The infographic below contains key findings from our analysis of the industrial actuators services market
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Overview of the global industrial actuators services market
According to Technavio’s market research report, the rising retrofitting activities to modernize existing actuators will be one of the major industrial actuators services market drivers during the forecast period. Our market research analysts predict that this market will post a revenue growth of close to USD 1.2 billion by 2022. The introduction of new valve actuator designs with improved technologies is encouraging end-user industries to switch to advanced actuators. The utilization of advanced actuators offer advantages such as time saving, lesser storage space, and return lower operating costs. Also, end-users increasingly prefer retrofit services in comparison to new installations as they are much easier and less expensive technique to set up new technologies in the industrial operations. This will lead to the growth of the industrial actuators services market till 2022.
The rising preference for maintaining long service contracts for actuators is one of the key industrial actuators services market trends in the coming years. End-users in the market are increasingly switching to long service contracts for any minor component or device. This is mainly due to its assurance of technician availability and the constant flow of revenue. Also, the long-term contracts are likely to offer immediate service and priority-based services that enables cost cutting due to discounts and service without any delay.
Companies covered
Characterized by the presence of several players, the industrial actuators services market appears to be fragmented. This industry research report offers information about the competitive environment among the players in this marketspace and offers an analysis of key companies and their products. Additionally, the report also offers information about key areas the players currently focus on and the strategies they have adopted to sustain the competition in this global market.
This research report provides an analysis of various companies in this market including –
- Emerson Electric
- Flowserve
- Honeywell
- Rotork
- Weir
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Segmentation by application and analysis of industrial actuators services market
- Retrofit services
- Commissioning and calibration services
- Repair, maintenance, and consulting services
The repair, maintenance, and consulting services accounted for the major share of industrial actuators services market during 2017. Our industry analysis experts predict that this segment will continue to contribute to the maximum growth of the market till the end of the forecast period.
Geographical segmentation and analysis of the industrial actuators services market
- Americas
- APAC
- EMEA
This industrial actuators services market study estimates that in terms of geographic regions, EMEA will be the major revenue contributor to the market throughout the forecast period. Factors such as the emergence of new oil and gas plants and the rising demand for power will drive the market’s growth in the region.
Key questions answered in the report include
- What will the market size and the growth rate be in 2022?
- What are the key factors driving the global industrial actuators services market?
- What are the key market trends impacting the growth of the global industrial actuators services market?
- What are the challenges to market growth?
- Who are the key vendors in the global industrial actuators services market?
- What are the market opportunities and threats faced by the vendors in the global industrial actuators services market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global industrial actuators services market?
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