Industrial Services Industry Market Size by Type (Engineering & Consulting, installation & Commissioning), by Industry (Chemicals, Aerospace & Defense, Automotive, Metals & Mining), by Application (DCS, SCADA, Valves & Actuators, Motor Drives), by End-User (IT and Telecom) With Forecast 2016-2024

Global Industrial Services Market 

Market Overview

The industrial services are indomitable as the wider service portfolio that is being renowned by the service solution providers. Deployment of strategies that includes service contracts and service agreements, product developments, partnerships, and expansions are the factors driving the global industrial services market. The mounting demand for operational excellence; rising demand for maintenance as a service; and increasing equipment complexity also fueling the market of industrial services. Due to growth of industrial service, the large multinational organizations are also evolving.

Goldstein Research analyst forecast the industrial services market size is set to reach USD 42.6 billion by 2024, at a CAGR of 5.8% over the forecast years. The companies operating in the Industrial Services market have executed diverse strategies to maintain their position in this market and to make sure long-term growth and profitability.

Covered In This Global Industrial Services Industry Report          

The report covers the present ground scenario and the future growth prospects of the Industrial Services market for 2016-2024 along with the source for revenue and growth for its providers. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe.

Global Industrial Services Market Segmentation

By Type

• Engineering & Consulting
• Operational Improvement & Maintenance
• Installation & Commissioning

By Industry

• Chemicals
• Aerospace & Defense
• Automotive
• Pharmaceuticals
• Metals & Mining

By Application

• Distributed Control System (DCS)
• Supervisory Control and Data Acquisition (SCADA)
• Valves & Actuators
• Electric Motors & Drives
• Manufacturing Execution System (MES)

By End User

• IT and Telecom
• Transportation
• Metals & Mining
• Food & Beverages
• Oil & Gas

Based on Geography

• North America (U.S. & Canada) Industrial Services Market {Market Share (%), Market Size(USD Billion)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Industrial Services Market {Market Share (%), Market Size(USD Billion)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Industrial Services Market {Market Share (%), Market Size(USD Billion)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Industrial Services Market {Market Share (%), Market Size(USD Billion)}
• The Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Industrial Services Market {Market Share (%), Market Size(USD Billion)}

On the basis of the end user, oil and gas sector is having the highest market share of 32.0% due to reduced oil prices, the demand for industrial services has increased as oil and gas industry needs operational efficiency. Whereas, on the other hand, the market share of the transportation sector is growing steadily at a market share of 21.90% owing to the increasing demand for micro and nano PLCs in the transportation sector.

Global Industrial Services market outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global industrial services market. The report also includes Porter's five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Industrial Services market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.

Our global industrial services market report comprises of the following companies as the key players: ABB, Emerson Electric, General Electric, Honeywell International Inc., Metso Corporation, Rockwell Automation, Samson AG, Schneider Electric, Siemens AG and SKF AB.

Other high-flying vendors in the market are Wood Group Mustang, Key Innovators, ATS Automation, Dynamysk Automation Ltd, Intech Process Automation, IBM, Prime Controls LP and Wunderlich-Malec Engineering.

According to our global market study on the basis of extensive primary and secondary research:  “One of the major trends in the global industrial services market is the Virtual Firms in the Professional Industry. Due to rapid change in the technology, increased pressure to reduce costs and increased use of smartphones is making the concept of virtual firms more attractive. By hiring contract employees and by utilizing small offices, the industry services firms can reduce the cost and help in increasing the revenue.”

According to the report, major driving factor for industrial services market is the globalization as, over the years, outsourcing firms have become more global. Large IT firms have expanded their businesses in low-cost regions such as India, China etc. For instance, IBM is now India’s second largest private sector employer after TCS. Many large companies today, both in the U.S. and other parts of the world, are much more global than a few decades back.

Further, the report states the major challenge is the lack of availability of the necessary IT services and devices for end-users. Service management organizations must ensure high availability as service outages cost as much as $400,000 per hour. Due to lack of insights into financial terms, project costing requirements and cost variations is hampering the global industrial services market.

Based on geography, Asia Pacific dominated the global industrial services market with the market share of 43.2% in 2016 due to increased automation services and adoption of the cloud connectivity in the countries like China, Indian and Japan. North America is growing steadily with the market share of 29.1% owing to the increase in the use of robotics indistinct and process industries in the US. The vendors are investing huge amount and providing services with compromising on the quality of the services.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Industrial Services Market report

• What is the total market size by 2024 and what would be the expected growth rate of the market?
• What is the revenue of industrial services in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry-level players?
• What are the recent developments and business strategy of the key players?

We can provide two-hour complimentary interaction with our analyst after the purchase of this market report. Details are imparted within the report.