North American MRO Distribution Market size to grow at a CAGR of 2.43% from 2022 to 2027, Market is segmented by Application (chemicals, transportation, food beverage and tobacco, electricals and electronics, and textile apparel and footwear and others) and Type, Technavio
NEW YORK, Feb. 22, 2024 /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 chemicals segment is set for significant growth, driven by its pivotal role in supplying essential products and equipment for the maintenance and repair of production processes in the chemical industry. Main MRO products include pumps, valves, hoses, gaskets, and spare parts crucial for equipment upkeep. This segment, valued at USD 43.15 billion in 2017, is essential for smooth operations, minimizing downtime, and ensuring safety compliance, particularly in regions like North America where regulatory standards, such as OSHA mandates, are stringent. MRO distributors play a vital role in supplying safety equipment to maintain a secure working environment, fostering growth in the sector. Download a Sample Report
The growing competition 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 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. To understand more, request a sample report
The increasing penetration of Industry 4.0
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 industry is expected to benefit from the positive impact of Industry 4.0. Hence, the adoption of Industrial 4.0 is expected to drive growth during the forecast period.
- Smart equipment technology to track performance and maintenance needs is a major trend.
- Weak or missing MRO processes are one of the significant challenges growth. Drivers, Trends & Challenges have an impact on dynamics and can impact businesses. request a sample report
The report provides critical information and factual data, with a qualitative and quantitative study based on drivers and limitations as well as prospects.
Analyst Review
The industry is experiencing a transformative phase amidst Industry 4.0 and the Internet of Things (IoT) revolution. With stringent Occupational Safety and Health Administration (OSHA) regulations in place, industries prioritize low-cost solutions for periodic maintenance, repair, and overhaul activities to mitigate operational costs while boosting productivity. This landscape encompasses various industrial operations across sectors, driving the demand for scheduled maintenance processes. Amidst fluctuating economic conditions, companies closely monitor their financial status and investments, considering dollar evaluation. Rapid industrialization further propels the sector, contributing significantly to the industrial sector's GDP and shaping the overall economic landscape in North America.
The industry thrives on a robust supply chain supporting diverse industries. OEMs rely on efficient MRO distribution for indirect components crucial to operational efficiencies and profitability. Technology and service outsourcing providers streamline processes for regional end-use industries, managing assets, facilities, equipment, and the workforce. Machineries are pivotal, yet machinery failure poses risks, leading to loss in production and profitability. Effective energy use mitigates downtime and preserves physical capital. Preventive maintenance emerges as a crucial strategy against machinery failure, ensuring uninterrupted operations and sustained profitability. In this dynamic landscape, optimizing MRO distribution channels remains imperative for sustaining operational excellence and fostering growth.
The industry is a dynamic landscape characterized by repair services offered across various industries. Positioned at different growth stages, the pace of growth varies, contributing to a fragmented market with diverse players. Distribution networks play a crucial role in reaching customers efficiently amidst intense competition. Advancements in technologies such as robotics are reshaping operations in this traditionally labor-intensive industry, impacting labor costs and necessitating skilled professional service providers. Regulatory regulations and industry standards further influence operations and quality assurance. Amidst these factors, companies strive to deliver high-quality service and products while navigating the complexities of the MRO landscape. request a sample report
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Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their 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 insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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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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