Base Year
Historical Year
Forecast Year
The global maintenance, repair, and operations (MRO) market reached a value of USD 747.61 billion in 2023 and expected to grow at a CAGR of 2.4% in the forecast period of 2024-2032 to reach USD 922.70 billion by 2032.
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Maintenance, repair, and operations (MRO) refer to the miscellaneous expenditure by firms to ensure the smooth functioning of its operations and production process. MRO products are generally utilised during the production process, such as consumables (laboratory equipment, cleaning, or office supplies), machinery (pumps, compressors, or valves), repair and maintenance tools (lubricants, repair tools, gaskets), and other miscellaneous products like fixtures, furniture, and computers.
The rapid industrialisation and infrastructure growth in emerging markets are fuelling MRO products and services demand as economies expand and require maintaining and upgrading existing infrastructure. Additionally, companies are also prioritising asset lifecycle management, optimising asset performance and extending operational lifespan, which fosters efficiency and cost-effectiveness and drives maintenance, repair, and operations (MRO) market expansion. The shift towards predictive maintenance, enabled by sensors and IoT, is also opening avenues for MRO providers to offer advanced solutions that align with industry needs for enhanced operational efficiency and cost savings.
Shift towards predictive maintenance, focus on asset lifecycle management, and demand for advanced maintenance management systems are boosting the maintenance, repair, and operations (MRO) market development
March 2024
Daikin announced the acquisition of BKF Klima in Denmark to strengthen its position in the Danish market and expand its Heating, Ventilation, and Air Conditioning (HVAC) offerings. This strategic move includes the establishment of new facilities in Brøndby, Denmark, such as a Daikin Training Center for installers and a Daikin Experience Center for consumers.
January 2023
Applied Industrial Technologies launched the fifth edition of its Applied Maintenance Supply & Solutions Master Product Catalogue, which features over 47,000 maintenance products specifically chosen for maintenance, repair, operations, and production (MROP) users.
January 2023
MSC Industrial Supply Co. acquired Buckeye Industrial Supply Co. and True-Edge Grinding Inc to strengthen its position as a prominent multichannel supplier of MRO products and services. These companies specialise in custom tool manufacturing, the distribution of metalworking and MRO products.
Shift towards predictive maintenance
In the aviation industry, airlines like Lufthansa Technik utilise predictive maintenance solutions that analyse data from aircraft sensors to predict component failures before they occur, enabling proactive maintenance, minimising aircraft downtime, and enhancing safety by preventing unexpected failures.
Focus on asset lifecycle management
Another significant trend shaping the maintenance, repair, and operations (MRO) market outlook is the focus on asset lifecycle management. ExxonMobil implement such strategies to optimise the performance and maintenance of their critical infrastructure, from drilling equipment to refineries, which helps in extending the lifespan of assets and enhance overall operational efficiency.
Increasing demand for sustainable and environmentally friendly solutions
In the automotive industry, companies like Tesla prioritise eco-friendly MRO practices, such as using recycled materials in vehicle repairs and implementing energy-efficient maintenance processes in their manufacturing facilities, which is driving the development of green MRO solutions.
Rising demand for advanced maintenance management systems
There is a rising demand for advanced maintenance management systems and companies like Siemens utilise advanced software that integrates IoT sensors and predictive analytics to monitor equipment health in real-time and schedule maintenance proactively.
The market is also being driven by the thriving digitalisation and the rising demand for increased efficiency in businesses. The digital revolution in MRO is being driven by the adoption of technologies such as the Internet of Things (IoT), blockchain, artificial intelligence (AI), robotics, AR/VR, digital twins, and 3D printing. These technologies are increasing the efficiency of MRO operations and reducing downtime, which is thereby influencing the maintenance, repair, and operations (MRO) market growth.
Moreover, digitalisation is creating a continuous stream of data flowing through the MRO supply chain, enabling better visibility, and predictive maintenance. Digital MRO solutions like Lufthansa Technik's AVIATAR platform are providing global access, faster troubleshooting, improved time management, and reduced costs. Mobile apps are also transforming the MRO sector by improving cycle time and revenue.
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The EMR’s report titled “Maintenance, Repair, and Operations (MRO) Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by MRO Type
Market Breakup by Provider
Market Breakup by Region
OEMs leads the market as they have better expertise and offer high-quality and genuine parts
OEMs in the MRO market are known for their specialised knowledge and expertise in their products, offering high-quality maintenance services using genuine parts for optimal performance. They lead in technological advancements and innovation, ensuring reliable maintenance solutions.
On the other hand, the aftermarket segment provides alternative maintenance services outside of OEM offerings, catering to a wide range of industries with cost-effective solutions. While OEMs focus on quality assurance, aftermarket providers offer flexibility and price competitive options for maintenance and repair services.
Market players are focused on improving service quality, leveraging technological advancements like IoT to optimise asset performance, outsourcing maintenance services, and asset lifecycle management
Air Liquide S.A. (Airgas, Inc.) was founded in 1982 and is headquartered in Pennsylvania, United States. It is a leading supplier of industrial, medical, and speciality gases, welding equipment and supplies, safety products, atmospheric gases, carbon dioxide, dry ice, nitrous oxide, ammonia, and process chemicals.
Ferguson Enterprises, LLC was founded in 1953 and is headquartered in Virginia, United States. It is a prominent distributor of plumbing supplies, PVF, waterworks, fire and fabrication products, HVAC equipment, and industrial products and services.
Rubix Group International Limited was founded in 1920. The company is headquartered in London, United Kingdom. The company supplies industrial maintenance and repairing products, including bearings, power transmission components, tools, overhaul, and other equipment.
Hayley Group Limited was founded in 1976 and is headquartered in Nevada, United States. The company supplies industrial maintenance and repairing products, including engineering components, consumables, and related support services.
Other key players in the global maintenance, repair, and operations (MRO) market include Genuine Parts Company, Applied Industrial Technologies Inc., W.W. Grainger, Inc., ERIKS N.V, RS Group plc, and Adolf Würth GmbH & Co. KG, among others.
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The Asia Pacific to witness a significant growth owing to the rising adoption of professional services
Asia Pacific dominates the market as the region is a manufacturing hub for spare parts, which are often supplied to other countries, owing to their cost-effectiveness. The introduction of advanced manufacturing techniques in the Asia Pacific, because of rising investments in R&D activities, is predicted to enhance the maintenance, repair, and operations (MRO) market growth further. Moreover, due to the COVID-19 pandemic, many companies that had investments in China are now shifting to other Asian countries, such as India and Taiwan, for their operations. This is expected to influence the market growth positively in the coming years.
Meanwhile, North American region with its presence of many manufacturing facilities and the increasing focus on industry development is expected to capture a growing maintenance, repair, and operations (MRO) market share. The region is also home to many major players in the market, including companies like W.W. Grainger, GE, and Rolls-Royce. The regions’ growth is further driven by the need for efficient maintenance practices and the adoption of advanced technologies like predictive maintenance and IoT.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by MRO Type |
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| Breakup by Provider |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Maintenance, Repair, and Operations (MRO) Market Size
Maintenance, Repair, and Operations (MRO) Market Share
Maintenance, Repair, and Operations (MRO) Market Growth
Maintenance, Repair, and Operations (MRO) Market Trends
Maintenance, Repair, and Operations (MRO) Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the maintenance, repair, and operations (MRO) market reached an approximate value of USD 747.61 billion.
The market is expected to grow at a CAGR of 2.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 922.70 billion by 2032.
Key drivers of the MRO market include the need to reduce disruptions, anticipate and rectify issues, improve inventory management, enhance safety, and increase productivity. MRO is crucial for cost management, productivity, safety, and overall business.
Key trends aiding market expansion include the adoption of professional services, rising standardisation of equipment and services within critical manufacturing operations and launch of smart industries, which use predictive maintenance, like sensors and IoT.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The leading providers in the market are OEM and aftermarket.
The major end-use segments in the market are manufacturing, construction, electrical, facility, mining, aerospace and defence, automotive, food and beverages, pharmaceuticals, chemicals, and oil and gas, among others.
Key players in the market are Air Liquide S.A. (Airgas, Inc.), Ferguson Enterprises, LLC., Rubix Group International Limited, Hayley Group Limited, Genuine Parts Company, Applied Industrial Technologies Inc., W.W. Grainger, Inc., ERIKS N.V, RS Group plc, and Adolf Würth GmbH & Co. KG, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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