Maintenance Repair and Operations (MRO) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Maintenance Repair and Operations (MRO) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global maintenance repair and operations (MRO) market size reached US$ 648.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 769.8 Billion by 2028, exhibiting a growth rate (CAGR) of 2.81% during 2023-2028.

Maintenance, repair and operations (MRO) refer to the processes undertaken by organizations to ensure smooth functioning of the tools and equipment. It involves conducting periodic functional checks, servicing and replacing of necessary machinery and building infrastructure for optimal operational efficiency. MRO processes ensure that the facilities, equipment, systems and tools are stocked, maintained and safe to use. They aid in improving workflow management, employee safety and minimizing downtime and repair frequencies. MRO also provides prompt alerts for the replacement of organizational components before defects arise. As a result, MRO finds extensive application across various industries, such as construction, chemical, pharmaceutical, manufacturing, mining, automotive, aerospace, defense and food and beverage.

Maintenance Repair and Operations (MRO) Market Trends:
The increasing demand for enhanced organizational efficiency across industries is one of the key factors driving the growth of the market. This can also be attributed to the rising adoption of professional services as MRO aids in significantly optimizing supply chain management and process efficiencies. Additionally, the widespread product utilization in the manufacturing industry is favoring the market growth. MRO is utilized to prevent cyclical fluctuations in equipment and monitor the upkeep of industrial equipment, consumables, furniture and plant supplies. Moreover, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and predictive maintenance solutions, are providing a thrust to the market growth. In line with this, the increasing product demand for the maintenance of aircraft components and identification of structural damages, defects and dents is positively impacting the market growth. Other factors, including significant growth in the e-commerce industry, along with the implementation of various government initiatives to reduce overall energy consumption and practice lean manufacturing, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global maintenance repair and operations (MRO) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on provider and MRO type.

Breakup by Provider:

OEM
Aftermarket

Breakup by MRO Type:

Industrial MRO
Electrical MRO
Facility MRO

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Adolf Würth GmbH & Co. KG, Airgas Inc. (Air Liquide S.A), Applied Industrial Technologies Inc., Cromwell Group Holdings Ltd. (W. W. Grainger Inc.), Electrocomponents PLC, Eriks NV (SHV Holdings), Genuine Parts Company, Graybar Electric Company Inc., Hayley Group Limited (Descours et Cabaud SA), Lawson Products Inc., Rexel and Wesco International Inc.

Key Questions Answered in This Report
1. What was the size of the global maintenance repair and operations (MRO) market in 2022?
2. What is the expected growth rate of the global maintenance repair and operations (MRO) market during 2023-2028?
3. What are the key factors driving the global maintenance repair and operations (MRO) market?
4. What has been the impact of COVID-19 on the global maintenance repair and operations (MRO) market?
5. What is the breakup of the global maintenance repair and operations (MRO) market based on the provider?
6. What is the breakup of the global maintenance repair and operations (MRO) market based on the MRO Type?
7. What are the key regions in the global maintenance repair and operations (MRO) market?
8. Who are the key players/companies in the global maintenance repair and operations (MRO) market?