US & Europe Industrial Services Market Research Report Forecast to 2032
The US & Europe Industrial Services market is expected to reach a market value of USD 40,308.8 million by 2032 growing at a CAGR of 8.3%. The US & Europe Industrial Services market has been segmented based on service type, application area, industry vertical, and region. During the study, MRFR has analyzed major players that contributed a significant share to the growth of the US & Europe Industrial Services market.
Industrial services are considered as the more extensive help portfolio that the assistance arrangement suppliers are perceiving. The key elements driving the development of the modern industrial services market are sending methodologies that incorporate extensions, organizations, item improvements, and administration agreements. Industrial services providers offer a comprehensive array of world-class services to ensure that company equipment and processes work optimally. These services, which range from replacement parts and repairs to sophisticated services, training, and partnership offers, assist to increase productivity, reduce costs, and extend the usable life of goods and systems. The US & Europe industrial services market is witnessing growth due to the growing complexity with industrial operation, emphasis on cost reduction & operational efficiency and increased demand for maintenance and repair services collectively driving the market growth. However, limited availability of skied labor, lack of end-to-end quality & process control, and high cost associated with specialized services is expected to hamper market growth. Though with the integration of advancing technology the market is expected to witness immense growth opportunities and create growth sphere for the market players.
Market SegmentationBased on service type, the US & Europe industrial services market is bifurcated into engineering and consulting, installation and commissioning, calibration services, GXP-services, operational improvement and maintenance and others.
Based on application area, the US & Europe industrial services market is bifurcated into distributed control system, programmable logic controller, supervisory control and data acquisition, electric motors and drives, valves and actuators, human machine interface, manufacturing execution system, safety systems, industrial pc, industrial robotics and others.
Based on industry vertical, the US & Europe industrial services market is bifurcated into oil and gas, healthcare, and pharmaceuticals, automotive, water and wastewater, chemicals, food and beverages, energy and power, semiconductor and electronics, paper and pulp, metals and mining, aerospace and others.
Major PlayersThe key market players are ABB Ltd., Rockwell Automation Inc., Siemens AG, Honeywell International Inc., Schneider Electric SE, Emerson Electric Company, General Electric (GE) Company, Altrad, Horvath, Micro Precision, Leadec Holding BV & Co. KG, and Process Sensing Technologies (PST).