Global Maintenance Repair And Operations Market Size 2024, Forecast To 2033
6 Mar, 2024
The maintenance repair and operations market size has demonstrated steady growth, rising from $681.85 billion in 2023 to $704.79 billion in 2024, with a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period is attributed to industrialization and manufacturing growth, equipment lifecycle management, regulatory compliance, asset reliability and availability, and preventive maintenance practices. Forecasts suggest steady growth in the next few years, reaching $794.22 billion in 2028, with a CAGR of 3.0%. This growth is attributed to a focus on worker safety, predictive and prescriptive maintenance, resilience planning and risk mitigation, mobile solutions for field maintenance, and the rise of e-commerce platforms. Major trends in the forecast period include digitalization and Industry 4.0 integration, strategic spare parts management, customization of MRO solutions, collaborative robotics and automation, and data-driven decision-making.
Global Maintenance Repair And Operations Market Key Driver
The development of smart factories is expected to propel the growth of the maintenance, repair, and operations market going forward. Smart factories refer to advanced manufacturing facilities that use modern technology and data to optimize production processes, increase efficiency, and reduce costs. Maintenance, repair, and operations are primarily used in smart factories to provide economic benefits, enable preventive maintenance, prevent breakdowns and associated costs, and assist in reducing downtime while enhancing safety, all of which lead to increased output, efficiency, and profit. For instance, in January 2023, according to the Institute of Electrical and Electronics Engineers (IEEE), a US-based professional association in South Korea, in 2018, the government announced a new goal of converting 30,000 factories into smart factories by 2022, a total of 66% of the factories had been converted into smart factories, accounting for approximately 19,799 factories that had been transformed into smart factories by August 2022. Therefore, developing smart factories is driving the growth of maintenance, repair, and operations. The market size of the maintenance, repair, and operations market in 2023 was [insert 2023 market size], and it is projected to reach [insert 2024 market size] by 2024 and [insert 2028 market size] by 2028.
Get A Free Sample Of The Global Maintenance Repair And Operations Market ReportGlobal Maintenance Repair And Operations Market Segments
The maintenance repair and operations market covered in this report is segmented –
1) By MRO (Maintenance, Repair, And Operations) Type: Industrial MRO (Maintenance, Repair And Operations), Electrical MRO (Maintenance, Repair And Operations), Facility MRO (Maintenance, Repair And Operations), Other Types
2) By Provider: OEM( Original Equipment Manufacturer), Aftermarket
3) By End User: Manufacturing, Construction, Electrical, Facility, Mining, Aerospace And Defense, Automotive, Food And Beverages, Pharmaceuticals, Others End Users
By Geography:The regions covered in the maintenance repair and operations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Europe was the largest region in the maintenance repair and operations market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global maintenance repair and operations market during the forecast period. The regions covered in the maintenance repair and operations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Maintenance Repair And Operations Industry Players
Airgas Inc., Applied Industrial Technologies Inc., W.W. Grainger Inc., Lawson Products Inc., WESCO International Inc., ERIKS N.V., Adolf Wurth GmbH And Co. KG, Graybar Electric Company Inc., Rexel Group, Genuine Parts Company, Johnson Controls International plc, Caterpillar Inc., Motion Industries Inc., Rubix Limited, HAECO Group, MSC Industrial Direct Co. Inc., Hayley Group Limited, RS Components, Sonepar SA, Fastenal Company, The Home Depot Inc., Builders Firstsource Inc., Bluelinx Holdings, Eastern Power Technologies Inc., Consolidated Electrical Distributors Inc., Elliot Electric Supply Company, Border States Electric Industries Inc., Ferguson plc, HD Supply Holdings Inc., Pratt & Whitney
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Maintenance Repair And Operations Market Overview
Maintenance, repair, and operations (MRO) refer to services related to the equipment, materials, and tools utilized in a business's regular operations. It does not contain materials, goods, or services used directly in production but rather supports the maintenance of workflow across industries. It improves profitability and operational efficiency by reducing downtime and improving production and productivity.
Maintenance Repair And Operations Global Market Report 2023 provides data on the global maintenance repair and operations market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The maintenance repair and operations market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.