Global Instrumentation Services Market 2018-2022
About this market
On site deputation of service personnel to drive growth in the market. To be successful in the industrial instrumentation services market, vendors need to change the way they have been rendering their services. They need to upscale their techniques and service engineers so that they can resolve the possible maintenance and error issues at a site quickly. Technavio’s analysts have predicted that the instrumentation services market will register a CAGR of more than 4% by 2022.
Rising number of industrial internet of things (IIoT) applications
Factors such as advances in cloud computing and big data analytics, increasing the complexity of machines, and innovation in sensor technology such as wireless and smart sensors are driving the growth of the global IIoT market in the process and discrete manufacturing industries.
Increasing standardization of instruments and communication protocols
The process and discrete manufacturing industries continuously strive to achieve productivity gains, which requires an upgrade of the existing instrument or a control system with the available best-in-class solution. However, proprietary systems offered by most of the vendors do not allow interoperability between instruments of different vendors.
For the detailed list of factors that will drive and challenge the growth of the instrumentation services market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including Schneider Electric and Siemens the competitive environment is quite intense. Factors such as the rising number of industrial internet of things (IIoT) applications and the onsite deputation of service personnel will provide considerable growth opportunities to instrumentation services manufactures. ABB, Honeywell, KROHNE Group, Rockwell Automation, Schneider Electric, and Siemens are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Instrumentation Services Market 2018-2022
Technavio recognizes the following companies as the key players in the global instrumentation services market: ABB, Honeywell, KROHNE Group, Rockwell Automation, Schneider Electric, and Siemens.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the onsite deputation of service personnel.”
According to the report, one of the major drivers for this market is the rising number of industrial internet of things (IIoT) applications.
Further, the report states that one of the major factors hindering the growth of this market is the increasing standardization of instruments and communication protocols.
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