Albany, NY -- (SBWIRE) -- 01/18/2018 -- Industrial services are a specialized group of end-to-end integrated solutions for on-shore and off-shore operations such as maintenance, construction, and consulting projects.This is achieved by collaborating with customers to provide completely integrated industry solutions. This helps reducelosses, shorter development and construction timelines (time saving), and lower maintenance costs (cost saving).Key services offered by industrial services include regular maintenance, facility design, and construction.Increasing oil & gasand chemical projects have significantly increased over the past decade, which is projected to provide significant opportunity in industry infrastructure services. The industrial services market is expected to witness significant expansion during the forecast period.
Rise in demand for maintenance service and operational excellenceare some factorsdriving the global industrial services market. Due to increase in data volume and equipment complexity, organizations are adopting industrial services to efficiently manage time and generate cost savings. Players in the industrial services segment are adopting several strategies such as product development, service contracts & service agreements, partnerships, and expansions. However, lack of skilled workers, lack of standardization, and unsystematic approaches of exploiting services potential are major factors hindering the market. Additionally, varying agreements across different regions is also restraining the market.
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The global industrial services market is categorized based on service type, application, end-use industry, and region. In terms of service type, the market is segmented into engineering & consulting, installation & commissioning, and operational improvement & maintenance. Engineering & consulting services is further divided into system configurations, compliances, and infrastructure audits. The installation & commissioning segment is bifurcated into training and testing & certification. The operational improvement & maintenance segment is divided into ad-hoc &emergency maintenance, scheduled maintenance, predictive maintenance, and mechanical services. Based on application, the industrial services market is categorized into distributed control system (DCS), supervisory control and data acquisition (SCADA), programmable controller logic (PLC), valves & actuators, electric motors & drives, human-machine interface (HMI), safety systems, and manufacturing execution system (MES).
In terms of end-use industry, the industrial services market is segmented into oil &gas, IT & telecommunication, automotive, food & beverages, chemicals, energy & power, pharmaceuticals, aerospace & defense, and others. Among major end-use industries, oil & gas sector is expected to be strongly influenced by the widespread adoption of global industrial services market during the forecast period.
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This is due to reduction in oil prices and rising demand for industrial services toimprove operational efficiency, therebyreducing unexpected downtime.The automotive industry is anticipated to expand at a rapid pace owing to rising demand for automation of time-consuming processes. Monitoring the production process simplifies the work load, thereby increasing overall efficiency. The operational improvement and maintenance services segment of the industrial services market offers several advantages that are anticipated to help simplify industrial processes.
Based on geography, the industrial services market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.North America and Europe are among early adopters of industrial services. This is primarily due to the presence of large manufacturing units and the regions being developed economies.The market in Asia Pacific is witnessing a major shift toward cloud based services, increasing adoption of industrial internet of things (IoT), and growing industrial sector, which is likely to propel the adoption of industrial services.
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Key players operating in the the global industrial services market are ABB, Emerson Electric, General Electric, Honeywell International Inc., Metso Corporation, Rockwell Automation Inc,.Samson AG, Schneider Electric, Siemens AG, Wood Group Mustang, Mitsubishi Electric Corporation, and Leadec Group (Voith Industrial Services).