Maintenance Repair and Operations (MRO) Market

Maintenance Repair and Operations (MRO) Market:

The global maintenance repair and operations (MRO) market size reached USD 683.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 842.6 Billion by 2033, exhibiting a growth rate (CAGR) of 2.33% during 2025-2033. The market is primarily driven by the increasing awareness among individuals and businesses towards the importance of asset lifecycle management, the rising focus on sustainability and environmental responsibility, and the growing outsourcing of MRO services.

Maintenance Repair and Operations (MRO) Market Analysis:

• Major Market Drivers: The continuous advancements in technology, including automation, predictive maintenance tools, and digitalization to improve efficiency and reduce downtime, are propelling the market growth. Moreover, the rising need for maintenance and repair services, owing to the aging infrastructure in various industries, such as energy, manufacturing, and transportation, is acting as another significant growth-inducing factor.
• Key Market Trends: The emerging trend of digital transformation, including big data analytics, artificial intelligence (AI), and machine learning to enable real-time monitoring of equipment health and optimization of supervision schedules is catalyzing the maintenance repair and operations (MRO) market growth. Additionally, the increasing adoption of eco-friendly practices by the leading companies, such as waste reduction, energy-efficient maintenance processes, and recycling of materials, on account of the rising emphasis on sustainability and corporate social responsibility (CSR) goals, is also stimulating the maintenance repair and operations market outlook.
• Competitive Landscape: Some of the major market players in the maintenance repair and operations (MRO) industry include Adolf Würth 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., Rexel, Wesco International Inc., among many others.
• Geographical Trends: According to the MRO industry report, Europe accounted for the largest share in the maintenance repair and operations (MRO) market analysis. European MRO providers offer specialized maintenance and repair solutions tailored to the specific needs and requirements of various industry verticals. Moreover, European countries are renowned for sustainable practices, eco-friendly disposal procedures, and efficient resource utilization.
• Challenges and Opportunities: The continuous disruptions in the supply chain, including transportation delays, material shortages, or geopolitical issues can delay maintenance activities and increase costs, which pose various challenges for the MRO market. However, by utilizing IoT sensors and predictive analytics, organizations can reduce downtime, anticipate equipment failures beforehand, and optimize maintenance schedules, which presents significant growth opportunities for the market players.

Maintenance Repair and Operations (MRO) Market Trends:

Technological Advancements and Industry 4.0 Integration

The continuous technological advancements in manufacturing procedures and the advent of Industry 4.0 are primarily driving the maintenance repair and operations (MRO) market. Besides this, the integration of predictive analytics, the Internet of Things (IoT), and sensors into machinery and equipment provides real-time insights into their health and performance, which is also catalyzing the global MRO market outlook. For instance, ProcMart has launched store-in-store solutions for large-scale inventory management in India. The business introduced the model to help clients enhance performance with an overall proactive approach to MRO asset management. The service aims to enable large-scale companies to improve maintenance, repair, and operations (MRO) while beefing up manufacturing, consequently saving money and time.

Emphasis on Asset Lifecycle Management

The rising awareness among individuals and businesses towards the importance of asset lifecycle management is positively influencing the maintenance repair and operations market share. Moreover, the growing popularity of advanced management systems to provide comprehensive visibility into the usage, condition, and maintenance history of assets is also catalyzing the market growth. For instance, SIG, in partnership with GE Digital, unveiled its first APM (Asset Performance Management) and FSM (Field Service Management) digital solution for the food and beverage industry. The Plant 360 Asset Management is expected to provide on-demand digital services, which will equip manufacturers with efficiency, productivity, and connectivity in their operations. Additionally, on March 19, 2024, Kenco, a leading North American third-party logistics company, announced that it will launch Automation Guidance, a consulting offering dedicated to helping operation managers upgrade their existing facilities with automated material handling equipment (MHE) assets, which have become increasingly critical to their success. With the addition of Automation Guidance, an offering within Kenco MHE Solutions, supply chain professionals now have access to a complete lifecycle of MHE benefits. This, in turn, represents one of the MRO market trends.

Outsourcing of MRO Services

The rising outsourcing of MRO services by several businesses to focus on their core competencies and streamline their operations is positively influencing the market growth. Besides this, outsourcing MRO enables companies to leverage economies of scale and expertise and access advanced technologies without the need for in-house investments, which is also catalyzing the MRO market size. For instance, Adani Defense Systems & Technologies Ltd. (ADSTL), a subsidiary of Adani Enterprises and the defense manufacturing arm of Adani Group, acquired India's oldest MRO company, Air Works, which currently has a total presence across 27 cities for an enterprise value of around INR 400 crore (USD 48.2 Million). Moreover, in January 2023, Asia Digital Engineering (ADE), the engineering arm of Capital A, opened its new MRO (Maintenance, Repair, and Overhaul) hangar facility in Senai, Johor Bahru, further strengthening its mission of offering the best value, best in class MRO services with high efficiency across a vast coverage of locations.

Maintenance Repair and Operations (MRO) Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the maintenance repair and operations market forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on provider and MRO type.

Breakup by Provider:

• OEM
• Aftermarket
   

OEM represented the largest segment

The report has provided a detailed breakup and analysis of the market based on the provider. This includes OEM and aftermarket. According to the report, OEM represented the largest segment, owing to their in-depth knowledge and expertise of the products.

Moreover, OEMs possess special insights into the functionality, design, and intricacies of their equipment, which makes them extremely popular for offering specialized maintenance and repair services. For instance, Emerson Bearing Boston, a bearing company catering to the OEM and MRO markets globally, established a pump industry division dedicated to a fast-growing customer base, particularly in the oil and gas market. Furthermore, Galco Industrial Electronics Inc., an e-commerce driven MRO-focused distributor of electronic industrial control and automation components, was acquired by Freeman Spogli & Co. The company believes that the acquisition would pursue multiple expansion opportunities and strategic initiatives in the United States. Consequently, as per the MRO market analysis report, continuous launches by OEMs will continue to stimulate the segment’s growth in the coming years.

Breakup by MRO Type:

• Industrial MRO
• Electrical MRO
• Facility MRO
• Others
   

Industrial MRO accounted for the largest market segment

report has provided a detailed breakup and analysis of the market based on the MRO type. This includes industrial MRO, electrical MRO, facility MRO, and others. According to the report, industrial MRO accounted for the largest market segment.

Industrial MRO offers timely repairs, proactive maintenance, and comprehensive diagnostics to identify potential issues before they escalate. Moreover, as per the MRO market report, it aids in increasing the overall equipment effectiveness, minimizing unscheduled downtime, and ensuring the continuous operation of production lines, which is also catalyzing the market in this segment. For instance, in January 2023, MSC Industrial Supply Co. acquired Buckeye Industrial Supply Co. and True-Edge Grinding Inc., two companies specializing in custom tool manufacturing and the distribution of metalworking and maintenance, repair, and operations (MRO) products and services. According to the maintenance repair and operations (MRO) market insights, this acquisition will help MSC Industrial Supply Co. strengthen its position as a prominent multichannel supplier of MRO products and services. Furthermore, companies like GoExpedi have developed digital online platforms to revolutionize the procurement process for energy and industrial MRO assets.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Europe accounted for the largest market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share, owing to its well-established industrial infrastructure.

Moreover, as per the MRO market overview, key players provide specialized solutions, efficient resource utilization, and eco-friendly disposal procedures. Additionally, the development of advanced research centers that support innovation in various industries is also bolstering the maintenance repair and operations (MRO) market in this region. For instance, the UK Government commissioned the 'Made Smarter' review with the aim of the industry, providing recommendations to ensure that the UK will be a significant player in the 4th industrial revolution by 2030. Furthermore, the considerable expansion of its European MRO (maintenance, repair, and overhaul) facility in Dundalk, Co. Louth, Ireland, was announced by Panasonic Avionics Corporation (Panasonic Avionics). PTS anticipated introducing 1,500-2,000 units each month at its Dundalk site. In addition to serving as its European distribution hub, it performed repairs on Boeing CSS equipment, X series, and Next IFE systems. This, in turn, is propelling the MRO market growth in Europe over the forecasted period.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the major market players in the maintenance repair and operations (MRO) market dynamics include Adolf Würth 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., Rexel, Wesco International Inc., among many others.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Maintenance Repair and Operations (MRO) Market News:

• January 2023: Applied Industrial Technologies launched the fifth edition of its Applied Maintenance Supply & Solutions Master Product Catalog, which features over 47,000 maintenance products specifically chosen for maintenance, repair, operations, and production (MROP) users. The catalog includes a diverse selection of products ranging from transportation, fasteners, shop supplies, electrical, welding, janitorial, fittings & hoses, paints & chemicals, cutting tools & abrasives, safety, and more.
• March 2024: Iveda (NASDAQ:IVDA), the global solution for cloud-based AI, announces the expansion of its partnership with Evergreen Aviation Technologies Corp. (EGAT), a leading aircraft maintenance solutions provider, following the success of the partnership over the past year. Together Iveda and EGAT are continuing to expand AI-powered smart drone applications around the globe in areas including the Philippines, Mexico, the U.S., and the Middle East. Growing their partnership, EGAT and Iveda will proceed with the development of military-grade smart drones, equipped with Iveda’s AI Video Analytics and sensor technologies, to assist with confidential military deployments, flood and fire surveillance, border and coastal patrol, livestock tracking, remote equipment searches, infrastructure inspections, and basic aerial crowd traffic control.

Maintenance Repair and Operations (MRO) Market Research Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the maintenance repair and operations (MRO) market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global maintenance repair and operations (MRO) market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the maintenance repair and operations (MRO) industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.