The Europe Industrial Services Market would witness market growth of 8.0% CAGR during the forecast period (2023-2030).
AR and VR technologies are finding applications in training, maintenance, and troubleshooting within the market. Remote assistance using AR enables technicians to receive real-time guidance from experts, reducing downtime and improving efficiency. VR is employed for immersive training experiences, allowing workers to simulate complex procedures and enhance their skills.
Moreover, predictive maintenance has emerged as a cornerstone application in the market. Service providers can predict equipment failures by leveraging sensors and data analytics before they occur, enabling proactive maintenance. This approach minimizes downtime, extends equipment lifespan, and reduces maintenance costs. Condition monitoring involves real-time tracking of equipment performance parameters. IoT-enabled sensors gather data on factors like temperature, vibration, and pressure. Service providers use this data to monitor equipment health, detect anomalies, and schedule maintenance activities based on actual conditions rather than fixed intervals.
Europe has been a key proponent of Industry 4.0, which focuses on integrating smart technologies into manufacturing and industrial processes. According to Germany Trade and Invest, IT infrastructure advancements are anticipated to fuel additional market expansion. Strong growth is anticipated for 5G networks in 2021 (86.5 percent of Germany covered commercial launches of SA stand-alone networks). By 2024, eighty percent of all manufacturing companies intend to have implemented digital transformations throughout their value chains. Moreover, As per the Germany Trade and Invest, German OEMs were responsible for internal R&D investments of almost EUR 28.3 billion in 2021. Germany’s automotive sector is the country’s most innovative industry, accounting for 34.1 percent of total German industry R&D expenditure of around EUR 71 billion in 2020. Thus, the growing adoption of Industry 4.0 technologies and rising automotive R&D investments in Europe will fuel the growth of the regional market.
The Germany market dominated the Europe Industrial Services Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,199.7 million by 2030. The UK market is exhibiting a CAGR of 7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 8.8% during (2023 - 2030).
Based on End User, the market is segmented into Automotive, Aerospace, Metal & Mining, Energy & Power, Food & Beverages, Chemical, Healthcare & Pharmaceuticals, Oil & Gas, Semiconductor, Pulp & Paper, and Others. Based on Type, the market is segmented into Operational Improvement & Maintenance, Installation & Commissioning, and Engineering & Consulting. Based on Application, the market is segmented into Manufacturing Execution System (MES), Distribution Control System (DCS), Industrial Robotics & PC, Motor & Drives, PLC & SCADA, Industrial 3D Printing, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Industrial Services Market will Hit $68.8 Billion by 2030, at a CAGR of 8.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Honeywell International, Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, General Electric Company, Emerson Electric Co., Yokogawa Electric Corporation, Mitsubishi Electric Corporation and Samson AG.
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