The report “Maintenance Repair and Operations (MRO) Market by MRO Type (Industrial MRO, Electrical MRO, Facility MRO, Others), Provider (Original Equipment Manufacturer (OEM), Aftermarket), End Use (Manufacturing, Construction, Electrical, Facility, Mining, Aerospace and Defense, Automotive, Food and Beverages, Pharmaceuticals, Chemicals, Oil and Gas, Others) Technology (3D Printing, AR/VR, Artificial Intelligence, Robotics, Big Data Analytics, Internet of Things (IoT), Predictive Maintenance, Others) Application (Predictive Analysis, Performance Monitoring, Inspection, Mobility and Functionality, Others) – Global Forecast to 2028″ The maintenance repair and operations (MRO) market is projected to grow from USD 701.5 billion in 2021 and is projected to reach USD 897.9 billion by 2028; it is expected to grow at a CAGR of 4.20% from 2021 to 2028. The growing demand for increased organizational efficiency across industries is one of the key factors driving the market's rise. The rising use of professional services can also be attributed to MRO significantly enhancing supply chain management and process effectiveness. The market is growing due to the product's extensive use in manufacturing. MRO is utilized to keep track of the upkeep of industrial machinery, consumables, furniture, and plant supplies, as well as to stop cyclical swings in the machinery. Additionally, several technological advancements promote market expansion, such as linked devices with the artificial intelligence (AI), Internet of Things (IoT), and preventative maintenance solutions. Furthermore, the market is predicted to develop due to several other factors, including the major expansion of the e-commerce sector and the implementation of numerous government efforts to reduce overall energy usage and adopt lean manufacturing.
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The manufacturing category in the maintenance repair and operations (MRO) market is expected to be the fastest-growing segment during the forecast period
The manufacturing segment is projected to grow the fastest during the forecast period due to increased spending in maintenance operations, increased adoption of technologies like Industry 4.0, and digitization. The need for MRO services is growing in the industrial sector since they assist in lowering operational costs and boosting productivity significantly through improved supply chain management and process efficiency. The market is anticipated to see a surge in energy-efficient HVAC systems. HVAC is crucial in industrial facilities to maintain the highest product quality. Additionally, it provides comfortable working environments for its staff, increasing productivity in general. All of the client's main concerns are with quality.
Artificial intelligence category of the maintenance repair and operations (MRO) market to record the highest CAGR from 2022 to 2027
Artificial intelligence is expected to account for the highest CAGR of the maintenance repair and operations (MRO) market from 2022 to 2027. As service providers increasingly utilize digital technology, maintenance, repair, and overhaul (MRO) operations are undergoing a rapid shift. The expansion of the MRO industry is being driven by using digital technologies like artificial intelligence (AI) operations. Due to rising investments in connected aircraft and the expanding use of cutting-edge technologies like AI, the global MRO industry is anticipated to experience considerable growth during the forecast period..
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The Asia Pacific is anticipated to grow at a significant rate in maintenance repair and operations (MRO) market share from 2022 to 2027
The Asia Pacific is the fastest-growing maintenance repair and operations (MRO) region. Due to its cost-effectiveness, the area is regarded as a manufacturing hub for spare parts exported to other nations, greatly promoting the expansion of the maintenance, repair, and operations (MRO) sector. Additionally, a sizable demand is anticipated in the market due to the standardization of equipment and services inside crucial manufacturing operations. As a result of increased investments in R&D activities, implementing new manufacturing techniques in the Asia Pacific region is anticipated to accelerate market expansion further. In addition, several businesses that have assets in China are now moving their operations to other Asian nations, such as India and Taiwan, due to the COVID-19 pandemic. This is anticipated to have a favorable impact on the market expansion.
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Market Players
Key players in the maintenance repair and operations (MRO) market include Adolf Würth GmbH & Co. KG (Germany), Airgas, Inc. (U.S.), Applied Maintenance Supplies & Solutions (U.S.), KAMAN CORPORATION (U.S.), RUBIX (U.K.), Motion Industries, Inc (U.S.), WESCO (U.S.), Sonepar (France), Rexel (France), Graybar Electric Company Inc. (U.S.), ERIKS Group (U.S.), MSC Industrial Direct Co., Inc (U.S.), Lawson Products, Inc (U.S.), Electrocomponents plc (U.K.) and Anixter Inc (U.S.) and W.W. Grainger, Inc. (U.S.).
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