Segmentation by Service Type (Engineering & Consulting, Installation & Commissioning, and Operational Improvement & Maintenance); by Application {Distributed Control System (DCS), Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Electric Motors & Drives, Valves & Actuators, Human Machine Interface, Monitoring Systems, Signaling Systems}; and by End-User – Global Demand Analysis & Opportunity Outlook 2019-2028
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The global industrial services market is segmented on the basis of service type into engineering & consulting, installation & commissioning, and operational improvement & maintenance. Among these segments, the operational improvement & maintenance segment is anticipated to register the largest market share by the end of 2028 and by registering a value of USD 18016.5 Million in the same year. Operational improvement & maintenance services deal with the minor maintenance and care of business assets, including budgeting, business maintenance, training, and other business improvement factors that work together to run an organization smoothly. This type of service does not require skilled professionals with in-depth technical knowledge. Moreover, the installation & commissioning segment is anticipated to grow with the highest CAGR of 5.38% during the forecast period. The market is further segmented on the basis of application into distributed control system (DCS), programmable logic controller (PLC), supervisory control and data acquisition (SCADA), electric motors & drives, valves & actuators, human machine interface (HMI), monitoring systems, signaling systems, imaging systems, manufacturing executing system (MES), and safety systems. Amongst these segments, the manufacturing execution system (MES) segment registered significant market value of USD 5615.7 Million in the year 2019. The market is further segmented by end-user into oil & gas industry, chemical industry, energy & power, mining, marine & shipbuilding, pharmaceutical industry, machine building, food & beverage industry, and others, out of which, the pharmaceutical industry segment is anticipated to register the largest market share of 18.85% by the end of 2028.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global industrial services market that are included in our report are General Electric, Siemens AG, Schneider Electric, ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Samson AG, R. Stahl AG, Rockwell Automation, Inc., Leadec Holding BV & Co. KG, Bilfinger SE, WERMA Signaltechnik GmbH, and others.
Key Reasons to Buy Our Report
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing trends of globalization, along with the increasing need for operational excellence in industries are some of the major factors anticipated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of 5.12% over the forecast period, i.e., 2020-2028.
Ans: Lack of skilled technicians are estimated to hamper the market growth.
Ans: The market in Latin America is anticipated to provide more business opportunities by holding the largest market share of 32.31% by the end of 2028.
Ans: The major players in the market are General Electric, Siemens AG, Schneider Electric, ABB Ltd., Eaton Corporation plc, Honeywell International Inc., Samson AG, R. Stahl AG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by service type, application, end-user, and by region.
Ans: The operational improvement & maintenance segment is anticipated to hold largest market size of USD 18016.5 Million and display significant growth opportunities.
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