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MRO Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The maintenance, repair, and operations (MRO) market has seen steady growth due to the increased use of smart technologies and outsourcing strategies in manufacturing sectors. The trend towards repairing components rather than replacing them, along with the introduction of novel technologies, has revolutionized the MRO sector. Despite challenges such as regulatory adherence and safety standards, the MRO market continues to expand, with key players like Wurth Group GmbH and Airgas Inc. adopting competitive strategies to enhance their business.

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MRO Market Size

Maintenance, Repair, And Operations (MRO) Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 430.98 Billion
Market Size (2029) USD 482.40 Billion
CAGR (2024 - 2029) 2.28 %
Fastest Growing Market Asia-Pacific
Largest Market Europe
Market Concentration Low

Major Players

Maintenance, Repair, And Operations (MRO) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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MRO Market Analysis

The Maintenance, Repair, And Operations Market size is estimated at USD 430.98 billion in 2024, and is expected to reach USD 482.40 billion by 2029, growing at a CAGR of 2.28% during the forecast period (2024-2029).

  • The increasing adoption of smart technologies in manufacturing industries and outsourcing strategies to improve operational efficiency and reduce costs are some of the major drivers of market growth.
  • Moreover, a growing focus on sustainability has led to a shift towards repairing parts rather than replacing them, contributing to the MRO market's growth by generating demand for MRO products. The emergence of new technologies and the need for enhanced competitiveness have also transformed the MRO industry, with market vendors now providing a wide range of products to cater to different customer needs.
  • The development of smart factories and the growth of predictive maintenance, such as the use of sensors and iot, are expected to bring advancements in the MRO sector. Predictive maintenance allows for replacing manufacturing components before visible defects appear, thereby reducing downtime and saving costs.
  • However, the increasing need for compliance with various regulations and safety standards is also a challenge for companies, leading to higher costs of MRO products and challenging market growth. Additionally, increasing competition among suppliers to compete on price leads to reduced profit margins and slow market growth.
  • The COVID-19 pandemic disrupted global supply chains, making it challenging for MRO companies to get the necessary parts and equipment to maintain and repair machinery, resulting in delays in service and increased costs for some companies. The economic slowdown caused by the pandemic also reduced demand for MRO products and services, further impacting the market's growth.

MRO Market Trends

Industrial MRO to Occupy Significant Market Share

  • Maintenance, repair, and operations (MRO) are essential for industrial operations. Effective MRO practices can help companies manage their inventory and supply chain, which is critical in a manufacturing process that requires several different materials. The absence of one or two critical suppliers can have disastrous consequences, making it important to have a reliable and efficient MRO system.
  • Industrial MRO encompasses a wide range of items and materials, including material handling equipment, adhesives, abrasives, pumps, industrial motors, sealants and tapes, lubricants, lab supplies, and test equipment. Among these, material-handling equipment is expected to see rapid growth as the manufacturing industry continues to adopt innovative material-handling systems in response to Industry 4.0 regulations and digitization.
  • Maintenance is typically approached in two ways: operating equipment until it breaks or implementing proactive maintenance based on operating hours. As part of materials handling, a maintenance schedule is implemented, with real-time operational information monitored and analyzed to forecast the probability of a part or component fails. Companies like GoExpedi have developed digital online platforms to revolutionize the procurement process for energy and industrial MRO assets.
  • In the coming years, the market demand for blowers, fans, industrial robots, water pumps, and medical equipment equipped with industrial motors is expected to increase. End users are increasingly willing to invest in energy-efficient technology to lower their carbon footprint and operating expenses while enhancing operational efficiency, which creates long-term trends that enable revenue development. Overall, effective MRO practices and the adoption of innovative technologies will play a critical role in the success of industrial operations in the future.
Maintenance, Repair, And Operations (MRO) Market: Industry Revenue of "Maintenance and Repair of Motor Vehicles", in USD billion, Europe (selected countries), 2016 - 2025

Asia Pacific to Witness Significant Growth

  • India, Japan, China, Australia, and Malaysia are the major countries considered in this region. The growing investment in the manufacturing industry, including automotive spare parts, semiconductor chips, and data centers, is expected to increase demand for MRO vendors. Additionally, the surge in urbanization and the increasing need for sustainable buildings are expected to drive growth in the Asia Pacific building construction market. Green facilities, which incorporate intelligent features to ensure energy efficiency, are also anticipated to generate high interest.
  • India has one of the fastest-growing MRO markets in the APAC region due to the country's rapid development in manufacturing, industrialization, automation, and digitization. The need for maintenance to keep machinery and processes operating efficiently is rising along with the manufacturing sector's expansion, fueling the growth of the MRO market in the nation.
  • The market is witnessing mergers, acquisitions, and investments by key players as part of their strategy to improve business and expand their presence to reach customers and meet their requirements for various applications. For example, in January 2023, Asia Digital Engineering (ADE), the engineering arm of Capital A, opened its new MRO (Maintenance, Repair, and Overhaul) hangar facility in Senai, Johor Bahru, further strengthening its mission of offering the best value, best in class MRO services with high efficiency across a vast coverage of locations.
  • Significant players in India are investing heavily in the studied market. For instance, in October 2022, Adani Defence Systems & Technologies Ltd. (ADSTL), a subsidiary of Adani Enterprises and the defense manufacturing arm of Adani Group, acquired India's oldest MRO company, Air Works, which currently has a total presence across 27 cities for an enterprise value of around Rs 400 crore (USD 48.2 million).
  • The construction industry remains one of the essential sectors in Australia. For example, in April 2022, Multiplex completed AMP Capital's 50-story office called the Quay Quarter Tower in Sydney. The building is equipped with shifting glass volumes stacked upon each other. During the entire construction process, a 45-year-old building that was initially 45,000 square meters was converted to 89,000 square meters, indicating a greater demand and requirement for MRO in Australia's overall construction sector.
  • In April 2022, ProcMart launched store-in-store solutions for large-scale inventory management in India. The business introduced the model to help clients enhance performance with an overall proactive approach to MRO asset management. The service aims to enable large-scale companies to improve maintenance, repair, and operations (MRO) while beefing up manufacturing, consequently saving money and time.
Maintenance, Repair, And Operations (MRO) Market: Maintenance, Repair, and Operations (MRO) Market - Growth Rate by Region

MRO Industry Overview

The MRO market comprises several global and regional players, such as Wurth Group GmbH, Airgas Inc. (Air Liquide SA), Applied Industrial Technologies Inc., and MSC Industrial Direct Co. Inc. These players are competing fiercely in a highly competitive market. Vendors in the market are adopting key competitive strategies such as acquisitions, partnerships with industry participants, and new product rollouts.

In March 2023, Sonepar France announced the acquisition of a majority stake in Alliantz, a privately-owned distributor of photovoltaics and energy efficiency solutions. This acquisition will enable the company to rapidly leverage its distribution network and strengthen its technical capabilities to better serve electrical and specialized solar installers.

MRO Market Leaders

  1. Wurth Group GmbH

  2. Airgas Inc. (Air Liquide SA)

  3. Applied Industrial Technologies Inc.

  4. MSC Industrial Direct Co. Inc.

  5. Rubix Limited

*Disclaimer: Major Players sorted in no particular order

Maintenance, Repair, And Operations (MRO) Market Concentration
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MRO Market News

  • January 2023: Applied Industrial Technologies launched the fifth edition of its Applied Maintenance Supply & Solutions Master Product Catalog, which features over 47,000 maintenance products specifically chosen for maintenance, repair, operations, and production (MROP) users. The catalog includes a diverse selection of products ranging from transportation, fasteners, shop supplies, electrical, welding, janitorial, fittings & hoses, paints & chemicals, cutting tools & abrasives, safety, and more.
  • January 2023, MSC Industrial Supply Co. acquired Buckeye Industrial Supply Co. and True-Edge Grinding Inc., two companies specializing in custom tool manufacturing and the distribution of metalworking and maintenance, repair, and operations (MRO) products and services. This acquisition will help MSC Industrial Supply Co. strengthen its position as a prominent multichannel supplier of MRO products and services.

MRO Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Growing Demand for Efficiency in Supply Chain

      2. 5.1.2 Increasing Focus on Industry 4.0, Leading to More Manufacturing Facilities

    2. 5.2 Market Restraints

      1. 5.2.1 Spread of COVID-19 to Affect the Supply Chain

  6. 6. MARKET SEGMENTATION

    1. 6.1 By MRO Type

      1. 6.1.1 Industrial MRO

      2. 6.1.2 Electrical MRO

      3. 6.1.3 Facility MRO

      4. 6.1.4 Other MRO Types

    2. 6.2 By Geography

      1. 6.2.1 North America

      2. 6.2.2 Europe

      3. 6.2.3 Asia Pacific

      4. 6.2.4 Latin America

      5. 6.2.5 Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Vendor Market Share

    2. 7.2 Mergers and Acquisitions

    3. 7.3 Company Profiles

      1. 7.3.1 Wurth Group GmbH

      2. 7.3.2 Airgas Inc. (Air Liquide SA)

      3. 7.3.3 Applied Industrial Technologies Inc.

      4. 7.3.4 MSC Industrial Direct Co. Inc.

      5. 7.3.5 Rubix Limited

      6. 7.3.6 Motion Industries Inc. (Genuine Parts Company)

      7. 7.3.7 ARCO limited

      8. 7.3.8 ERIKS N.V. (SHV Holdings)

      9. 7.3.9 W. W. Grainger Inc.

      10. 7.3.10 Hayley Group Limited

      11. 7.3.11 RS Components

      12. 7.3.12 WESCO International Inc.

      13. 7.3.13 Sonepar SA

    4. *List Not Exhaustive

  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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MRO Industry Segmentation

Maintenance, repair, and operations (MRO) refer to the machinery, tools, and supplies used in a company's everyday operations. It does not include resources, products, or services directly utilized in manufacturing but rather products that aid in maintaining workflow across sectors. HVAC (heating, ventilation, and air conditioning) maintenance, janitorial services, facility lighting, drill presses, CNC (computer numerical control) machinery, jacks, forklifts, PPE, powered and manual hand tools, brooms, mops, and even furniture are examples of MRO.

The maintenance, repair, and operations (MRO) market is segmented by MRO type (industrial, electrical, facility) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).

The market sizes and forecasts are provided in terms of value (USD) for all the segments.

By MRO Type
Industrial MRO
Electrical MRO
Facility MRO
Other MRO Types
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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MRO Market Research FAQs

The Maintenance, Repair, And Operations (MRO) Market size is expected to reach USD 430.98 billion in 2024 and grow at a CAGR of 2.28% to reach USD 482.40 billion by 2029.

In 2024, the Maintenance, Repair, And Operations (MRO) Market size is expected to reach USD 430.98 billion.

Wurth Group GmbH, Airgas Inc. (Air Liquide SA), Applied Industrial Technologies Inc., MSC Industrial Direct Co. Inc. and Rubix Limited are the major companies operating in the Maintenance, Repair, And Operations (MRO) Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Maintenance, Repair, And Operations (MRO) Market.

In 2023, the Maintenance, Repair, And Operations (MRO) Market size was estimated at USD 421.37 billion. The report covers the Maintenance, Repair, And Operations (MRO) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Maintenance, Repair, And Operations (MRO) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

MRO Industry Report

The market for maintenance, repair, and operations (MRO) has experienced consistent growth due to the rising use of smart technologies in manufacturing sectors and the implementation of outsourcing strategies to enhance operational effectiveness and minimize costs. The emphasis on sustainability has prompted a trend towards repairing components instead of replacing them, aiding the growth of the MRO market. The introduction of novel technologies and the demand for increased competitiveness have revolutionized the MRO sector, with suppliers now offering a broad array of products to meet diverse customer requirements. The creation of smart factories and the expansion of predictive maintenance, such as the application of sensors and IoT, are anticipated to bring progress in the MRO field. However, the escalating requirement for adherence to various regulations and safety standards poses a challenge for businesses, resulting in increased costs of MRO products. The MRO market is divided by MRO type and geography. Industrial MRO procedures can assist companies in managing their inventory and supply chain, which is crucial in a manufacturing process. The market is experiencing mergers, acquisitions, and investments by major players as part of their strategy to enhance business and broaden their presence. The MRO market includes several global and regional players, such as Wurth Group GmbH, Airgas Inc. (Air Liquide SA), Applied Industrial Technologies Inc., and MSC Industrial Direct Co. Inc. These players are competing intensely in a highly competitive market. Market vendors are adopting key competitive strategies such as acquisitions, partnerships with industry participants, and new product launches. For a more comprehensive analysis, a free PDF download of the report is available.

MRO Market Report Snapshots

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MRO Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)