The report segments the global industrial actuators services market by application (repair, maintenance, and consulting services, commissioning and calibration services, and retrofit services), by end-user (oil and gas industry, chemical and petrochemical industry, power industry, water and wastewater treatment industry, and metals and mining industry), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global industrial actuators services market, according to Technavio industrial automation researchers:
- Growing retrofitting activities to modernize existing actuators: a major market driver
- Maintaining long service contracts for actuators: emerging market trend
- EMEA dominated the global industrial actuators services market with over 36% share in 2017
- In 2017, the repair, maintenance, and consulting services sector held the largest share in the market
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Growing retrofitting activities to modernize existing actuators: a major market driver
The growing retrofitting activities to modernize existing actuators is one of the major factors driving the global industrial actuators services market. Many large, established industries are transitioning to digital infrastructure. This requires immense retrofitting services for existing devices to complement new parameters. New designs of valve actuators with modified technologies have been emerging in the market. This is inspiring end-user industries to implement advanced actuators in their premises.
According to a senior analyst at Technavio for research on automation, “The use of advanced actuators will provide advantages such as save time, occupy less storage space, and incur less operating costs. End-users prefer retrofit services more than new installations as the former is an easy and less expensive way to implement new technologies in operations.”
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Maintaining long service contracts for actuators: emerging market trend
Most of the end-users are trying to opt for long service contracts for any minor component or device. The end-users will be assured of the availability of technicians and continuous flow of revenue by choosing long service contracts. Long-term contracts will confirm immediate service and priority-based services. This will further facilitate cost cutting as long-term contracts always provide discounts and service without any delay.
Global market opportunities
During the year 2017, EMEA contributed a major share of revenue of over 36% toward the global industrial actuators services market. EMEA was followed by APAC and the Americas respectively. APAC is undergoing a major revolution of industrialization. Thus, it is noted that APAC will witness the highest CAGR during the forecast period. On the other hand, EMEA and the Americas with established industries are expected to project lower CAGR rates than APAC during the forecast period.
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