The latest report by IMARC Group, titled “Maintenance Repair and Operations (MRO) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global maintenance repair and operations (MRO) market size reached a value of US$ 626.2 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 the 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. Looking forward, the market value is expected to reach US$ 747.7 Billion by 2027, exhibiting a CAGR of 2.70% during the forecast period (2022-2027).
- Based on the provider, the market has been segmented into OEM and aftermarket.
- On the basis of the MRO type, the market has been classified into industrial, electrical, and facility MRO.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Adolf Würth GmbH & Co. KG, Airgas Inc. (Air Liquide S.A), Applied Industrial Technologies Inc., Cromwell Group Holdings Limited (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., Rexel Group, and Wesco International Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal