(MENAFN- EIN Presswire) maintenance repair and operations (MRO) market size
SHERIDAN, WYOMING, UNITED STATES, November 28, 2022 /einpresswire.com / -- The latest research study'Maintenance Repair and Operations (MRO) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028'the global maintenance repair and operations (mro) market size reached US$ 648.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 769.8 Billion by 2028, exhibiting a growth rate (CAGR) of 2.81% during 2023-2028.
Maintenance, repair, and operations (MRO) is a process that organizations undertake to ensure the smooth functioning of equipment, supplies, and tools related to daily operations. They include conducting periodic functional checks, building infrastructure, and servicing and replacing necessary machinery for optimal operational efficiency. They ensure that the equipment, systems, tools, and facilities are safe to use, stocked, and maintained. However, it does not involve products, services, and materials directly used in production; instead, it focuses on products that help maintain the workflow. Some of the products that MRO commonly undertakes include heating, ventilation, and air conditioning (HVAC) maintenance, janitorial services, drill presses, jacks, powered and manual hand tools, lighting, and computer numerical control (CNC) machinery.
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Industry Demand:
for maintenance, repair, and operations (MRO) from the industrial sector majorly drives the global market. This can be supported by the increasing process utilization across construction, pharmaceutical, mining, aerospace, food and beverage, chemical, manufacturing, automotive, and defense industries. In line with this, the widespread adoption of MRO across industries for improved organizational efficiency and optimized supply chain management is also significantly supporting the market. Since the MRO process aid in enhancing employee safety and workflow management while reducing downtime and repair frequencies and also provide alerts for replacing organizational components before any defect arises, thus providing a thrust to their demand.
With the advent of Industry 4.0, the demand for MRO services has elevated, especially in the manufacturing industry, wherein they are widely used to monitor the functioning of industrial consumables, equipment, plant supplies, and furniture, thus acting as a growth-inducing factor. Apart from this, the rising service demand from the aerospace industry for the maintenance of aircraft components and identification of structural defects, dents, and damages is augmenting the market. Moreover, continual technological advancements, such as the integration of the Internet of Things (IoT), connected devices, and predictive maintenance solutions with MRO devices, are creating a positive market outlook. Some of the other factors driving the market include rapid industrialization and the increasing need for continual improvements in industrial plants.
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List of Major Key Players:
•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.
•Rexel
•Wesco International Inc.
Breakup by Provider:
•OEM
•Aftermarket
Breakup by MRO Type:
•Industrial MRO
•Electrical MRO
•Facility MRO
Breakup by Technology:
•3D Printing
•AR/VR
•Artificial Intelligence
•Robotics
•Big Data Analytics
•Internet of Things
•Predictive Maintenance
•Others
Breakup by Region:
•North America (United States, Canada)
•Europe (Germany, France, United Kingdom, Italy, Spain, Others)
•Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
•Latin America (Brazil, Mexico, Others)
•Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
•Market Performance
•Market Outlook
•Porter's Five Forces Analysis
•Market Drivers and Success Factors
•SWOT Analysis
•Value Chain
•Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Elena Anderson
IMARC Services Private Limited
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