Industrial Services Market Global Size, Share, Key Players, Production, Growth and Future Insights 2022 to 2031

Kenneth Research, in its repository of market research reports, has recently added a report on Industrial Services Market  that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Industrial Services Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Industrial Services Market products.

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The global Industrial Services Market was valued at USD 24.25 billion in 2016 and is projected to reach USD 38.83 billion by 2025, growing at a CAGR of 5.37% from 2017 to 2025.

Service industry companies are involved in retail, transport, distribution, food services, as well as other service-dominated businesses. It is also called service sector, tertiary sector of industry.

Sample Infographics:

Market Dynamics:
1. Market Drivers
1.1 Increasing need for operational Excellence
1.2 Growing demand for maintenance services
1.3 Increasing technical level of equipment

2. Market Restraints
2.1 Lack of skilled technicians
2.2 Varying Compliances Across Regions

Market Segmentation:
1. Global Industrial Services Market, by Application:
1.1 Distributed Control System (DCS)
1.2 Programmable Controller Logic (PLC)
1.3 Supervisory Control and Data Acquisition (SCADA)
1.4 Electric Motors & Drives
1.5 Valves & Actuators
1.6 Human-Machine Interface (HMI)
1.7 Manufacturing Execution System (MES)
1.8 Safety Systems
1.8.1 Burner Management System (BMS)
1.8.2 Emergency Shutdown System (ESD)
1.8.3 Fire & Gas Monitoring & Control
1.8.4 High-Integrity Pressure Protection Systems (HIPPS)
1.8.5 Turbomachinery Control (TMC)

2. Global Industrial Services Market, by Industry:
2.1 Oil and Gas
2.2 Chemicals
2.3 Automotive
2.4 Pharmaceuticals
2.5 Metals & Mining
2.6 Food & Beverages
2.7 Energy & Power
2.8 Aerospace & Defense
2.9 Water and Wastewater
2.10 Others

3. Global Industrial Services Market, by Type:
3.1 Engineering & Consulting
3.1.1 System Configuration
3.1.2 Compliances
3.1.3 Infrastructure Audit
3.2 Installation & Commissioning
3.2.1 Training
3.2.2 Testing & Certification
3.3 Operational Improvement & Maintenance
3.3.1 Ad-Hoc and Emergency Maintenance
3.3.2 Scheduled Maintenance
3.3.3 Mechanical
3.3.4 Predictive Maintenance

4. Global Industrial Services Market, by Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. ABB
2. Emerson Electric
3. General Electric
4. Honeywell International Inc.
5. Metso Corporation
6. Rockwell Automation
7. Samson AG
8. Schneider Electric
9. Siemens AG
10. SKF AB
11. Wood Group Mustang

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

Research study on the Industrial Services Marketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.

The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team

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