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Industrial Services Market to Grow with a CAGR of 5.12% During 2020-2028; Latin America Industrial Services Market to Hold the Largest Share of 32.31% in 2028

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Research Nester published a report titled Industrial Services Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global industrial services market in terms of market segmentation by service type, application, end-user and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global industrial services market is segmented on the basis of service type into engineering & consulting, installation & commissioning, and operational improvement & maintenance, out of which, the operational improvement & maintenance segment is anticipated to register the largest market share by the end of 2028. The segment is further projected to register a value of USD 18016.5 Million in the same year. On the other hand, installation & commissioning segment is anticipated to grow with the highest CAGR of 5.38% during the forecast period, i.e., 2020-2028.

The global industrial services market is anticipated to grow by a CAGR of 5.12% during the forecast period owing to the increasing adoption of various technologies across end-user industries, including technologies such as the industrial internet of things (IIoT). The spending on internet of things by the United States and China in the year 2019 were close to 26% and 24% respectively. Additionally, the rising concern for the COVID-19 pandemic, and the need amongst businesses to monitor and control their expenditures are some of the additional factors anticipated to drive the market growth in the coming years.

Geographically, the global industrial services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the North America gained a revenue of USD 9740 Million in 2019. Digital transformation witnessed in the region, along with the growing evolution of different types of service models are some of the significant factors anticipated to drive the market growth in the region. The North America industrial services market is further projected to grow with a CAGR of 4.13% during the forecast period.

Increasing Trends of Globalization

In the recent years, industrial services have played an essential role in developing corporate strategies across various industry verticals. One of the key factors driving the demand for industrial services is for the increasing rate of globalization. Companies are no longer limiting themselves to a certain region and are expanding their services to other geographies. Moreover, increasing innovations in technology and the need to enhance operational processes of businesses is further anticipated to contribute to the market growth.

However, the concern for the lack of availability of skilled technicians is expected to operate as key restraint to the growth of industrial services market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the industrial services market which includes company profiling of General Electric (NYSE: GE), Siemens AG (ETR: SIE), Schneider Electric (EPA: SU), ABB Ltd. (SWX: ABBN), Eaton Corporation plc (NYSE: ETN), Honeywell International Inc. (BCBA: HON), Samson AG, R. Stahl AG (ETR: RSL2), Rockwell Automation, Inc. (NYSE: ROK), Leadec Holding BV & Co. KG, Bilfinger SE (ETR: GBF), WERMA Signaltechnik GmbH, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the industrial services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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