Maintenance, Repair, and Operations (MRO) Industry Market Overview
The global maintenance, repair, and operations (MRO) market was valued at USD 616.01 billion in 2020, and it is projected to be worth USD 701.30 billion by 2026, registering a CAGR of 2.19% from 2021 to 2026. The growing concern for increasing internal efficiency, growing digitization, and increasing investment in maintenance operations are some of the major factors driving the MRO market. As MRO helps reduce operational expenditure substantially through process efficiency and optimized supply chain management, many end-user companies are investing in the market.
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Maintenance, Repair, and Operations (MRO) Industry – Geographical Overview
The Asia Pacific region is anticipated to witness the highest market share in the MRO Industry
- The Asia-Pacific region is slowly witnessing an increase in the adoption of professional services. It is considered to be a major manufacturing hub for spare parts that are supplied to different countries.
- The government of India is planning to make the country a hub for MRO of aircraft to boost the country’s current aviation sector so that the maintenance cost of the aircraft will come down, with a ripple effect on the prices of the airfare.
- China is significantly investing in Industry 4.0 to take the next leap in manufacturing. According to Accenture, China’s IoT investments will increase to USD 196 billion to cumulative GDP in manufacturing industries alone over the next 15 years. According to the GSMA, China will account for a third (4.1 billion) of the world’s Industry IoT (IIoT) connections by 2025. Therefore, such investments in the manufacturing sector are expected to fuel the growth of the MRO market in the country.
Check our latest reports on –
- United States Maintenance, Repair, And Operations (MRO) Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
- Aviation Maintenance, Repair, And Overhaul (MRO) Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
Key Highlights of the Maintenance, Repair, and Operations (MRO) Industry
- The global maintenance repair and operations market is moderately fragmented due to several MRO solution providers globally. The vendors view collaboration, mergers, and innovation as a strategic path towards gaining maximum market share.
- Manufacturers have been looking to optimize their processes to reduce their overall energy consumption according to government regulations. In the process, manufacturers have been conducting life cycle assessments of their products and deploying the required MRO equipment to practice lean manufacturing.
- In March 2020, ERIKS, a technical component and service provider, had invested in multiple solution developments to expand its 3D printing capacity for OEM and MRO end users. In the Netherlands, ERIKS has deployed a significant range of Ultimaker 3D printing systems to allow customers to collaborate with ERIKS specialists for MRO solutions.
Impact of COVID-19 on Maintenance, Repair, and Operations (MRO) Industry
The COVID-19 outbreak has severely affected various countries across the globe. This is continuing to affect various industries, as demands are shrinking along with several disruptions to supply chain and operational challenges. MRO vendors are struggling to maintain their SKUs with the growing disruptions in the global supply chain.
- Asia-Pacific Aircraft MRO Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
- Military Aviation Maintenance, Repair, And Overhaul Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2030)
List of Key Players in the Maintenance, Repair, and Operations (MRO) Industry
- Ferguson Plc
- W.W. Grainger, Inc.
- The Fastenal Company
- MSC Industrial Direct Co., Inc.
- Lawson Products, Inc.
- The Home Depot Inc. (Interline Brands Inc.)
- Wurth Group GmbH
- Airgas, Inc. (Air Liquide S.A)
- Applied Industrial Technologies, INc.
- Kaman Industrial Technologies Corporation
- Rubix Limited (IPH-Brammer Group)
- Motion Industries, Inc. (Genuine Parts Company)
- ARCO limited
- Brammer Buck & Hickman (RUBIX)
- Cromwell Group Holdings Ltd
- Hayley Group Limited
- RS Components
- WESCO International, Inc.
- Sonepar SA
- Rexel Holdings USA (Rexel SA)
- Graybar Electric Co.
- Consolidated Electrical Distributors, Inc.
- Eriks NV.
*List Not Exhaustive
Mordor Intelligence has segmented the MRO industry on the basis of MRO type and geography
- MRO Type (Market Size & Forecast (2018-2026) in USD billion)
- Industrial MRO by End-user Industry
- Other End-user Industries
- Electrical MRO by End-user Industry
- Other End-user Industries
- Facility MRO by End-user Industry
- Building and Construction
- Healthcare and Life Sciences
- Other End-user Industries (Mining, Transportation, and Utilities)
- Other MRO Types
- Geography (Market Size & Forecast (2018-2026) in USD billion)
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
About Mordor Intelligence
Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.
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