Maintenance Repair & Overhaul (MRO) Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

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.

Industry Definition and Segmentation

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).

The European Region is Driving the Growth of the Industry

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.

Best Procurement Practices

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.

Category Management Studies

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 Application of the Services in Various Industries, Further Driving the Maintenance Repair & Overhaul (MRO) Market

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.

Key Industry Players Mentioned in the Maintenance Repair & Overhaul (MRO) Industry Report

• Wesco International, Inc.
• W.W. Grainger, Inc.
• Eriks NV
• Sonepar Group
• Rexel SA

Market Landscape

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.

Key Initiatives by Companies

• Gibson Engineering Company Inc., a distributor of automation products, services, and engineered solutions centred on machine vision, motion control, mobile and collaborative robotic solutions, intelligent sensors, and other associated equipment, was acquired by Applied Industrial Technologies in January 2021.
• Motion Industries Inc. announced in January 2021 that it would operate under the "Motion" brand. The dominating usage of the "Mi" emblem will complement the rebranding to Motion.