Industrial Services Market to Reach $35.41 Billion by 2023 - Driven by Increasing Demand for Maintenance as a Service & Increasing Equipment Complexity
DUBLIN, July 19, 2017 /PRNewswire/ --
The "Industrial Services Market - Global Forecast to 2023" report has been added to Research and Markets' offering.
The industrial services market is expected to be valued at USD 35.41 Billion by 2023, growing at a CAGR of 5.4% between 2017 and 2023. The growth of this market is fueled by the growing need for operational excellence; increasing demand for maintenance as a service; increasing equipment complexity; and development in the industrial services ecosystem through organic and inorganic growth strategies such as product developments, expansions, partnerships, service contracts and service agreements, and acquisitions.
Among all the types in the industrial services, the market for operational improvement and maintenance services is expected to grow at the highest CAGR between 2017 and 2023. The reduction in the fault and downtime have led to a rise in the adoption of operational improvement and maintenance services. Moreover, the demand for operational improvement and maintenance services would continue to grow, thereby leading to further innovations in the industrial services market.
The industrial services market for safety systems is expected to grow at a high rate between 2017 and 2023. The demand for safety systems would be driven by the stringent government regulations. For instance, the US Occupational Safety and Health Act (OSHA) of 1970 set a code of practices for industrial safety management. Moreover, governments of developing countries, such as China and India, are trying to reduce work-related fatalities and provide appropriate compensation through regulations.
Among various industries, the oil & gas industry accounted for the largest share of the overall industrial services market in 2016. The growth is attributed to the increasing usage of industrial services to improve the plant production and minimize the unexpected downtime. Moreover, the industrial services provide a safeguard for industrial assets and keep these assets in operational condition. Furthermore, the impact of reduced oil prices has created a demand for industrial services.
The key restraining factors for the growth of the industrial services market are varying compliances across regions. Government bodies are key stakeholders in deciding the compliances in any region. The compliances are made in accordance with the regional environmental conditions. These compliances vary according to the regions and industries. This factor may prove to be a restraint for the adoption of industrial services. On the other hand, the lack of skilled personnel is adversely affecting the market. For example, an industrial services provider needs trained and certified personnel, who can provide services in accordance with the standards set by the domestic or international governing bodies, such as the American National Standard Institute (ANSI) and Association of Home Appliance Manufacturers (AHMA).
Companies Mentioned
- ABB
- Emerson Electric
- General Electric
- Honeywell International Inc.
- Metso Corporation
- Rockwell Automation
- Samson AG
- Schneider Electric
- Siemens AG
- SKF AB
- Wood Group Mustang
- Key Innovators
- ATS Automation
- Dynamysk Automation Ltd
- Intech Process Automation
- Prime Controls LP
- Wunderlich-Malec Engineering
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industrial Services Market, By Type
7 Industrial Services Market, By Application
8 Industrial Services Market, By Industry
9 Geographic Analysis
10 Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/9dgkgm/industrial
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Share this article