Redding, California, March 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘MRO Market for the Manufacturing Industry by Product (Plant Facilities, Automation Equipment, Robots, CNC Equipment), Sector (Consumer Products, Food & Beverage, Automotive, Electronics & Semiconductors) - Global Forecast to 2030,’ the global MRO market for the manufacturing industry is projected to reach $49.65 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
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Maintenance, repair, and operation (MRO) or maintenance repair and overhaul, refers to the maintenance and upkeep of different plant facilities and machinery directly or indirectly associated with production.
Several industries, including pharmaceutical, medical devices, automotive, food & beverages, consumer products, electronics & semiconductors, shipbuilding, aerospace & defense, energy & power, oil & gas, chemicals, metals & mining, are adopting this product on a considerable scale. The proliferation of digital transformation in the field of MRO, the growing need to reduce maintenance and unplanned downtime, increasing demand for enhanced organizational efficiency across industries, and the development of smart factories are the key factors driving the growth of the MRO market for the manufacturing industry. However, the shortage of skilled workforce challenges the market's growth. In addition, the increasing demand for remote maintenance & repair and the emergence of 5G technology are expected to offer significant growth opportunities for the MRO market for the manufacturing industry. Additionally, digital MRO is a major trend in the global MRO market in the manufacturing industry.
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The global MRO market for the manufacturing industry is segmented Industry by Product (Plant Facilities, Automation Equipment, Robots, CNC Equipment), Sector (Pharmaceutical, Medical Devices, Automotive, Food & Beverages, Consumer Products, Electronics & Semiconductors, Shipbuilding, Aerospace & Defense, Energy & Power, Oil & Gas, Chemicals, Metals & Mining, Other Sectors), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on product, in 2023, the plant facilities segment is estimated to account for the largest share of the MRO market for the manufacturing industry. The large market share of this segment is attributed to the increased spending on maintenance operations, the growing need to reduce maintenance and unplanned downtime, and the growing demand for efficiency in the supply chain. However, the automation equipment segment is expected to register the highest CAGR during the forecast period. The rising need to eliminate unexpected breakdowns and increase the life span of the equipment and the rising demand for industrial automation are expected to support the growth of this segment.
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Based on sector, in 2023, the consumer products segment is estimated to account for the largest share of the MRO market for the manufacturing industry. The large market share of this segment is attributed to the increasing demand for cost-effective consumer goods manufacturing maintenance services, growing adoption of predictive maintenance services, and growing demand for remote maintenance & repair systems. However, the medical devices segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2023, Asia-Pacific is estimated to account for the largest share of the global MRO market for the manufacturing industry. The presence of prominent players, increasing government investments for increasing manufacturing of pharmaceuticals, food & beverages, electronics & semiconductors industry and growing adoption of refurbished gadgets in developing countries are driving the growth of the MRO market in the Asia-Pacific region. However, Middle East & Africa is slated to register the highest CAGR during the forecast period.
Some of the key players operating in the MRO market for the manufacturing industry are Siemens AG (Germany), WESCO International, Inc. (U.S.), ERIKS N.V. (Netherlands), SDI, Inc. (U.S.), ICR Services (U.S.), Global Electronic Services, Inc. (U.S.), Advanced Technology Services, Inc. (U.S.), NRTC Alabama, Inc. (U.S.), PSI Repair Services, Inc. (U.S.), K+S Services (U.S.), OMRON Corporation (Japan), Yokogawa Electric Corporation (Japan), Hayley Group Limited (U.K.), and Electronix Services (Ireland), Swiftships LLC (U.S.), Sika Interplant Systems Limited (India), Ametek, Inc. (U.S.), and Atlas Copco AB (Sweden).
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Scope of the Report:
MRO Market for the Manufacturing Industry, by Product
- Plant Facilities
- Maintenance
- Spare Parts
- Equipment Refurbishment
- Automation Equipment
- Maintenance
- Spare Parts
- Equipment Refurbishment
- Robots
- Maintenance
- Spare Parts
- Equipment Refurbishment
- CNC Equipment
- Maintenance
- Spare Parts
- Equipment Refurbishment
MRO Market for the Manufacturing Industry, by Sector
- Pharmaceuticals
- Medical Devices
- Food & Beverage
- Consumer Products
- Electronics/Semiconductors
- Automotive
- Ship Building
- Aerospace & Defense
- Energy & Power
- Oil & Gas
- Chemical
- Metal & Mining
- Other Sectors
MRO Market for the Manufacturing Industry, by Geography
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Indonesia
- Rest of Asia-Pacific
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Ireland
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa
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