North America - The Maintenance, Repair, and Overhaul (MRO) Distribution Market size to grow at a CAGR of 2.43% from 2022 to 2027| The increasing penetration of Industry 4.0 is a key factor driving market growth -Technavio
NEW YORK, Nov. 8, 2023 /PRNewswire/ -- The MRO distribution market in North America is estimated to grow at a CAGR of 2.43% between 2022 and 2027 and the size of the market is forecast to increase by USD 30.88 billion, according to Technavio. The increasing penetration of Industry 4.0 is a key factor driving market growth. Industry 4.0 is a concept that enables the industrial manufacturing sector to achieve higher efficiency, safety, predictable machine maintenance, and higher profitability. Furthermore, its adoption is increasing in various industries to optimize material flow and detect failures early in the product lifecycle. Automation is a key aspect of Industry 4.0 as it reduces human intervention and ensures higher throughput, efficiency, reliability, and safety. As a result, the North American maintenance, repair, and overhaul secondary market is expected to benefit from the positive impact of Industry 4.0. Hence, the adoption of Industrial 4.0 is expected to drive market growth during the forecast period. – Download a Sample Report
MRO Distribution Market Insights in North America -
- Companies: 15+, Including A.R. Thomson Group, Applied Industrial Technologies Inc., AWC Inc., BDI, Bisco Industries, BSC Industries Inc., Capitol Bearing and Hydraulics, Distribution Solutions Group Inc., DOALL SAWS, ERIKS N.V., Genuine Parts Co., Gregg Distributors LP, Hillman Solutions Corp., Hisco Inc., Kimball Midwest, R.S. Hughes Co. Inc., Singer Industrial, SunSource, W.W. Grainger Inc., and Wajax Corp., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies
- Segments: application (chemicals, transportation, food beverage and tobacco, electricals and electronics, and textile apparel and footwear and others) and type (industrial, electrical, facility, and electronics and others)
To understand more about the MRO distribution market in North America, request a sample report
MRO Distribution Market in North America - Company Insights
The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies including - A.R. Thomson Group, Applied Industrial Technologies Inc., AWC Inc., BDI, Bisco Industries, BSC Industries Inc., Capitol Bearing and Hydraulics, Distribution Solutions Group Inc., DOALL SAWS, ERIKS N.V., Genuine Parts Co., Gregg Distributors LP, Hillman Solutions Corp., Hisco Inc., Kimball Midwest, R.S. Hughes Co. Inc., Singer Industrial, SunSource, W.W. Grainger Inc., and Wajax Corp.
MRO Distribution Market in North America – Market Dynamics
Major Trends
Smart equipment technology to track performance and maintenance needs is a major trend in the market. The industry is embracing sensors and smart devices and introducing more frequent maintenance protocols. Many industries implement preventive maintenance based on manufacturer guidelines and manage inventory to meet maintenance needs. However, these processes can be inefficient.
As the adoption of sensors and Internet of Things (IoT) technologies increases, manufacturers will be better able to assess device performance and maintenance needs. In addition, this reduces cost inefficiencies associated with outdated methods. Hence, the North American maintenance, repair, and overhaul secondary market is expected to benefit positively from these advancements. Thus, the adoption of Industrial 4.0 is expected to drive market growth during the forecast period.
Significant Challenges
Weak or missing MRO processes are one of the significant challenges restricting market growth. Managing MRO across the supply chain is a challenge as manufacturers, retailers, and shippers have different MRO requirements. Weak or absent MRO processes such as kitting, gray stock, and conservation measures can pose a significant threat to market growth.
The North American maintenance, repair, and overhaul (MRO) distribution market could be adversely affected by these challenges and limited value chain integration. Solving these issues and improving the MRO process is critical to ensuring the growth and efficiency of the MRO distribution market. Hence, weak, or missing MRO processes are expected to restrict market growth during the forecast period.
The MRO distribution market in North America report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.
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What are the key data covered in this MRO Distribution Market in North America report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the MRO distribution market in North America between 2023 and 2027
- Precise estimation of the size of the MRO distribution market in North America and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the MRO distribution market in North America across North America
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of the MRO distribution market In North America companies.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 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.
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SOURCE Technavio
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