Dublin, Oct. 19, 2020 (GLOBE NEWSWIRE) -- The "Global Automation Lifecycle Services Market 2019-2022 - Zeal for Productivity and Profit Pressures Accelerate Growth" report has been added to ResearchAndMarkets.com's offering.

This market analysis estimates the market size to grow from $49.56B to $61.11B between 2019 and 2022 at a CAGR of 7.2%

The report 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.

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.

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 the 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, the publisher will continue to monitor and make any revisions on its estimates if deemed necessary.

Key Topics Covered:

1. Executive Summary

2. Research Scope, Objectives, and Methodology

3. Macro Trends to Watch

4. Key Lifecycle Services Market Trends to Watch

5. Driving Factors and Challenges Analysis - Total Lifecycle Services Market

6. Total Lifecycle Services Market - Forecasts and Trends

7. Total Lifecycle Services Market - Competition Analysis

8. Growth Opportunities and Companies to Action

9. Key Conclusions

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/f2snqf

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