The global Industrial Services market size is projected to reach US$ 32300 million by 2027, from US$ 23860 million in 2020, at a CAGR of 4.4% during 2021-2027. Major factors driving the growth of the Industrial Services market size are the growing need for operational excellence, increasing demand for maintenance as a service, and increasing equipment complexity.
The growing demand for predictive maintenance services is driving the industrial service market size during the forecast period. In manufacturing industries, where equipment is costly, and depreciation is a major expense, asset management is important. With predictive maintenance, big cost savings are possible. Essentially, predictive maintenance is the next lever for asset management improvement.
The deployment of strategies like service contracts and agreements, product developments, and expansions are fueling the growth of the industrial service market size.
Furthermore, the industrial services market size is expected to grow due to the effects of fluctuating oil prices. In the oil & gas industry, an immense amount of operational productivity also serves as an increasing field for this market. Operators might consider implementing the industrial services to help optimize output, which incorporates engineering and computational power to allow companies to forecast yields or maximize industry assets.
The disruption in the supply chain due to the outbreak of the COVID-19 pandemic is the biggest challenge for the industrial service market players in the current situation. Governments around the world have implemented numerous rules and regulations aimed at curbing the spread of the virus, such as bans on the export and import of goods and raw materials. This has contributed to a massive disruption in the supply chain, resulting in a lack of raw materials used in different industries. However, towards the end of 2021, as new treatments are introduced to curb the spread of the virus, the industrial service market is expected to recover at a steady pace.
Ad-hoc and emergency repair, planned maintenance, and predictive maintenance is included in the improvement and maintenance services segment. These services support processes to avoid unintended faults and increase the life of equipment and systems.
MES helps maintain updated product life cycle data, product quality, execution and dispatch of orders, resource scheduling, Overall Equipment Effectiveness (OEE) downtime management, and production analysis. In addition, MES helps to preserve all data relating to the production process, such as raw materials processed into finished products and related documents, as well as data from robots and workers.
Countries in this area concentrate on large-scale industrial production and, as a result, have a large number of manufacturing plants. China is regarded as one of the world's largest manufacturing countries, thereby driving the APAC manufacturing market. Several multinational companies have developed their production facilities in APAC and are adopting higher safety standards that lead to higher demand for industrial services.
Ans. Major factors driving the growth of the Industrial Services market size are the growing need for operational excellence, increasing demand for maintenance as a service, and increasing equipment complexity.
Ans. The top companies operating in the Industrial services market include 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), INTECH Process Automation (US)
Ans. The global Industrial Services market size is projected to reach US$ 32300 million by 2027, from US$ 23860 million in 2020, at a CAGR of 4.4% during 2021-2027.
Ans. The forecast period for the Industrial services market is 2021 to 2027
Ans. Based on Application, The MES segment is expected to hold the largest industrial service market share
Ans. Based on Application, The MES segment is expected to hold the largest industrial service market share.
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In 2020 the global Automated Material Handling Equipment market size was US 36000 million and it is expected to reach US 58200 million by the end of 2027 with a CAGR of 6.9 during 20212027.Global Automated Material Handling Equipment Market Size Manufacturers Supply Chain Sales Channel and Clients 20212027.