Global Maintenance, Repair, and Operations (MRO) Market Report 2023: Sector to Reach $824.11 Billion by 2028 at a 2.3% CAGR

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Apr 26, 2023, 14:15 ET

DUBLIN, April 26, 2023 /PRNewswire/ -- The "Global Maintenance, Repair, and Operations (MRO) Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

According to the report, the global maintenance, repair, and operations (MRO) market attained a value of USD 718.1 billion in 2022.

Aided by the increasing demand for cost-effective and efficient maintenance solutions across various industries, the market is projected to further grow at a CAGR of 2.3% between 2023 and 2028 to reach a value of USD 824.11 billion by 2028.

Maintenance, repair, and operations (MRO) encompass a broad range of services, including equipment maintenance, repair, and replacement, aimed at ensuring the optimal performance and longevity of machinery, equipment, and infrastructure.

MRO services are vital for industries such as manufacturing, oil and gas, aerospace, transportation, and utilities, among others, where the efficiency and reliability of equipment and infrastructure are of paramount importance.

The global maintenance, repair, and operations (MRO) market growth is primarily driven by the increasing emphasis on operational efficiency and cost reduction across various industries. Companies are increasingly focusing on minimising equipment downtime and reducing maintenance costs to maintain a competitive edge in the market. This has led to a growing demand for professional MRO services that offer efficient and cost-effective solutions for equipment maintenance, repair, and replacement.

Additionally, the increasing complexity of machinery and equipment has resulted in a greater need for specialised MRO services. Advanced machinery often requires specialised knowledge and expertise to maintain, repair, and operate, leading to a growing demand for MRO providers with the necessary technical skills and experience. Service providers for MRO are increasingly offering custom service plans that are adapted to suit the needs of the particular machinery, equipment, or infrastructure of clients.

The growing trend of outsourcing MRO services is another key factor propelling the growth of the global maintenance, repair, and operations (MRO) market. By outsourcing MRO services, companies can focus on their core business activities, while ensuring that their equipment and infrastructure are maintained efficiently by specialised service providers. This not only reduces operational costs but also improves the overall efficiency and performance of the company. Moreover, advancements in technologies, such as predictive maintenance and the Internet of Things (IoT), are expected to contribute to the growth of the global MRO market.

Market Segmentation

The market can be divided based on provider, end use, and region.

Market Breakup by Provider

OEM
Aftermarket

Market Breakup by End Use

Manufacturing
Construction
Electrical
Facility
Mining
Aerospace and Defence
Automotive
Food and Beverages
Pharmaceuticals
Chemicals
Oil and Gas
Others

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Competitive Landscape

Airgas, Inc
Applied Industrial Technologies
Electrocomponents plc
W.W. Grainger, Inc
Lawson Products, Inc
WESCO International, Inc
Wolseley Limited
ERIKS NV
Johnson Controls
Wurth Group
Caterpillar Inc
Others

Key Topics Covered:

1 Preface

2 Report Coverage - Key Segmentation and Scope

3 Report Description

4 Key Assumptions

5 Executive Summary

6 Market Snapshot

7 Opportunities and Challenges in the Market

8 Global Maintenance, Repair, and Operations (MRO) Market Analysis

9 North America Maintenance, Repair, and Operations (MRO) Market Analysis

10 Europe Maintenance, Repair, and Operations (MRO) Market Analysis

11 Asia Pacific Maintenance, Repair, and Operations (MRO) Market Analysis

12 Latin America Maintenance, Repair, and Operations (MRO) Market Analysis

13 Middle East and Africa Maintenance, Repair, and Operations (MRO) Market Analysis

14 Market Dynamics

15 Competitive Landscape

16 Key Trends and Developments in the Market

Companies Mentioned

Airgas, Inc.
Applied Industrial Technologies
Electrocomponents plc
W.W. Grainger, Inc.
Lawson Products, Inc
WESCO International, Inc.
Wolseley Limited
ERIKS N.V
Johnson Controls
Wurth Group
Caterpillar Inc.

For more information about this report visit https://www.researchandmarkets.com/r/n0cs3z

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