The global maintenance repair operations (MRO) market is anticipated to expand at substantial CAGR during the forecast period, 2021 and 2028. Maintenance repair operations (MRO) are activities and operations which are required for proper functioning of a facility or plant such as, physical maintenance of the equipments used to carry out various functions in the facility, the systems which operate within the facility, and the structure of a building.
MRO products such as cleaning supplies, office supplies, machinery (compressors, pumps, and valves), laboratory equipment, and maintenance tools (lubricants, gaskets, and repair tools) are utilized during the production process. The various industries that require maintenance repair operations activities are automotive, pharmaceuticals, chemicals, construction, and manufacturing.
Maintenance Repair Operations (MRO) Market Trends, Drivers, Restraints, and Opportunities:
- Increasing concern for internal efficiency in various establishments and growing digitization is fuelling the market.
- Rising investments in maintenance operations for improving product quality and curbing manufacturing costs is expected to drive the demand in the coming years.
- Fluctuations in raw material prices & labor cost and lack of skilled workforce are expected to hamper the market growth.
- Growing demand for highly tailored solution according to consumer needs is anticipated to provide lucrative opportunities for market players during the forecast period.
Scope of the Maintenance Repair Operations (MRO) Market Report:
The report on maintenance repair operations (MRO) market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Maintenance Repair Operations Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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MRO Types (Electrical, Industrial, and Facility), Technology (Internet Of Things (IoT), 3D Printing, Artificial Intelligence, Big Data Analytics, AR/VR, Robotics, Predictive Maintenance, and Others), End-users (Construction, Manufacturing, Automotive, Aerospace & Defense, Pharmaceuticals, Chemicals, Oil & Gas, Food & Beverages, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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WESCO International, Inc.; Lawson Products, Inc; Airgas, Inc.; Sonepar SA; Electrocomponents plc; W.W. Grainger, Inc.; Rexel; Wolseley Limited; RUBIX; and Kaman Corporation
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Maintenance Repair Operations Market Segment Insights:
The industrial MRO segment is projected to hold significant market share
In terms of MRO types, the maintenance repair operations (MRO) market can be categorized into electrical, industrial, and facility. The industrial MRO segment held a considerable share of the market in 2020 owing to increasing expenditure on MRO activities by various industries for reducing capital on new equipments and to improve their operational efficiency.
The IoT segment held substantial market share in 2020
Based on technology, the maintenance repair operations market is fragmented into IoT, 3D printing, artificial intelligence, big data analytics, AR/VR, robotics, predictive maintenance, and others. The IoT segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period due to thriving digitalization, development of smart factories, and growth of predictive maintenance which allows early replacement of any components before defect arises.
The manufacturing segment to grow during the forecast period
On the basis of end-users, the market can be segregated into construction, manufacturing, automotive, aerospace & defense, pharmaceuticals, chemicals, oil & gas, food & beverages, and others. The manufacturing segment is expected to hold a significant share of the market during the forecast period due to increasing need to enhance product quality, reduce costs, optimize energy consumption, and reduce downtime involved in manufacturing processes.
Asia Pacific dominates the global market
In terms of regions, the global maintenance repair operations (MRO) market can be split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market in 2020 due to introduction of advanced manufacturing practices. Moreover, growth in industrialization, manufacturing, digitization, and increasing adoption of professional services are driving the market in Asia Pacific.
Segments
Segments Covered in the Report
MRO Types
- Electrical
- Industrial
- Facility
Technology
- Internet Of Things (IoT)
- 3D Printing
- Artificial Intelligence
- Big Data Analytics
- AR/VR
- Robotics
- Predictive Maintenance
- Others
End-users
- Construction
- Manufacturing
- Automotive
- Aerospace & Defense
- Pharmaceuticals
- Chemicals
- Oil & Gas
- Food & Beverages
- Others
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the maintenance repair operations (MRO) market include WESCO International, Inc.; Lawson Products, Inc; Airgas, Inc.; Sonepar SA; Electrocomponents plc; W.W. Grainger, Inc.; Rexel; Wolseley Limited; RUBIX; and Kaman Corporation. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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