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Market Leader - Industrial Services Market

Industrial services help players in the industry to improve plant productivity as well as reduce the downtime and maintenance cost. 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 propelled by the growing need for operational excellence, increasing demand for maintenance as a service, and increasing equipment complexity.

Siemens AG (Germany), ABB (Switzerland), Emerson Electric (US), Honeywell International Inc. (US), and General Electric (US) are the leading players in the industrial services market. Product developments, service contracts and service agreements, expansions, acquisitions, and partnerships are some of the key strategies adopted by the major players to gain a competitive edge in this market.

Siemens AG is one of the key players in the industrial services market that offers industrial services such as engineering and consultancy, installation, commissioning, maintenance, and training for process and discrete industries. The company caters to innovation-driven growth markets, such as oil & gas, energy & power, pharmaceuticals, and automotive by designing innovative industrial services and solutions. Siemens AG concentrates on business strategies such as acquisition, agreement, partnership, and contract. For instance, in November 2016, Siemens AG signed an agreement with Puget Sound Energy (US) for delivering industrial services to its wind project situated in Washington (US). The term of this agreement is 10 years.

ABB is one of the largest players in the industrial services market. The company provides industrial services for energy, utilities, transportation, and infrastructure. ABB focuses on strategies such as acquisitions, expansions, and business-related collaborations. These strategies help ABB to accelerate its growth and operational excellence, as well as strengthen its global presence. For instance, in April 2017, the company announced to acquire Bernecker+Rainer Industrie-Elektronik GmbH (Germany), which is a leader in programmable logic controllers (PLCs), industrial personal computers (IPC), and factory automation. Through this acquisition, the company plans to expand its industrial services and automation product portfolio.

Other major companies operating in the industrial services market are Schneider Electric (France), Wood Group Mustang (US), SKF AB (Sweden), ATS Automation (Canada), Dynamysk Automation Ltd (Canada), INTECH Process Automation (US), Metso Corporation (Sweden), Prime Controls LP (US), Wunderlich-Malec Engineering (US), and Samson AG (Germany).

Related Reports:

Industrial Services Market by Type (Engineering and Consulting, Installation and Commissioning and Operational Improvement and Maintenance), Application (PLC, SCADA, HMI, DCS, MES, Electric Motors & Drives, Valves & Actuators, and Safety Systems), Industry, and Region - Global Forecast to 2023

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