Global Industrial Pressure Measurement Product Services Market 2018-2022
About Industrial Pressure Measurement Product Services
Industrial pressure measurement product services include calibration and commissioning, repairs, retrofits, and replacement services for the end-users.
Technavio’s analysts forecast the global industrial pressure measurement product services market to grow at a CAGR of 5.67% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial pressure measurement product services market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Pressure Measurement Product Services Market 2018-2022
Technavio recognizes the following companies as the key players in the global industrial pressure measurement product services market: ABB, Honeywell, Rockwell Automation, Schneider Electric, Siemens, Yokogawa Electric.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing need for predictive maintenance. The high adoption of smart sensors has increased the adoption of predictive maintenance in industries. The implementation of predictive maintenance helps in defining the replacement and maintenance intervals for the equipment present within the industry. This aids the industries in reducing the downtime and stocking the inventory for replacement.”
According to the report, one driver in the market is growing need to maximize production yield. The process and discrete industries across all geographies are looking to maximize their production yield by reducing the downtime. The reduction of downtime can be achieved by maintaining the equipment in proper condition. Calibration of the equipment ensures that it is ready to be used in industrial facilities.
Further, the report states that one challenge in the market is high competition due to price sensitivity. The presence of numerous vendors in the global industrial pressure measurement product services market affects the pricing of the services provided by different vendors. The pricing for the services offered by most vendors is similar to that of the competitors.
ABB, Honeywell, Rockwell Automation, Schneider Electric, Siemens, Yokogawa Electric.