Northbrook, IL -- (SBWIRE) -- 09/21/2021 -- The overall industrial services market is expected to be valued at USD 33.6 billion in 2020 and is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025. Key factors driving the demand for industrial services include the growing need for operational excellence, increasing demand for maintenance-as-a-service, and increasing equipment complexity.
COVID-19 impact on the industrial services market
Due to the impact of COVID-19, the industrial services market is expected to take a huge hit. In the current situation, manufacturers are gradually realizing the importance of industrial automation. However, due to lockdowns across countries, companies are facing severe cash flow issues and are deferring new projects related to the implementation of industrial automation services. However, a few technologies, such as artificial intelligence, machine learning, and cloud computing, are in high demand, as they are essential for the smooth running of digital manufacturing facilities amid the lockdown.
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The MES application is projected to to hold largest market share of industrial services market from 2020 to 2025.
MES helps to maintain the updated data pertaining to the product life cycle, product quality, order execution and dispatch, resource scheduling, downtime management for overall equipment effectiveness (OEE), and production analysis. Moreover, MES helps maintain all the data related to the manufacturing process, such as raw material converted into finished goods and related documentation, and data from robots and employees. These factors owing to the largest market share of MES in industrial services market during forecasted period.
The automotive industry is projected to to hold largest market share of industrial services market from 2020 to 2025.
The automotive industry deals with the design, development, and manufacturing of vehicles. In this industry, automation plays a vital role in inventory management, performance analysis, design process, and supply chain management. In an assembling process, automation helps companies to reduce production time and increase productivity. Major companies offering industrial services to the automotive industry are Rockwell Automation (US), Emerson Electric (US), General Electric (US), ABB (Switzerland), and Siemens AG (Germany).
The industrial services market in APAC is projected to hold the largest market share of industrial services during the forecast period.
Emerging economies, such as China and India, are supporting the growth of the industrial services market. The governments of these countries are encouraging investments from foreign players in the process and discrete industries. According to the National Bureau of Statistics, the growing labor cost and high-volume demand in China are the critical factors. The demand for industrial automation in China is growing. This trend would boost the need for industrial services provider for automation products such as PLC, SCADA, HMI, and DCS.
Key Market Players
The industrial services players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, contracts, partnerships and, business expansions, to strengthen their offerings in the market. The major players are ABB Ltd. (Switzerland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), General Electric Co. (US), Yokogawa Electric Corp. (Japan), Mitsubishi Electric Corporation (Japan), Metso Corporation (Finland), and Samson AG (Germany) were the major players in the industrial services market.