DUBLIN--(BUSINESS WIRE)--The "Industrial Services Market with COVID-19 Impact by Type (Engineering & Consulting, Installation & Commissioning, Operational Improvement & Maintenance), Application (MES, Motors & Drives, DCS, HMI, PLC), Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global industrial services market is expected to be valued at USD 33.6 billion in 2020 and is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025.
The growth of the industrial services market is attributed to the growing need for operational excellence, increasing demand for maintenance-as-a-service, and increasing equipment complexity. Operational excellence is one of the major factors that help industry players achieve optimal performance in the production process.
The market for operational improvement & maintenance services to grow at a higher CAGR during the forecast period.
The operational improvement and maintenance services segment includes ad-hoc and emergency maintenance, scheduled maintenance, and predictive maintenance. These services help process and discrete industries to avert unexpected faults and enhance the life of equipment and systems. Operational improvement and maintenance services use an integrated approach that combines both organizational and technical solutions to enhance the working efficiency of a plant. These factors owing to the higher growth of operational improvement & maintenance services during the forecast period.
The market for the food & beverages industry to grow at the highest CAGR during the forecast period.
There is a strong demand for processed food from the emerging markets owing to the burgeoning population and the increasing food consumption all over the world. Besides raising costs, the food & beverages industry faces other challenges such as regulatory compliance, management of the global supply chain, product quality, and continuous process improvement. These challenges are overcome using SCADA, PLC, DCS, and MES systems to enhance productivity, save resources, and minimize downtime, as well as maintain adherence to regulatory compliances.
APAC is projected to grow at a higher CAGR during the forecast period.
APAC is expected to be the fastest-growing market for the industrial services market. APAC is considered one of the fastest-growing economies. Countries in this region focus on large-scale industrial manufacturing and, thus, has a vast number of manufacturing plants of almost all major companies across the world. Countries such as China, India, Japan, South Korea, Australia, and Indonesia are rapidly expanding their manufacturing output. China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC. Various multinational companies have set up their manufacturing plants in APAC and are adopting higher safety standards leading to increased demand for industrial services. However, due to the outbreak of COVID-19, various companies in APAC witnessed a decline in demand for industrial services.
Market Dynamics
Drivers
- Fiscal Policy Steps Taken by Regional Financial Institutions to Sustain Manufacturing Facilities Amid COVID-19 Crisis
- Growing Need for Operational Excellence
- Increasing Demand for Maintenance-As-A-Service
- Increasing Equipment Complexity
Restraints
- Varying Compliances Across Regions
- Lack of Skilled Personnel
Opportunities
- Predictive Maintenance Services
- Collaboration of Industrial Services Providers with OEMs
Challenges
- Supply Chain Disruptions due to COVID-19 Pandemic
- Demand for Integration of Services
Companies Mentioned
- ABB
- ATS Automation
- Dynamysk Automation Ltd
- Emerson Electric
- General Electric
- Honeywell International
- Intech Process Automation
- Metso Corporation
- Mitsubishi
- Other Prominent Players
- Prime Controls Lp
- Rockwell Automation
- Samson
- Schneider Electric
- Siemens Ag
- SKF AB
- Wood Group Mustang
- Wunderlich-Malec Engineering
- Yaskawa Electric Corporation
- Yokogawa
For more information about this report visit https://www.researchandmarkets.com/r/cp78d6
