What species of tree is this?  That's a large wound that has stripped a sizable piece of bark.  The larger the wound is in relation to the size of the limb, the less likely the tree will heal. This leaves the tree vulnerable to disease and pests. Trees are resilient and can often seal over wounds, but unfortunately this wound is very large.  There is little you can do at this time but wait to see if the tree will overcome this shock.