Global Maintenance Repair and Operations (MRO) Market, By MRO Type (Industrial MRO, Electrical MRO, Facility MRO, and Others), Provider (Original Equipment Manufacturer (OEM), and Aftermarket), End-Use (Manufacturing, Construction, Electrical, Facility, Mining, Aerospace and Defense, Automotive, Food and Beverages, Pharmaceuticals, Chemicals, Oil and Gas, and Others), Technology (3D Printing, AR/VR, Artificial Intelligence, Robotics, Big Data Analytics, Internet of Things (IOT), Predictive Maintenance, and Others), Application (Predictive Analysis, Performance Monitoring, Inspection, Mobility and Functionality, and Others) - Industry Trends and Forecast to 2031.
Maintenance Repair and Operations (MRO) Market Analysis and Size
The maintenance repair and operations (MRO) market encompasses procurement, storage, and distribution of supplies for upkeep. Streamlining MRO processes optimizes inventory management, reduces downtime, and enhances operational efficiency. Leveraging data analytics and predictive maintenance tools in MRO activities ensures timely repairs, prolonging asset lifespan and minimizing costs, ultimately fostering sustainable operations and maximizing profitability.
For instance, in October 2022, Adani Defence Systems & Technologies Ltd. (ADSTL), a subsidiary of Adani Enterprises, acquired Air Works, India's oldest MRO company, for an enterprise value of approximately Rs 400 crore (USD 48.2 million). With a presence in 27 cities air works strengthens ADSTL's foothold in the defense manufacturing sector.
Data Bridge Market Research analyses that the global maintenance repair and operations (MRO) market size was valued at USD 777.77 billion in 2023, is projected to reach USD 1,097.63 billion by 2031, with a CAGR of 4.40% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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MRO Type (Industrial MRO, Electrical MRO, Facility MRO, and Others), Provider (Original Equipment Manufacturer (OEM), and Aftermarket), End-Use (Manufacturing, Construction, Electrical, Facility, Mining, Aerospace and Defense, Automotive, Food and Beverages, Pharmaceuticals, Chemicals, Oil and Gas, and Others), Technology (3D Printing, AR/VR, Artificial Intelligence, Robotics, Big Data Analytics, Internet of Things (IOT), Predictive Maintenance, and Others), Application (Predictive Analysis, Performance Monitoring, Inspection, Mobility and Functionality, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
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Market Players Covered
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Adolf Würth GmbH & Co. KG (Germany), Airgas, Inc. (U.S.), Applied Maintenance Supplies & Solutions (U.S.), Kaman Corporation. (U.S.), RUBIX (U.K.), Motion Industries, Inc (U.S.), Wesco (U.S.), Sonepar (France), Rexel (France), Graybar Electric Company Inc. (U.S.), ERIKS Group (U.S.), MSC Industrial Direct Co., Inc (U.S.), Lawson Products, Inc (U.S.), Electrocomponents plc (U.K.) and Anixter Inc (U.S.), and W.W. Grainger, Inc. (U.S.)
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Market Opportunities
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Market Definition
Maintenance, repair, and operations (MRO) refer to activities and supplies essential for maintaining and repairing equipment, facilities, and infrastructure within a business or organization. MRO encompasses preventive maintenance, corrective repairs, and the procurement of necessary materials, spare parts, and tools to ensure operational continuity and efficiency.
Maintenance Repair and Operations (MRO) Market Dynamics
Drivers
- Growing Adoption of Industry 4.0
The widespread adoption of Industry 4.0 principles is fueling the digitization and automation of manufacturing processes. This shift increases the demand for sophisticated MRO solutions that maintain and support advanced systems. As industries embrace technological innovation, the need for efficient and effective MRO strategies becomes paramount for sustaining operational excellence.
- Focus on Asset Lifecycle Management
Companies now prioritize managing assets from procurement to disposal, enhancing demand for MRO services. This approach optimizes asset performance and extends operational lifespan, fostering efficiency and cost-effectiveness. Through integrating MRO strategies into asset lifecycle management, businesses ensure optimal utilization and maintenance, driving sustainable growth and competitive advantage.
For instance, in January 2020, Emerson Bearing Boston, a global bearing company serving OEM and MRO markets, inaugurated a pump industry division to meet the needs of a rapidly expanding customer base, notably within the oil and gas sector.
Opportunities
- Rising Demand in Emerging Markets
Rapid industrialization and infrastructure growth in emerging markets fuel MRO products/services demand. As economies expand, maintaining and to upgrade existing infrastructure drives market growth. This trend underscores the importance of efficient MRO solutions in supporting development and ensuring operational continuity in burgeoning economies.
For instance, in February 2020, Freeman Spogli & Co. acquired Galco Industrial Electronics Inc., an e-commerce-focused distributor of industrial control and automation components. The acquisition aims to pursue various expansion opportunities and strategic initiatives within the United States.
- Shift Towards Predictive Maintenance
The move towards predictive maintenance, from reactive and preventive methods, cuts unplanned downtime and lowers maintenance expenses. This shift opens avenues for MRO providers to offer sophisticated predictive maintenance solutions that align with industry needs for enhanced operational efficiency and cost savings.
For instance, the rise of predictive maintenance, facilitated by sensors and IoT, enables pre-emptive replacement of manufacturing components before visible defects emerge, promising transformative effects on the global MRO industry.
Restraints/Challenges
- Dearth of Skilled Workforce
As industries depend more on advanced technologies, a shortage of technicians and engineers impedes efficient operations, leading to extended downtime, higher costs, and inadequate maintenance practices. This scarcity significantly affects productivity and competitiveness across sectors. Addressing the shortage of skilled personnel emerges as a critical challenge in the market, highlighting the need for strategic workforce development initiatives.
- Rising Concern about Data Management and Security
The proliferation of data-driven technologies such as predictive analytics and IoT sensors in MRO presents data management, security, and privacy challenges. Concerns over data breaches and privacy violations can hinder market growth as stakeholders hesitate to adopt these solutions without robust safeguards, impacting technological advancement and industry expansion.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In April 2023, Applied Industrial Technologies broadened its automation platforms through the acquisition of Advanced Motion Systems Inc., enhancing their capabilities in industrial automation solutions
- In September 2022, Adolf Würth GmbH & Co. KG inaugurated a state-of-the-art test center for fastening technology, featuring a certified anchor laboratory, amplifying their commitment to quality assurance and innovation
- In June 2020, Hitachi Ltd. and Microsoft Corp. forged a strategic partnership to accelerate digital transformation in manufacturing and logistics across Southeast Asia, North America, and Japan. Their collaboration focuses on meeting the rising demand for predictive maintenance and process automation, particularly in remote areas
Maintenance Repair and Operations (MRO) Market Scope
The maintenance repair and operations (MRO) market is segmented on the basis of type, form, mining type, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
MRO Type
- Industrial MRO
- Electrical MRO
- Facility MRO
- Others
Provider
- Original Equipment Manufacturer (OEM)
- Aftermarket
End-Use
- Manufacturing
- Construction
- Electrical
- Facility
- Mining
- Aerospace and Defense
- Automotive
- Food and Beverages
- Pharmaceuticals
- Chemicals
- Oil and Gas
- Others
Technology
- 3D Printing
- AR/VR
- Artificial Intelligence
- Robotics
- Big Data Analytics
- Internet of Things (IOT)
- Predictive Maintenance
- Others
Application
- Predictive Analysis
- Performance Monitoring
- Inspection
- Mobility and Functionality
- Others
Maintenance Repair and Operations (MRO) Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by type, form, mining type, and application as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
Europe is expected to dominate the maintenance, repair, and operations (MRO) market, leveraging increased adoption to trim operational costs via process efficiency. With a focus on optimizing resource utilization, the region drives advancements in MRO practices, setting a benchmark for cost-effective and streamlined operational maintenance across industries.
North America is expected to witness significant growth in the maintenance, repair, and operations (MRO) market due to a burgeoning focus on industry development, leading to increased manufacturing facilities. This expansion underscores the region's pivotal role in driving innovation and efficiency across diverse industrial sectors during the forecast period.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Maintenance Repair and Operations (MRO) Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the maintenance repair and operations (MRO) market are:
- Adolf Würth GmbH & Co. KG (Germany)
- Airgas, Inc. (U.S.)
- Applied Maintenance Supplies & Solutions (U.S.)
- Kaman Corporation. (U.S.)
- RUBIX (U.K.)
- Motion Industries, Inc (U.S.)
- Wesco (U.S.)
- Sonepar (France)
- Rexel (France)
- Graybar Electric Company Inc. (U.S.)
- ERIKS Group (U.S.)
- MSC Industrial Direct Co., Inc (U.S.)
- Lawson Products, Inc (U.S.)
- Electrocomponents plc (U.K.)
- Anixter Inc (U.S.)
- W.W. Grainger, Inc. (U.S.)
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