MRO Market Size to Reach USD 615.7 Billion by 2032 | CAGR: 4.2% | DataHorizzon Research

Fort Collins, Colorado, Sept. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "MRO Market Size, Growth, Share, Statistics Analysis Report, By Type (Industrial, Electrical, Facility, Other MRO), By End-use (Commercial, Machinery & Equipment, Manufacturing, Aerospace & Defense, Pharmaceuticals, Others), By Region, And Segment Forecasts, 2023-2032."           

According to DataHorizzon Research, the maintenance repair operations (MRO) market size was valued at USD 410.6 Billion in 2022 and is expected to reach a market size of USD 615.7 Billion by 2032 with a CAGR of 4.2%. The manufacturing industry is experiencing growth due to the implementation of intelligent technologies and outsourcing strategies to enhance productivity and reduce costs. MRO (Maintenance, Repair, and Operations Supply) components play a crucial role in the operations of many manufacturing and service companies. They are indispensable in maintaining operational standards and ensuring that all business sectors have the necessary resources for effective functioning.

There has been a notable shift towards sustainability recently, with individuals opting to repair items rather than discard them. This trend has significantly increased demand for maintenance, repair, and operations (MRO) products. To meet this growing demand, suppliers have enhanced their offerings through advanced technologies and increased competition, providing a more extensive range of products to cater to the diverse needs of their customers.

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MRO Market Report Highlights:

• The MRO market size is projected to reach 4.2% by 2032. Focusing on sustainability has driven demand for MRO products as more people repair parts instead of substituting them.

• As industries continue to evolve and embrace the latest technologies, such as sensors and IoT, the MRO sector can advance by integrating predictive maintenance technology. This technology replaces manufacturing components before they exhibit visible defects, reducing downtime and saving costs. As a result, maintenance operations will become more efficient, and the manufacturing sector will be further optimized.

• The key players in the production of MRO market are Wurth Group GmbH, Airgas Inc. (Air Liquide SA), Applied Industrial Technologies Inc., MSC Industrial Direct Co. Inc., Rubix Limited, Lawson Products, WW Grainer, Motion Industries, Kaman Corporation, Sonepar, Graybar Electric Company.

Report Snapshot:

Segmentation Overview:

The MRO market has been segmented based on type, end-use, and region. Based on type, the industrial maintenance, repair, and operations sector is the leading market due to its wide selection of products. The manufacturing sector is experiencing growth due to the increased demand for spare parts, machine components, and other essential components that help machinery run smoothly, ensuring maintenance and enhancing effectiveness. Based on the end-use, the machinery and equipment segment dominated the market. Efficient MRO practices are vital for inventory management and smooth manufacturing, particularly machinery and equipment. Real-time monitoring predicts failures, and maintenance schedules are crucial for materials handling.

Asia Pacific leads the MRO market and is set for strong growth in the coming years. The manufacturing industry has witnessed significant investment in the past which has been encouraging MRO vendors. Urbanization and demand for sustainable building construction will also contribute to growth, with green facilities incorporating energy-efficient features generating substantial interest.

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Key Developments in the MRO Market:

• Airgas to showcase innovative fabrication techniques at FABTECH 2023, offering customers opportunities to improve efficiency and gain a competitive edge in automation, additive manufacturing, cutting, welding, safety, and service.

• Alliance Automotive Group (AAG) has acquired Genuine Parts Company's European Automotive business, including Recambios y Accesorios Gaudí, S.L. (Gaudi). The acquisition became effective on July 31, 2023.

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MRO Market Report Segmentation:

MRO Market, By Type (2023-2032)

• Industrial
• Electrical
• Facility
• Other MRO

MRO Market, By End-use (2023-2032)

• Commercial
• Machinery & Equipment
• Manufacturing
• Aerospace & Defense
• Pharmaceuticals
• Others

MRO Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa 

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