industrial Services Market is projected to grow from USD 34.10 billion in 2021 to USD 51.28 billion by 2030 at a CAGR of 5.6% during the forecast period. The services that businesses provide to industries as needed are referred to as industrial services. Included are engineering and consulting, installation and commissioning, operational enhancement, and maintenance. These services are traded between businesses to speed up the delivery of finished products or services.

The rise in the adoption of various technologies, such as the industrial internet of things, and the rising need for operational excellence across industrial sectors are both factors contributing to the market's expansion. Industries are giving their company operations higher priority to meet consumer demand and provide high yields. The requirement for industries to increase process efficiency is also expanding to maintain a competitive advantage over rivals. Industrial services are more necessary as a result of the requirement to improve job quality, produce faster throughput, and produce less waste in many sectors. On the other hand, rising internet of things (IoT) investment across regions is also projected to support market expansion.

COVID-19 ANALYSIS

The industrial services market is anticipated to suffer significantly as a result of COVID-19. Manufacturers are currently beginning to understand the value of industrial automation. However, because of the worldwide lockdowns, businesses are having serious cash flow problems and postponing new projects, including adopting industrial automation services. However, other technologies, such as cloud computing, machine learning, and artificial intelligence, is in great demand since they are necessary for the efficient operation of digital industrial facilities during the lockdown.

TREND

Development and Implementations of Innovative Technologies Propel Market Growth

Cloud computing, artificial intelligence, and machine learning are among the new technologies that are constantly being developed and put into use. These technologies are in high demand because they are crucial to the efficient operation of digital manufacturing facilities during the COVID-19 period. The market is anticipated to expand during the projected period due to the rising demand for industrial services in the automotive industry to shorten manufacturing times and boost productivity.

Applications for manufacturing execution systems (MES), human-machine interfaces (HMI), distributed control systems (DCS), programmable logic controllers (PLCs), and industrial robotics are just a few of the many applications offered by Industrial Services. Demand for industrial services is rising as a result of the need to prolong the life of machinery and systems and improve every area of the manufacturing site.

DRIVERS

Growing Need for Operational Excellence Drive Market Growth

The demand for predictive maintenance services will increase during the anticipated period, driving the industrial service market. Since industrial organizations use expensive equipment and incur considerable depreciation costs, asset management is essential. Predictive maintenance can result in substantial financial savings. In essence, predictive maintenance is the next development in asset management. Several strategies, including service contracts and agreements, product developments, and market expansions, are promoting the growth of the industrial services industry. Additionally, it is anticipated that the industrial services market will expand in size as a result of the consequences of fluctuating oil prices.

RESTRAINT   

Several Compliances across Globe Restraint Market Growth

The major decision-makers in determining compliances in any region are government agencies. According to the local environmental conditions, compliances are made. According to the region and industries, these compliances change. Companies that seek to establish their commercial activities in the area may encounter obstacles due to local legislation and compliance requirements. Import and export taxes, investment requirements, obligatory certificates, and industry-specific requirements can be barriers. The aforementioned is a significant barrier to the industrial services market's expansion.

SEGMENTATION INSIGHT

Global Industrial Services Market is segmented by Type, Application, End-user, and Region. Based on the Type, the market is categorized into Engineering and Consulting, Installation and Commissioning, Operational Improvement and Maintenance. Based on Application, the market is categorized into Distributed Control systems, Programmable Logic Controller, Supervisory Control and Data Acquisition, Electric Motors and Drives, Human Machine Interfaces, and Others. Based on End-user, the market is categorized into Oil and Gas, Healthcare and Pharmaceuticals Chemicals, Automotive, Water and Wastewater, Chemicals, Food and Beverages, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

REGIONAL INSIGHTS

The Global Industrial Services Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.    

The North America region is dominated the market share of the global industrial services market owing to the regional digital revolution as well as the ongoing evolution of various service model types. Additionally, the presence of several thriving industries, such as the food and beverage sector, in nations like the United States and Canada, as well as the increasing emphasis on functional safety in sectors like mining, chemicals, pharmaceuticals, and others, are some other factors that are anticipated to propel the market's growth. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. The market for industrial services is expanding because of emerging nations like China and India. The governments of these nations support foreign investment in the discrete and process sectors. The National Bureau of Statistics claims that the two most important reasons in China are the enormous volume of demand and rising labor costs. In China, there is a rising demand for industrial automation. The demand for industrial services providers for automation products like PLC, SCADA, HMI, and DCS would increase as a result of this development.

LIST OF KEY COMPANIES PROFILED:  

• General Electric
• Siemens
• Metso Corporation
• John Wood Group PLC
• Honeywell International Inc
• ABB
• Emerson Electric Co.
• Rockwell Automation, Inc.
• SAMSON AG
• Schneider Electric
• ATS Automation Tooling Systems Inc.
• SKF
• Dynamysk Automation Ltd.
• Wunderlich-Malec Engineering, Inc.
• Yaskawa America, Inc.
• Fuji Electric Co., Ltd.
• Genpact
• ICONICS, Inc.
• Mitsubishi Electric Corporation

 KEY INDUSTRY DEVELOPMENTS:    

• October 2020- The digital EcoStruxure Asset Advisor service will be expanded to include condition-based monitoring and proactive maintenance of rotating equipment thanks to a partnership between Schneider Electric and Semiotic Labs.
• December 2019- To help Equinor reduce cost, schedule, and risk, ABB and Equinor signed a new frame agreement to provide safety and automation systems across the company's installed base and Greenfield projects globally.
• July 2019- Emerson completed a 48 million USD deal to provide automation systems and cloud engineering software-as-a-service for the Shah Deniz 2 project in Azerbaijan. Emerson is also carrying out a five-year service agreement to support the project's dependable and secure operations.

SEGMENTATION

By Type

• Engineering and Consulting
• Installation and Commissioning
• Operational Improvement and Maintenance

By Application

• Distributed Control System
• Programmable Logic Controller
• Supervisory Control and Data Acquisition
• Electric Motors and Drives
• Human Machine Interface
• Others

By End-user

• Oil and Gas
• Healthcare and Pharmaceuticals Chemicals
• Automotive
• Water and Wastewater
• Chemicals
• Food and Beverages
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa