Maintenance Repair and Operations (MRO) Market Demand 2023, Industry Growth Analysis, Forecast Till 2028

According to the latest report by IMARC Group, titled “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) is a process that organizations undertake to ensure the smooth functioning of equipment, supplies, and tools related to daily operations. They include conducting periodic functional checks, building infrastructure, and servicing and replacing necessary machinery for optimal operational efficiency. They ensure that the equipment, systems, tools, and facilities are safe to use, stocked, and maintained. However, it does not involve products, services, and materials directly used in production; instead, it focuses on products that help maintain the workflow. They aid in enhancing employee safety and workflow management while reducing downtime and repair frequencies and also provide alerts for replacing organizational components before any defect arises. Some of the products that MRO commonly undertakes include heating, ventilation, and air conditioning (HVAC) maintenance, janitorial services, drill presses, jacks, powered and manual hand tools, lighting, and computer numerical control (CNC) machinery.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Demand:

The escalating demand for maintenance, repair, and operations (MRO) from the industrial sector majorly drives the global market. This can be supported by the increasing process utilization across construction, pharmaceutical, mining, aerospace, food and beverage, chemical, manufacturing, automotive, and defense industries. In line with this, the widespread adoption of MRO across industries for improved organizational efficiency and optimized supply chain management is also significantly supporting the market. With the advent of Industry 4.0, the demand for MRO services has elevated, especially in the manufacturing industry, wherein they are widely used to monitor the upkeep of industrial consumables, equipment, plant supplies, and furniture, thus acting as a growth-inducing factor. Apart from this, the rising service demand from the aerospace industry for the maintenance of aircraft components and identification of structural defects, dents, and damages is augmenting the market. Moreover, continual technological advancements, such as the integration of the Internet of Things (IoT), connected devices, and predictive maintenance solutions with MRO devices, are creating a positive market outlook. 

Competitive Landscape with Key Players:

• Adolf Wurth 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
• Wesco International Inc.

Breakup by Provider:

• OEM
• Aftermarket

Breakup by MRO Type:

• Industrial MRO
• Electrical MRO
• Facility MRO

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook 
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.