The global Maintenance Repair & Overhaul (MRO) market reached a value of about USD 616.01 billion in 2021. The industry is projected to grow at a CAGR of around 2.19% in the forecast period of 2022-2027 to reach a value of about USD 716.6 billion by 2027.
The global Maintenance Repair & Overhaul (MRO) industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The application of the services in various industries primarily drives market growth. In the industry report, the key demand indicator is the highest category spender by region—Europe.
MRO or Maintenance, Repair, and Operations refer to the equipment, tools, and activities involved in its day-to-day operations. Anything a facility utilises to guarantee that its objectives are met is part of its MRO pool. MRO can be expected, scheduled maintenance operations, often known as preventive MRO; predictive MRO, which occurs when data suggests that machinery is degrading and requires repair; or corrective MRO, which occurs after an incident. The Maintenance Repair & Overhaul (MRO) industry report comprises segments by end-use (Mining, Pharmaceutical, Chemical, CPG, Oil and Gas, Automotive, Food and Beverages, Technology) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
Europe is the leading region in the industry as Germany dominates the maintenance, repair, and operations (MRO) industry. The industries that contribute to the country's economic growth are automotive, metal, coal, machine tools, optical, textile, plastic products, chemicals, electrical equipment, ships, high precision equipment, and pharmaceuticals. Adopting cutting-edge technology throughout the country's promising industries has benefited the MRO business. Players in the nation are focusing on manufacturing energy-efficient building envelopes, creating additional opportunities for market growth.
The market is driven by the growing desire to reduce costs and enhance product quality. MRO spending aids industrial sectors in achieving consistency in output and reducing downtime in the manufacturing process. The successful digitisation and rising desire for improved efficiency in organisations are driving the maintenance, repair, and operations (MRO) market. Furthermore, the development of smart factories is projected to lead the industry. The market is predicted to increase fast due to the growth of predictive maintenance, such as sensors and IoT, which allows for the timely replacement of production components before any errors emerge. Maintenance and repair are essential features of every enterprise since they reduce the likelihood of producing defective parts. Manufacturers are improving their facilities and production processes to minimise total energy consumption, citing burdensome regulatory regulations, by performing lifecycle evaluations of their product offerings and utilising the appropriate MRO service to implement lean manufacturing.
However, the absence of MRO capacity, training skills, and competent staff, on the other hand, are likely to hamper the industry's expansion.
The global Maintenance Repair & Overhaul (MRO) industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Maintenance Repair & Overhaul (MRO) regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
MRO stock is used in three different types of maintenance plans. Preventive maintenance chores are routine actions that try to extend the life of an asset by avoiding breakdowns. Schedule-based, calendar-based, and usage-based maintenance are all examples of PM. Each type would need a different level of technological sophistication and knowledge. Corrective maintenance actions are only performed if a problem has been detected, and equipment failures or periodic inspections are the most common causes of problems. Remedial maintenance tasks should be kept to a minimum by attempting to prevent problems before they occur. Predictive maintenance Activities are only carried out when certain circumstances are satisfied. Rather than relying on time-based maintenance schedules, tools and sensors are deployed to provide information on the status of an asset. Maintenance actions can be optimised to be conducted just as needed based on this extra data.
The industry is witnessing growth due to services in various sectors. The MRO industry is expected to grow as significant aerospace and military firms increase their expenditures in MRO due to lower operational costs due to increased efficiency and better supply chain management. The market will be aided by the rising need to enhance internal efficiency, expand digitisation, and increase maintenance expenditure, to name a few essential aspects. Due to the expanding population and booming travel and tourism sector, the region's market will be further assisted by the need to strengthen supply chain management in the food and beverage industry. Mining businesses are likely to spend more on MRO operations to increase operating efficiency by decreasing downtime and lowering capital expenditures on new equipment. The shale gas processing equipment industry, which comprises compressors and pumps, internal combustion engines, heat exchangers, electrical gear, and measuring and controlling devices, has a lot of potential for MRO.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Because of the fragmented MRO markets, multinational distributors and integrators have an excellent chance to break into this market. Original equipment manufacturers (OEMs) and distributors are the main sourcing channels in these areas, considered emerging in terms of MRO sourcing maturity. Customers want MRO integrated providers to provide highly customised solutions, including real-time data access and just-in-time product and service delivery. Through mergers and acquisitions (M&A), global suppliers are expanding into new geographies in developed nations, providing multi-location solutions to international buyers. Market revenue is expected to be driven further by the development of cutting-edge manufacturing technologies in APAC due to increased R&D spending.
1. Executive Summary
2. Maintenance Repair & Overhaul (MRO) Market Snapshot
2.1. Maintenance Repair & Overhaul (MRO) Market Outlook
2.2. Maintenance Repair & Overhaul (MRO) Industry Analysis By End-Use
2.2.5. Oil and Gas
2.2.7. Food and Beverages
2.3. Regional/ Country Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East and Africa
3. Impact of Recent Events
4. Maintenance Repair & Overhaul (MRO) Value Chain Analysis
5. Maintenance Repair & Overhaul (MRO) Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Maintenance Repair & Overhaul (MRO) Cost Structure
9. Maintenance Repair & Overhaul (MRO) Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Maintenance Repair & Overhaul (MRO) Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Wesco International, Inc.
14.2. W.W. Grainger,Inc.
14.3. Eriks NV
14.4. Sonepar Group
14.5. Rexel SA
The global Maintenance Repair & Overhaul (MRO) market size was valued at USD 616.01 billion in 2021.
As per the end-use provided, the Mining segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for the services for boosting productivity and reducing costs is one of the essential drivers of the Maintenance Repair & Overhaul (MRO) market growth.
Wesco International,Inc,Rexel SA,Sonepar SA,Eriks N V, and W.W Grainger,Inc. are some of the major players in the market.
The European region of the Maintenance Repair & Overhaul (MRO) industry holds a significant share in the market.
The global Maintenance Repair & Overhaul (MRO) market attained a value of USD 616.01 billion in 2021, driven by the growing desire to reduce costs and enhance product quality. It is used in a wide range of industries boosting its demand and aided by the ever-increasing technological advancements like sensors and IoT; the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 2.19%. The market is projected to reach USD 716.6 billion by 2027. Some of the leading players in the industry are Wesco International, Inc, Rexel SA, Sonepar SA, Eriks N V, and W.W Grainger, Inc.
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