Industrial Services Market Size to Worth Around USD 65 Bn by 2030

Ottawa, Dec. 22, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global industrial services market size was estimated at USD 37.95 billion in 2022. Over the past few years, there has been a huge increase in the demand for process-related services, driven in part by firms' need to cut operating expenses. Business operations that include giving advice, offering computer or financial services, or delivering other comparable vital services across many business verticals are expanding and are anticipated to soar in the approaching years.

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According to further WTO figures, telecommunication, computer, and information services made up 20% of all other commercial service exports in 2019 while financial, insurance, and pension services, construction, and other business services recorded at 15%, 4%, and 42%, respectively. In addition, the exports of telecommunication, computer, and information services increased by 11% in 2019 compared to the previous year, accounting for 81% of the total.

The demand for industrial services is anticipated to increase significantly over the next several years as firms become more aware of the advantages of using them. In addition, it is anticipated that the rising rates of globalization, foreign direct investment growth, and urbanization would all contribute to the development of the global industrial services market throughout the course of the projected period. In the upcoming years, market development is also anticipated to be accelerated by the growing GDP of countries throughout the world. The World Bank's figures show that between 2000 and 2020, the global GDP per person would have climbed from USD 33.555 trillion to USD 84.706 trillion.

Regional Snapshots

The demand for industrial services is anticipated to increase significantly over the next several years as firms become more aware of the advantages of using them. In addition, it is anticipated that the rising rates of globalization, foreign direct investment growth, and urbanization would all contribute to the development of the global industrial services market throughout the course of the projected period.

In the upcoming years, market development is also anticipated to be accelerated by the growing GDP of countries throughout the world. The World Bank's figures show that between 2000 and 2020, the global GDP per person would have climbed from USD 33.555 trillion to USD 84.706 trillion. Additionally, it is predicted that the Asia Pacific market would expand with a sizable CAGR of 6.27% over the course of the research period and generate revenues of USD 13,264 Million by 2028.

The region's market is expanding largely as a result of the increasing number of businesses in emerging markets like China, India, and Vietnam, as well as those businesses' desire to maximize process efficiency. The market in the area is anticipated to reach USD 7903 Million by the end of 2021.

The Asia Pacific market is further divided by country into China, India, Vietnam, South Korea, Japan, Singapore, Australia, and the Rest of Asia-Pacific. Of these countries, the Chinese market is predicted to have the highest revenue by 2028, reaching USD 2872.98 Million, up from USD 1869.90 Million in 2019. The market in Vietnam, on the other hand, is anticipated to expand at the highest CAGR of 7.31% over the course of the projected year.

Report Highlights

• Based on type, the improvement and service segment is anticipated to hold a dominant share of the industrial services market because of the expanding demand for ad-hoc, emergency repair, planned maintenance, and predictive maintenance to stop unintended breakdowns and lengthen the equipment's shelf life.
• Due to the fact that MES is beneficial in a number of tasks, including life cycle data, execution, product dispatch, resource scheduling, downtime management, and product analysis, the MES sector will have significant increase in the industrial services market share. Additionally, it keeps track of all the data pertaining to the processing of equipment, raw materials, completed goods, papers, and even employee data.
• Based on region, the Asia-Pacific will provide prosperous growth prospects because of its extensive industrial production and the existence of several manufacturing facilities. Industrial services are being used by several businesses to increase their production capacity while maintaining strong safety requirements.
  
  

Recent developments

• In October 2020, Schneider Electric and Semiotic Labs entered into a partnership. Through this cooperation, EcoStruxure Asset Advisor's digital solution will be expanded to include rotating equipment condition-based monitoring and predictive maintenance.
• A new frame contract was signed with ABB in December 2019. Delivering safety and automation technologies across Equinor's existing base and new construction projects is the goal of the deal.

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Scope of the Report

Market Dynamics

Drivers

Businesses are growing more susceptible to the present economic crisis. Customers now care more about price and want services delivered more quickly. As a result, firms everywhere are dealing with tighter profit margins and more intense competition. Operational excellence is essential for maintaining an advantage in the market. During the time of the projection, this will increase demand for the market for industrial services. Value stream design results in an information end flow. To show the linkages between raw material management and end-user information, interactive visualizations are being used. The productivity and service quality may both be increased by having well defined targets. They boost security precautions and improve adaptability. Faster achievement of significant financial goals and crossing off of the financial indicators are the results of better operations and enhancing the customer experience. An empowered and engaged staff is a result of improved and transparent corporate communication. The main corporate objectives are communicated to all personnel through a defined strategy and precise KPI measurement. As a result, there is a significant improvement in cooperation and collaboration as well as a reduction in employee idleness, the accumulation of surplus inventory, and over- or underproduction.

Restraints

One of the issues impeding the expansion of the industrial services industry is the absence of end-to-end quality and process control. Engineering services are an example of an industrial service that includes managing, implementing, and maintaining crucial business systems, data, and operations. Low-quality goods may eventually result in the violation of the rights of relevant parties, such as purchasers' consumers or market end users. Manufacturers and OEMs are progressively handing over many of their duties and obligations to suppliers of engineering services as a result of the complexity and size of current projects growing more and more complicated. The expansion of the industrial services market will be hampered during the projection period, however, by a lack of end-to-end quality and process control.

Opportunities

One of the main factors promoting the expansion of the industrial services industry is a shortage of technical skills. It frequently discourages end users from using automation systems and causes operational inefficiencies because they view the downtime necessary for maintenance chores as a substantial financial loss. The difficulties have been solved by vendors who provide industrial services such engineering and consulting, operational improvement, and maintenance by delivering round-the-clock remote assistance, solutions through cloud monitoring, and other improved services. Vendors must increasingly employ online and offline training and consulting methods to make sure that end users are familiar with their technology if they want to maintain a competitive edge in the market. These factors boost the income of industrial service providers, particularly small and medium-sized businesses (SMEs), which in turn fuels market expansion.

Challenges

The main issue facing market participants at the moment is the supply chain interruption brought on by the COVID 19 epidemic. To stop the virus from spreading, countries have enacted a number of laws and regulations, including limitations on the export and import of goods and raw materials. This has caused a significant disruption in the global supply chain and a lack of raw materials needed in numerous sectors.

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Market Segmentation

By Application 

• Distributed Control System (DCS)
• Programmable Controller Logic (PLC)
• Supervisory Control and Data Acquisition (SCADA)
• Electric Motors & Drives
• Valves & Actuators
• Manufacturing Execution System
• Human Machine Interface
• Safety Systems
• Industrial PC
• Industrial 3D Printing
• Industrial Robotics
• Others

By Industry

• Oil and Gas
• Chemicals
• Automotive
• Pharmaceuticals
• Others
  
  

By Type

• Engineering & Consulting
• Installation & Commissioning
• Operational Improvement & Maintenance
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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