MRO for Automation Solutions Market to Grow by USD 53.29 Billion from 2024-2028, as Outsourcing Drives Revenue with AI-Powered Market Evolution - Technavio

NEW YORK, Nov. 8, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global maintenance repair operations (MRO) for automation solutions market size is estimated to grow by USD 53.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.38% during the forecast period. Growth in outsourcing of operations is driving market growth, with a trend towards use of analytics for predictive maintenance. However, US-China trade war poses a challenge.Key market players include ABB Ltd., AMETEK Inc., Danaher Corp., Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Festo SE and Co. KG, General Electric Co., Hitachi Ltd., Honeywell International Inc., IMI Plc, Mitsubishi Electric Corp., MKS Instruments Inc., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, W.W. Grainger Inc., and Yokogawa Electric Corp..

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Key Market Trends Fueling Growth

Service providers in the Maintenance Repair Operations (MRO) market for automation solutions are utilizing analytics and statistical models in their maintenance tools to enhance the decision-making process and pinpoint errors early on. Siemens, in collaboration with SAP, is constructing a new open cloud platform for industrial end-users. This platform, which leverages SAP's HANA Cloud Platform for data analysis on an open platform, has gained popularity among end-users. HANA's technology enables machines and systems to record and analyze vast amounts of data, employing simulation or intelligent pattern recognition for the early identification of potential errors before system or product failure. This predictive maintenance tool offers significant advantages to end-users, including the detection of process deviations, operation optimization, predictive modeling, production forecasting, and cost-benefit analysis. With the development of more such solutions anticipated during the forecast period, this market segment presents substantial growth opportunities for vendors. 

The Maintenance, Repair, and Operations (MRO) market for automation solutions is experiencing significant trends in various industries. In process and discrete industries, vaccination drives and sustainability are driving the demand for green MRO practices. The power industry, including energy and power, water and wastewater, oil and gas, and the manufacturing sectors, prioritize minimizing downtime through smart technologies like IoT, big data, and sensors. MRO product suppliers, such as Airgas, E-commerce platforms like GoExpedi, and distributors like Air Works, Wesco, Sonepar, and Rexel, are adapting to these trends. New technologies like 3D printing, smart sensors, and safety standards are essential for a skilled workforce. However, raw material shortages, shipping delays, and economic slowdown pose challenges. Outsourcing strategies and inventory management are crucial for MRO product availability. Pumps, industrial motors, sealants, tapes, lubricants, lab supplies, test equipment, blowers, and Industry 4.0 digitization are key MRO product categories. 

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Market Challenges

• The global automation solutions market for Maintenance, Repair, and Operations (MRO) in the semiconductor and electronics industry is facing challenges due to the US-China trade war. US and Chinese economies, being major players, have resulted in disruptions affecting numerous countries. Tariffs on goods and services, including electronics components, have increased their prices, causing significant cost hikes for businesses. For instance, AudioControl, a US-based company, sources 70% of its components domestically and has incurred over USD200,000 in additional costs due to tariffs. This price increase not only affects the automation solutions but also their MRO, negatively impacting market growth during the forecast period.
• In the Maintenance, Repair, and Operations (MRO) market for automation solutions, businesses face several challenges. Big data requires advanced analysis tools to optimize inventory and maintenance schedules. New technologies like 3D printing offer opportunities but also bring challenges in terms of raw material shortages and shipping delays. Skilled workforce shortages add to the complexity. Economic slowdowns impact operating expenses. Suppliers like Air Works, Wesco, Sonepar, Rexel, Applied Industrial Technologies, and GoExpedi provide MRO products, but the adoption of smart technologies and Industry 4.0 demands continuous innovation. MRO product categories include pumps, industrial motors, sealants, tapes, lubricants, lab supplies, test equipment, sensors, and safety standards. New technologies like energy-efficient water pumps, industrial robots, blowers, fans, and medical equipment offer energy savings and reduced carbon footprint. However, the availability of semiconductor chips and other raw materials can impact production. Outsourcing strategies can help manage costs, but ensuring compliance with safety standards is crucial. Urbanization and the growth of data centers, sustainable buildings, and green facilities create new opportunities for MRO solutions. Overall, the MRO market for automation solutions requires a proactive approach to address these challenges and stay competitive.

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Segment Overview

This maintenance repair operations (mro) for automation solutions market report extensively covers market segmentation by

1. End-user 
• 1.1 Process industries
• 1.2 Discrete industries
2. Type 
• 2.1 MRO items
• 2.2 Services
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Process industries- The process industries, including energy and power, water and wastewater, and oil and gas, are experiencing significant growth during the forecast period. In the power industry, the increasing global demand for electricity, urbanization, and the use of electronic appliances have led to a heightened need for electricity. Renewable energy sources, such as solar and biomass, are gaining popularity due to depleting coal reserves and the need to reduce carbon emissions. This shift towards green energy production is attracting substantial investments, leading to the restructuring of power plants and the establishment of new ones. The water and wastewater industry is also witnessing growth due to the growing demand for freshwater resources and rising concerns over water reuse and recycling. Technologies like desalination and nanotechnology are being utilized to treat wastewater. Increased investments in water and wastewater treatment facilities and the demand for high-quality water from industries such as pharmaceuticals and semiconductors are fostering the demand for automation solutions. The oil and gas industry is also contributing to the demand for automation solutions due to ongoing exploration of new fields and refinery units, as well as expansions of onshore and offshore production activities.

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Research Analysis

The Maintenance Repair Operations (MRO) market for automation solutions is witnessing significant growth, particularly in process industries and discrete industries, as they prioritize automation to enhance productivity and efficiency. The market is fragmented with numerous players, but the focus is shifting towards new technologies such as Internet of Things (IoT) and sensors to optimize maintenance and inventory management. The power industry and energy and power sectors are major consumers of MRO products due to the critical nature of their operations. Green energy production is also driving demand for automation solutions to ensure optimal performance and reduce downtime. However, challenges such as raw material shortages, shipping delays, and economic slowdown are impacting the market. Skilled workforce shortages are also a concern, leading to outsourcing strategies becoming increasingly popular. MRO solutions are essential for maintaining critical equipment such as pumps and ensuring safety standards are met. New technologies are continuously being introduced to improve efficiency and reduce costs, making the market an exciting space to watch.

Market Research Overview

The Maintenance, Repair, and Operations (MRO) market for automation solutions is witnessing significant growth in various industries, including process and discrete industries, as automation becomes increasingly essential for sustainability and efficiency. The market is fragmented, with numerous players offering MRO products and services for sectors such as power, energy and power, water and wastewater, oil and gas, and manufacturing industries. Vaccination drives and the economic slowdown have impacted supply chains, leading to raw material shortages and shipping delays. However, the adoption of new technologies like e-commerce, IoT, big data, 3D printing, and smart technologies is streamlining MRO operations. Green energy production is a growing focus, with the need for energy-efficient technology and a reduced carbon footprint driving demand for MRO products and services. Sustainability initiatives, such as green MRO practices, are also gaining traction. MRO products include a wide range of items, from pumps and industrial motors to sealants, tapes, lubricants, lab supplies, test equipment, sensors, and safety standards. The market is also seeing the integration of Industry 4.0 and digitization, with the use of sensors, automation, and industrial robots becoming more prevalent. Outsourcing strategies are becoming increasingly common, with companies seeking to reduce downtime and operating expenses. The automotive spare parts, semiconductor chips, data centers, urbanization, sustainable buildings, and green facilities sectors are also significant consumers of MRO solutions. Key challenges include the skilled workforce shortage and the need to adapt to new technologies. Companies like Airgas, Air Works, Wesco, Sonepar, Rexel, Applied Industrial Technologies, GoExpedi, and others are leading the way in providing innovative MRO solutions to meet the evolving needs of industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Process Industries
• Discrete Industries
• Type
• MRO Items
• Services
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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