Siemens AG (Germany) and ABB Ltd. (Switzerland) are Leading Players in the Industrial Services Market
The industrial services market typically comprises the services provided by original equipment manufacturers (OEMs) and third-party vendors for process and discrete industries. Industrial services play a key role in achieving operational excellence in these industries. The industrial services offering include engineering & consulting, installation & commissioning, and operational improvement & maintenance. These services assist the end user to improve the reliability, availability, and efficiency of the plant. Moreover, these services help in reducing the unexpected downtime, thereby increasing the productivity of the plant. The overall industrial services market is expected to be valued at USD 33.6 billion in 2020 and is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025.
ABB Ltd. (Switzerland), Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), Schneider Electric SE (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), Yokogawa Electric Corp. (Japan), Mitsubishi Electric Corporation (Japan), Metso Corporation (Finland), and Samson AG (Germany) are among the major players in the industrial services market.
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Siemens offers industrial services such as engineering and consultancy, installation, commissioning, maintenance, and training for process and discrete industries. Siemens AG delivers industrial services for its end user in the industry including energy, power, oil & gas, aerospace, food & beverages, marine, mining, and automotive. The company’s industrial services portfolio includes consulting, repair, training, and maintenance. Consulting services include online customer support, technical and engineering consulting to advise about operational process, fault clearance, and status of the plant. Onsite repair services and extended repair services are offered under the repair service segment to confirm the fast restoration of errors detected in the equipment and system. Siemens is working toward offering 3D printing products and solutions to global medical manufacturing companies to speed up the development and manufacturing of medical components. However, due to the pandemic, the factory automation unit and smart infrastructure business of the company would be the hardest hit. The company is continuously monitoring all aspects of the COVID-19 situation, evaluating all new developments, and undertaking measures to protect its employees.
ABB provides industrial services for energy, utilities, transportation, and infrastructure sectors. ABB is a leading power and automation technology company. ABB offers services for products and systems in the process and discrete industries. The company’s service portfolio includes engineering and consulting, installation and commissioning, training, maintenance, and repair. The company’s electrification products business segment offers industrial services such as installation, engineering, training, and technical support to the power distribution sector. Moreover, the discrete automation and motion business segment provides engineering, installation, training, and maintenance services for electric motor and drives in the various industries to increase the flexibility, productivity, and energy efficiency of their plants. In December 2019, ABB has signed a new frame agreement to deliver safety and automation systems across Equinor’s installed base and greenfield projects worldwide, helping minimize cost, schedule, and risk.
Related Reports:
Industrial Services Market with COVID-19 Impact by Type (Engineering & Consulting, Installation & Commissioning, Operational Improvement & Maintenance), Application (MES, Motors & Drives, DCS, HMI, PLC), Industry, and Region - Global Forecast to 2025
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