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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Maintenance, Repair, and Operations (MRO) Market Growth
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.
Maintenance, Repair, and Operations (MRO) Market Report Snapshots
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
Maintenance, Repair, and Operations (MRO) Companies
*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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Key Questions Answered in the Report
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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