Industrial Services Market worth $44.1 Billion USD by 2025, at a CAGR of 5.6%
Industrial Services Market with COVID-19 Impact share is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6%
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services help industry plants not only to improve productivity and
working efficiency, but also to reduce downtime and maintenance costs.
These services assist the user in improving the plant's reliability,
availability, and efficiency. The key industrial services are
engineering & consulting, installation & commissioning, and
operational improvement & maintenance. These are provided either by
OEMs or third-party vendors.
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Industry Trends of the Global Industrial Services Market:
1. ABB and TECO Electric & Machinery entered a strategic
collaboration to develop solutions for offshore wind substation-related
equipment and engineering in Taiwan. Following the collaboration, ABB
will be accountable for designing and supplying electricity, data
acquisition and monitoring, and automation. ABB will ensure the
provision of engineering, production, commissioning, and operational
maintenance services for the equipment involved.
Gamesa, a subsidiary of Siemens, signed two agreements with Hai Long
Offshore Wind Project at the Energy Taiwan trade fair in Taipei. The two
agreements include the Turbine Supply Agreement and Service and
Availability Agreement pertaining to three offshore wind power projects
in Taiwan, which encompass 1,044 MW. The service agreement currently
entails a 15-year contract, with the option of being extended to 20
years. Under the service agreement, Siemens Gamesa will provide offshore
logistics and operations and maintenance service facilities for all
What are the Driving Factors of Evolution of technologies and consolidation of Industrial Services Market?
The Industrial services market is projected to grow from USD 33.6 billion in 2020 to USD 44.1 Billion by 2025, at a CAGR of 5.6% between 2020-2025.
Operational improvement & maintenance services to grow at the highest growth rate during the forecast period
operational improvement and maintenance services help the end users
improve the asset's lifecycle and reduce downtime. The complete suite of
operational improvement and maintenance services segment can be further
divided into a broad spectrum of services, including scheduled
maintenance, ad-hoc and emergency maintenance, and predictive
maintenance services. Ad-hoc and emergency maintenance services help end
users reduce unplanned downtime by providing a control system expert
for fast and efficient onsite support.
Industrial Services Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Industrial 3D printing to grow at the highest growth rate during the forecast period
3D printing is used in major industries such as automotive, aerospace,
food & beverages, electrical/electronics, and foundry and forging
industries. Manufacturing tools is an expensive and time-consuming
process, but it can be simplified using industrial 3D printing tools.
The highly complex designs can be easily manufactured using 3D printing,
thereby eliminating the requirement of an assembly line.
players in industrial services market are ABB (Switzerland), Emerson
Electric Co. (US), General Electric Co. (US), Honeywell International
(US), Schneider Electric (France), Rockwell Automation, Inc. (US),
Siemens (Germany), Yokogawa Electric Corp. (Japan), Mitsubishi Electric
Corporation (Japan), Metso Corporation (Finland), and Samson AG
Industrial Services Market - Geographical Regional Vision by MarketsandmarketsTM
The industrial services market in Asia Pacific is expected to grow significantly from 2020 to 2025
growth in Asia Pacific is mainly attributed to the increasing adoption
of industrial automation and related services in China, Japan, and
India. With the growing trend of cloud connectivity in Asia, industries
would adopt Industrial Internet of Things (IIoT)-based remote monitoring
and predictive maintenance services. The downstream sector of Chinas
oil & gas industry is undergoing remarkable developments and
reformation to modernize refineries, fueling the demand for machine
safety systems. The adoption of automation solutions in the
manufacturing industries in India is increasing significantly.
Industrial Services Market Report is also available for Specific Regions & Countries:
North America (US, Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe)
Asia-Pacific (South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC)
Latin America (Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America)
Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA)
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