IMARC Group, a leading market research company, has recently releases report titled “Maintenance Repair and Operations (MRO) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global maintenance repair and operations (MRO) market growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the maintenance repair and operations (MRO) market?
- Market Size in 2022: US$ 648.4 Billion
- Market Forecast in 2028: US$ 769.8 Billion
- Growth rate (2023 to 2028): CAGR of 2.81%
- Base Year of the Analysis: 2022
- Forecast Period: 2023-2028
What are maintenance repair and operations (MRO)?
MRO refers to all the activities and resources that are utilized in the upkeep and repair of equipment, machinery, infrastructure, and facilities necessary for uninterrupted functioning of a business or organization. MRO includes maintaining, repairing, and replacing various components and systems to ensure the equipment and machinery remain in proper working condition. MRO involves proactive maintenance through inspections, lubrication, and adjustments to prevent breakdowns and extend asset lifespan. It also includes corrective maintenance to repair or replace faulty components when breakdowns occur, along with managing inventory and coordinating with vendors for necessary supplies and services. MRO activities and supplies vary based on industry and specific equipment, with a focus on equipment-specific maintenance tailored to unique characteristics and safety-oriented compliance with regulations.
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What are the growth prospects and trends in the maintenance repair and operations (MRO) industry?
The global market is primarily driven by the considerable growth in numerous industrial sectors such as manufacturing, construction, energy, and transportation. With the rapid expansion and upgradation of industrial facilities, there is an augmenting demand for maintenance and repair solutions to keep operations running smoothly. Moreover, the growing number of aging infrastructure assets such as roads, bridges, and buildings coupled with the need for continued operation and safety is creating lucrative opportunities in the market. In line with this, continual technological advancements such as industrial automation, the Internet of Things (IoT), and predictive maintenance technologies helping in reduced downtime and optimized maintenance schedules are fueling the market. Furthermore, the implementation of stringent safety standards in various industries necessitates regular inspections, maintenance, and repairs to adhere to specific MRO protocols are providing an impetus to the market. Some of the other factors contributing to the market include an enhanced focus on cost reduction and operational efficiency strategies, rise in MRO outsourcing to specialized service providers, rising emphasis on sustainable development, and extensive research and development (R&D) activities conducted by key players.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Provider:
Breakup by MRO Type:
- Industrial MRO
- Electrical MRO
- Facility MRO
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
Also, Read the Full Blog, Top Maintenance, Repair, and Operations Companies Worldwide
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