PUBLISHER: The Business Research Company | PRODUCT CODE: 1414364
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414364
“Maintenance Repair And Operations Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on maintenance repair and operations market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for maintenance repair and operations? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The maintenance repair and operations market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Maintenance, repair, and operations (MRO) encompass services related to the equipment, materials, and tools utilized in the regular operations of a business. Excluding materials, goods, or services directly used in production, MRO supports the maintenance of workflow across various industries, contributing to improved profitability and operational efficiency by reducing downtime and enhancing production and productivity.
The primary types of Maintenance, Repair, and Operations (MRO) include industrial MRO, electrical MRO, facility MRO, and others. Industrial MRO involves activities related to maintaining and repairing industrial machinery, equipment, and facilities to ensure their efficient and effective operation. This category of MRO services is provided by both original equipment manufacturers (OEMs) and aftermarket service providers, catering to a diverse range of end-users, including manufacturing, construction, electrical, facilities, mining, aerospace and defense, automotive, food and beverage, pharmaceuticals, and others.
The maintenance, repair, and operations market research report is one of a series of new reports from The Business Research Company that provides maintenance, repair, and operations market statistics, including maintenance, repair, and operations industry global market size, regional shares, competitors with a maintenance, repair, and operations market share, detailed maintenance, repair, and operations market segments, market trends and opportunities, and any further data you may need to thrive in the maintenance, repair, and operations industry. This maintenance, repair, and operations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The maintenance repair and operations market size has grown steadily in recent years. It will grow from $681.85 billion in 2023 to $704.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The expansion observed in the historical period can be attributed to factors such as industrialization and manufacturing growth, the emphasis on equipment lifecycle management, adherence to regulatory compliance, a focus on asset reliability and availability, and the implementation of preventive maintenance practices.
The maintenance repair and operations market size is expected to see steady growth in the next few years. It will grow to $794.22 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The anticipated growth in the forecast period can be attributed to a heightened focus on worker safety, the adoption of predictive and prescriptive maintenance strategies, an emphasis on resilience planning and risk mitigation, the utilization of mobile solutions for field maintenance, and the increasing prominence of e-commerce platforms. Key trends in the forecast period encompass the integration of digitalization and Industry 4.0, strategic management of spare parts, customization of MRO solutions, the implementation of collaborative robotics and automation, and the reliance on data-driven decision-making.
The anticipated surge in infrastructure development investments is poised to drive the expansion of the maintenance, repair, and operations (MRO) market. Infrastructure development encompasses the comprehensive process of planning, designing, financing, constructing, and sustaining physical and organizational structures crucial for societal and economic functionality. MRO services play a pivotal role in the effective management and upkeep of infrastructure assets, including buildings, bridges, roads, and utilities. This ensures their prolonged lifespan and reliability, thereby mitigating the need for costly replacements through routine maintenance. For example, as reported by the World Bank, a leading U.S.-based international financial institution, April 2023 witnessed a sustained recovery in infrastructure investments within low- and middle-income countries during 2022. Private participation in infrastructure (PPI) investments exhibited a noteworthy 23% increase compared to 2021, reaching $91.7 billion across 263 projects. Consequently, the escalating investments in infrastructure development are expected to fuel the growth trajectory of the maintenance, repair, and operations market.
The growth of the maintenance, repair, and operations market is further underlined by the increasing demand in the manufacturing industry. As a vital sector involved in the transformation of raw materials into finished products, the manufacturing industry benefits significantly from effective MRO practices. These practices contribute to increased reliability, cost savings, improved safety, and overall operational efficiency. A report by the United Nations Industrial Development Organization notes a substantial 9.4% rise in global manufacturing production in 2021. This surge in demand within the manufacturing industry serves as a driving force for the maintenance, repair, and operations market.
A key trend in the maintenance, repair, and operations market is the adoption of technological advancements. Major market players are incorporating new technologies to maintain their competitive positions. For instance, Henkel AG & Co. KGaA introduced the Loctite Pulse Smart Steam Trap digital system, a data-enabled technology designed to monitor industrial steam systems digitally. Equipped with intelligent analytics and sensors, this innovation predicts energy losses and detects early-stage malfunctions, enhancing productivity, safety, and overall efficiency.
Innovative products such as Maintenance, Repair, and Overhaul (MRO) capabilities are a strategic focus for major companies operating in the maintenance, repair, and operations market. MRO services, which encompass maintaining and extending the life of various equipment, are integral for preventing breakdowns. An example is the launch of MRO capability by Bell Textron Inc. This all-encompassing service meets the growing customer care needs and positions Bell Textron Canada as a one-stop shop for maintenance, repair, and overhaul requirements in the aerospace sector.
In July 2021, Spirit AeroSystems Holdings' acquisition of Applied Aerodynamics enhances its MRO capabilities, particularly in North America, and contributes to its global MRO services. Applied Aerodynamics, a service provider specializing in aircraft maintenance, repair, and overhaul, aligns with Spirit AeroSystems Holdings' goal of expanding its maintenance, repair, and operations footprint.
Major companies operating in the maintenance repair and operations market report are Airgas Inc., Applied Industrial Technologies Inc., W.W. Grainger Inc., Lawson Products Inc., WESCO International Inc., ERIKS N.V., Adolf Wurth GmbH And Co. KG, Graybar Electric Company Inc., Rexel Group, Genuine Parts Company, Johnson Controls International plc, Caterpillar Inc., Motion Industries Inc., Rubix Limited, HAECO Group, MSC Industrial Direct Co. Inc., Hayley Group Limited, RS Components, Sonepar SA, Fastenal Company, The Home Depot Inc., Builders Firstsource Inc., Bluelinx Holdings, Eastern Power Technologies Inc., Consolidated Electrical Distributors Inc., Elliot Electric Supply Company, Border States Electric Industries Inc., Ferguson plc, HD Supply Holdings Inc., Pratt & Whitney
Europe was the largest region in the maintenance repair and operations market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global maintenance repair and operations market during the forecast period. The regions covered in the maintenance repair and operations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the maintenance repair and operations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The maintenance, repair, and operations (MRO) market consists of revenues earned by entities by providing services such as facility lighting services, maintenance services, and janitorial services. The market value includes the value of related goods sold by the service provider or included within the service offering. The maintenance, repair, and operations market also includes sales of drill presses, forklifts, jacks, powered and manual hand tools, mops, and brooms, which are used in providing maintenance, repair, and operations services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.