The latest report published by IMARC Group, titled, “Maintenance Repair and Operations (MRO) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global maintenance repair and operations (MRO) market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global maintenance repair and operations (MRO) market reached a value of US$ 626.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 747.7 Billion by 2027. Maintenance, repair and operations (MRO) refer to miscellaneous expenditures incurred by firms to ensure the smooth functioning of tools. They involve a set of activities undertaken by the organization to maintain the structure of the building, operation systems, and the equipment that carry out various functions. They include spare parts such as machinery like pumps, compressors, and valves, consumables like cleaning supplies, plant upkeep, and lubricants, which restore and maintain the functioning of the required equipment. MROs ensure employee safety, minimize downtime and repair frequencies, and improve workflow management. Consequently, they find extensive application across manufacturing, mining, automotive, aerospace, defense, and food and beverage industries.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
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Global Maintenance Repair and Operations (MRO) Market Trends:
The market is primarily driven by the growing digitization and increasing demand for improved organizational internal efficiency. In addition, the rising investments in maintenance operations across various end-use industries as MROs substantially reduce operational expenditure and optimize the supply chain management, resulting in the overall economic and manufacturing growth of the organization. Moreover, the growing adoption of professional services and the standardization of equipment and services in critical manufacturing operations are also fueling market growth.
Apart from this, MROs are used in the aerospace industry to maintain aircraft components and identify structural damages and defects. Besides this, governments across various countries are implementing initiatives to reduce the overall energy consumption and practice lean manufacturing, which is escalating the demand for MRO. Furthermore, research and development (R&D) activities have introduced advanced manufacturing techniques, which is creating a positive outlook for the market. Moreover, several key players are developing connected devices integrated with the Internet of Things (IoT) and predictive maintenance solutions, thereby significantly impacting the market growth.
Global Maintenance Repair and Operations (MRO) Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- Adolf Wurth GmbH & Co. KG
- Airgas Inc. (Air Liquide S.A)
- Applied Industrial Technologies Inc
- Cromwell Group Holdings Ltd. (W. W. Grainger Inc.)
- Electrocomponents PLC
- Eriks NV (SHV Holdings)
- Genuine Parts Company
- Graybar Electric Company Inc.
- Hayley Group Limited (Descours et Cabaud SA)
- Lawson Products Inc.
- Wesco International Inc.
Market Breakup by Provider:
Market Breakup by MRO Type:
- Industrial MRO
- Electrical MRO
- Facility MRO
Market Breakup by Technology:
- 3D Printing
- Artificial Intelligence
- Big Data Analytics
- Internet of Things
- Predictive Maintenance
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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