Explore more Categories
Artificial Intelligence involves the science and engineering of developing intelligent machines
The manufacturing world is at a cusp of a new revolution that will redefine conventional business models
IoT will have a major impact on businesses and consumers in the future
The world is creating 2.5 exabytes of data daily
Our research seeks to connect-the-dots across multiple trends
Personal Robots are Set to Be a $19 Billion Market
Strategic Analysis of BREXIT and its Implications to Industries, Economies and Societies
Time for a Digital Revolution in the Women’s Health Market
iFrost is a digital platform for interactive and dynamic reporting of data.
The TOEs are a great source of information which gives corporates critical information on companies to action for their strategic investments either as an open source platform or to collaborate and to develop successful products
Growing Technology Complexity and Vanishing Knowhow are Growth Drivers for Lifecycle Services
save 10 %
* Required Fields
Pay by invoice
Amid shifting industry dynamics being driven by decentralization, digitalization, decarbonization and the rise of new business models, the keystone market of industrial automation, lifecycle services, is expected to experience a phase of strong short-term growth. Frost & Sullivan’s market analysis estimates the market size to grow from $49.56B to $61.11B between 2019 and 2022 at a CAGR of 7.2%. Frost & Sullivan finds the decline in the skilled industrial workforce, shift from manual to digital workplaces, the movement to online and inline continuous monitoring, and shift toward operational expenditure based pricing models as the major driving factors. Furthermore, the current market offerings, which limit to products and services in tandem, are expected to become obsolete against the emergence of digital delivery and outcome-based model, where digital platform-based solutions drive end-to-end plant optimization within the next 5 to 10 years. Among the market tiers of lifecycle services, Level-3 (connected services) is poised to see strong adoption across a spectrum of field devices (heat exchangers, corrosion monitoring, flowmeters, control valves). Level-1 (support services) is expected to maintain a majority share. Level-2 and Level-3 services are forecast to be the two fastest-growing segments. Together, they are expected to account for 46.80% of the market by 2022. L4 services are likely to be highly sought after, but will make up only 4% of the market. The process industry constitutes 79.5% market among industries. Large field and expanding plant base relative to hybrids and discrete industry contribute toward it being dominant. Asia-Pacific, North America, and Europe account for in excess of 60% of the market. The presence of large oil and gas, power, and chemical plant base compared to other regions is the main reason for this large share. According to Frost & Sullivan’s market analysis, Emerson Automation was the market leader as of Q4 2019, however, strong competition in terms of market offerings and solution value propositions is expected, and as a result, Siemens is likely to lead the market by 2022. Overall, leading market participants offering their respective marquee lifecycle solutions include Emerson Automation, Siemens, ABB, Honeywell, Yokogawa, Rockwell Automation, and Schneider Electric. Maturity of lifecycle services offering, organization alignment, future vision on lifecycle services, go-to-market strategy, and lifecycle value propositions have been analyzed in tandem with major automation solution provider financials to estimate market participant share.The emergence of COVID-19 has been taken into consideration while drawing market forecasts. However, as the situation continues to remain highly fluid, Frost & Sullivan will continue to monitor and make any revisions on its estimates if deemed necessary.
GROWTH OPPORTUNITIES IN ADDITIVE MANUFACTURING, INDUSTRIAL AUTOMATION, AND ROBOTICS
Indian Mobile Phone Growth Opportunities
GROWTH OPPORTUNITIES IN COBOTS, AUTONOMOUS MOBILE ROBOTS, 3D PRINTING, AND INDUSTRIAL AUTOMATION
GROWTH OPPORTUNITIES IN 3D PRINTING, ROBOTIC SOLUTIONS, AND WEARABLE EXOSKELETONS
Global Solar Pump Growth Opportunities
Emerging Opportunities for Robotic Arms in Manufacturing
Global Safety Instrumented Systems (SISs) for Process Industries Growth Opportunities
GROWTH OPPORTUNITIES IN ROBOTICS, ADDITIVE MANUFACTURING, SUSTAINABLE MANUFACTURING, AND INDUSTRIAL AUTOMATION
GROWTH OPPORTUNITIES IN QUANTUM DOTS AND ADDITIVE MANUFACTURING
GROWTH OPPORTUNITIES IN ROBOTIC ARMS, COBOTS, 3D PRINTING, AND SUSTAINABLE MANUFACTURING
activated carbon market
plastic waste management market
residential energy storage market
well intervention market
renewable energy market
artificial lift market
solar panel market
plastic recycling market
heavy commercial vehicles market
Don't have an account? Create One!
Enter your Email Address here to receive a link to change password.
If you are an existing frost.com user, please register using the same email for seamless access
Already have an account? Login!
Use your Linkedin account to login or register within our store.You're just one click away.