• John Watson

Global Industrial Services Market Size to grow by US$ 51.28 Bn in 2030.

The Global Industrial Services Market is projected to grow from USD 34.10 billion in 2021 to USD 51.28 billion by 2030 at a CAGR of 5.6% during the forecast period.


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The market is expanding due to the huge rise in the use of industrial services across several sectors, including oil & gas, consumer electronics, food & beverage, automotive, energy, and utilities. Intangibility, plant inspections, risk, and safety evaluations, increased security, and other features are among the many features it offers. The market for industrial services is expanding as a result of the dependability of such characteristics. Industries are giving their company operations higher priority to meet consumer demand and provide high yields. The requirement for industries to increase process efficiency is also expanding to maintain a competitive advantage over rivals. Industrial services are more necessary as a result of the requirement to improve job quality, produce faster throughput, and produce less waste in many sectors.


The industrial services market is anticipated to suffer significantly as a result of COVID-19. Manufacturers are currently beginning to understand the value of industrial automation. However, because of the worldwide lockdowns, businesses are having serious cash flow problems and postponing new projects, including adopting industrial automation services. However, other technologies, such as cloud computing, machine learning, and artificial intelligence, is in great demand since they are necessary for the efficient operation of digital industrial facilities during the lockdown.


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Industrial service providers should regularly update their industrial services portfolio to increase market share. A personalized service portfolio can assist the service provider in being more marketable and customer-focused. Predictive maintenance services regularly monitor the systems and equipment to assess their status and offer fixes in the event of a failure. The demand for predictive maintenance services would rise in the future as the Internet of Things (IoT) developed. Cloud computing, artificial intelligence, and machine learning are among the new technologies that are constantly being developed and put into use. These technologies are in high demand because they are crucial to the efficient operation of digital manufacturing facilities during the COVID-19 period. The market is anticipated to expand during the projected period due to the rising demand for industrial services in the automotive industry to shorten manufacturing times and boost productivity.


The demand for predictive maintenance services will increase during the anticipated period, driving the industrial service market. Since industrial organizations use expensive equipment and incur considerable depreciation costs, asset management is essential. Predictive maintenance can result in substantial financial savings. In essence, predictive maintenance is the next development in asset management. Several strategies, including service contracts and agreements, product developments, and market expansions, are promoting the growth of the industrial services industry. Additionally, it is anticipated that the industrial services market will expand in size as a result of the consequences of fluctuating oil prices.


The North America region is dominated the market share of the global industrial services market owing to the regional digital revolution as well as the ongoing evolution of various service model types. Additionally, the presence of several thriving industries, such as the food and beverage sector, in nations like the United States and Canada, as well as the increasing emphasis on functional safety in sectors like mining, chemicals, pharmaceuticals, and others, are some other factors that are anticipated to propel the market's growth. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period. The market for industrial services is expanding because of emerging nations like China and India. In China, there is a rising demand for industrial automation. It is anticipated that the rising demand for industrial robotics in China, Japan, and India's manufacturing hubs will allow the regional markets to register a robust growth rate throughout the projection period.


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KEY INDUSTRY DEVELOPMENTS:


October 2020- The digital EcoStruxure Asset Advisor service will be expanded to include condition-based monitoring and proactive maintenance of rotating equipment thanks to a partnership between Schneider Electric and Semiotic Labs.


December 2019- To help Equinor reduce cost, schedule, and risk, ABB and Equinor signed a new frame agreement to provide safety and automation systems across the company's installed base and Greenfield projects globally.


July 2019- Emerson completed a 48 million USD deal to provide automation systems and cloud engineering software-as-a-service for the Shah Deniz 2 project in Azerbaijan. Emerson is also carrying out a five-year service agreement to support the project's dependable and secure operations.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/industrial-services-market/26019

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