Pune, India -- (SBWIRE) -- 03/30/2018 -- Market Scenario
The Industrial Services are determined as the wider service portfolio that is being recognized by the service solution providers. The key factors driving the growth of the industrial services market are the deployment of strategies that includes service contracts and service agreements, product developments, partnerships, and expansions. The growing demand for operational excellence; rising demand for maintenance as a service; and increasing equipment complexity also fueling the market of industrial services by the end of the forecasted period. The growth of industrial service has also evolved the large multinational organizations. Due to its standardization of price and quality, the demand of the improved asset utilization, the industrial services represents the clear competitive advantage for the clients.
The study indicates that Industrial services are the key source for revenue and growth for its providers. The technological advancement is not only prompting the growth of industrial service market but also endorse the innovation and development of various industrial equipment. The major driving factor for the growth of Industrial Services are increasing demand is the implementation. Moreover, the demand for predictive maintenance services and increasing equipment complexity would help in the growth of the industrial services market for operational improvement and maintenance services.
The impact of fluctuating oil prices has increased the demand for industrial services. A huge amount of operational efficiency in the oil & gas industry is also acting as a growing sector for this market.
The global Industrial Services Market is expected to grow at USD$ ~35.71 Billion by 2023, at ~5.9% of CAGR between 2017 and 2023.
The prominent players in the Industrial Services Market are – Siemens AG (Germany), ABB (Switzerland), Emerson Electric (US), Honeywell International Inc. (US), General Electric (US), Schneider Electric (France), Wood Group Mustang (US), SKF AB (Sweden), ATS Automation (Canada), INTECH Process Automation (US) among others.
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The global Industrial Services market has been segmented on the basis of type, application, end-users, and region.
Industrial Services Market by Type:
- Service Strategies
- Resource Planning
- Maintenance Strategy and Planning
- Engineering and Consulting
Industrial Services Market by Application:
- Human Machine Interface
- Distributed Control System
- Manufacturing Execution System
- Programmable Logic Controller
- Safety Systems
Industrial Services Market by End Users:
- IT and Telecom
- Metals & Mining
- Food & Beverages
- Oil & Gas
Industrial Services Market by Regions:
- North America
- Rest of the World
The regional analysis of Industrial Services market is being studied for region such as Industrial Services a pacific, North America, Europe and Rest of the World. Europe region is dominating the global industrial services market and accounted for a largest market share due to wide spectrum of services offered in these region. The Key Vendors such as Siemens AG (Germany), ABB (Switzerland), and many more are the major player in this market. While in North America, the market is expected to grow further in the coming years of the Industrial Services market.
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- Raw material providers
- Original design manufacturers
- Technology, service, and solution providers
- Suppliers and distributors
- System integrators
- Electronic design automation
- Component manufacturers
- Original equipment manufacturers
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- Research institutes,
- System Integrators
- Research/Consultancy firms
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