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The global maintenance, repair, and operations market reached a value of US$ 635.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 726.0 Billion by 2028, exhibiting a CAGR of 2.19% during 2023-2028. Maintenance, repair, and operations (MRO) refer to the procedures and activities involved in the upkeep of a plant or facility, which might include the physical maintenance of a building's structure, the facility's operational systems, and the equipment needed to execute various functions in the facility. They entail performing periodic functional tests, servicing and replacing necessary machinery, and constructing infrastructure to ensure maximum operational efficiency. MRO activities ensure that facilities, equipment, systems, and tools are properly stocked, maintained, and safe for use. They help to improve workflow management, employee safety, and reduce downtime and maintenance frequency. MRO also provides notifications for the replacement of organizational components before faults occur. As a result, MRO activities are widely used across diverse industries, including construction, chemical, manufacturing, pharmaceutical, etc.
The escalating demand for enhanced organizational efficiency coupled with the increasing investments in maintenance operations to extend the lifespan of aging industrial machinery is primarily driving the global maintenance, repair, and operations market. MROs substantially reduce operational expenditures and optimize supply chain management, resulting in the overall economic and manufacturing growth of the organization. In addition to this, the widespread adoption of professional services along with the standardization of equipment and services in critical manufacturing operations are further bolstering the product demand. Moreover, the increasing frequency of replacement cycles in industrial manufacturing to reduce production downtime is also acting as a significant growth-inducing factor. Besides this, the rising utilization of MRO in the manufacturing sector to minimize cyclical fluctuations and monitor the upkeep of industrial equipment, consumables, furniture, and plant supplies is further propelling the global market. Additionally, several government bodies are launching initiatives to encourage key players to reduce overall energy consumption and practice lean manufacturing. This, in turn, is also creating a positive outlook for the market. Apart from this, numerous technological advancements, including the introduction of predictive maintenance solutions and the integration of connected devices with the Internet of Things (IoT), are expected to drive the global maintenance, repair, and operations market in the coming years.
The report has also provided a comprehensive analysis of all the major regional markets that include the Germany, the United Kingdom, France, Russia, Italy, Spain, China, Japan, India, South Korea, Indonesia, Australia, United States, Canada, Mexico, Brazil, etc. According to the report, the United States was the largest market for maintenance, repair, and operations. Some of the factors driving the United States maintenance, repair, and operations market included the escalating demand for enhanced organizational efficiency, the growing frequency of replacement cycles, increasing investments in maintenance operations, etc. For each of the countries covered, the report provides market drivers, historical and current market trends, market breakup by provider, key players, and market forecast.
The report has also provided a detailed breakup and analysis of the global maintenance, repair, and operations market based on the provider. This includes OEM and aftermarket. According to the report, OEM represented the largest segment.
MRO Type Insights
A detailed breakup and analysis of the global maintenance, repair, and operations market based on MRO type has also been provided in the report. This includes industrial MRO, facility MRO, electrical MRO, and others. According to the report, industrial MRO accounted for the largest market share.
The report has also provided a comprehensive analysis of the competitive landscape in the global maintenance, repair, and operations market. This includes market structure, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant. Detailed profiles of all major companies have also been provided. Some of the companies covered include Electrocomponents PLC, Genuine Parts Company, Lawson Products Inc., Rexel, Wesco International Inc, etc. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report. For each of the companies covered, the report provides business overview, services offered, business strategies, financials, SWOT analysis, and major news and events.
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