Global Maintenance, Repair, and Operations (MRO) Market Report and Forecast 2023-2028

Global Maintenance, Repair, and Operations (MRO) Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global maintenance, repair, and operations (MRO) market attained a value of USD 718.1 billion in 2022. Aided by the increasing demand for cost-effective and efficient maintenance solutions across various industries, the market is projected to further grow at a CAGR of 2.3% between 2023 and 2028 to reach a value of USD 824.11 billion by 2028.

Maintenance, repair, and operations (MRO) encompass a broad range of services, including equipment maintenance, repair, and replacement, aimed at ensuring the optimal performance and longevity of machinery, equipment, and infrastructure. MRO services are vital for industries such as manufacturing, oil and gas, aerospace, transportation, and utilities, among others, where the efficiency and reliability of equipment and infrastructure are of paramount importance.

The global maintenance, repair, and operations (MRO) market growth is primarily driven by the increasing emphasis on operational efficiency and cost reduction across various industries. Companies are increasingly focusing on minimising equipment downtime and reducing maintenance costs to maintain a competitive edge in the market. This has led to a growing demand for professional MRO services that offer efficient and cost-effective solutions for equipment maintenance, repair, and replacement.

Additionally, the increasing complexity of machinery and equipment has resulted in a greater need for specialised MRO services. Advanced machinery often requires specialised knowledge and expertise to maintain, repair, and operate, leading to a growing demand for MRO providers with the necessary technical skills and experience. Service providers for MRO are increasingly offering custom service plans that are adapted to suit the needs of the particular machinery, equipment, or infrastructure of clients.

The growing trend of outsourcing MRO services is another key factor propelling the growth of the global maintenance, repair, and operations (MRO) market. By outsourcing MRO services, companies can focus on their core business activities, while ensuring that their equipment and infrastructure are maintained efficiently by specialised service providers. This not only reduces operational costs but also improves the overall efficiency and performance of the company. Moreover, advancements in technologies, such as predictive maintenance and the Internet of Things (IoT), are expected to contribute to the growth of the global MRO market.

Market Segmentation

The market can be divided based on provider, end use, and region.

Market Breakup by Provider

• OEM
• Aftermarket

Market Breakup by End Use

• Manufacturing
• Construction
• Electrical
• Facility
• Mining
• Aerospace and Defence
• Automotive
• Food and Beverages
• Pharmaceuticals
• Chemicals
• Oil and Gas
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global maintenance, repair, and operations (MRO) companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Airgas, Inc.
• Applied Industrial Technologies
• Electrocomponents plc
• W.W. Grainger, Inc.
• Lawson Products, Inc
• WESCO International, Inc.
• Wolseley Limited
• ERIKS N.V
• Johnson Controls
• Wurth Group
• Caterpillar Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.