MRO Market for the Manufacturing Industry to be Worth $49.65 billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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18 Jan, 2023, 13:00 GMT

REDDING, Calif., Jan. 18, 2023 /PRNewswire/ -- 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. MRO ensures that facilities, equipment, systems, and tools are stocked, maintained, and safe to use and hence, are considered an essential part of any manufacturing plant/unit maintenance strategy. Many modern-day manufacturing plants outsource their MRO activities to optimize inventory levels, streamline procurement, improve supply chain relationships, and stay ahead of equipment failures. This process helps organizations to concentrate on their core operations and boost plant efficiency. Besides, the proliferation of digital transformation in the field of MRO and the growing need to reduce maintenance and unplanned downtime drive the market's growth.

Growing Need to Reduce Maintenance Costs & Unplanned Downtime is Driving the MRO Market's Growth.

Implementing efficient MRO processes is crucial to operators of industrial manufacturing facilities. Several manufacturers face challenges in maintaining the health of process-critical assets, supply chain disruptions, shorter life expectancies of assets, collateral damage, and costly downtime during unprecedented times. Thus, to offset this phenomenon, companies are adopting MRO services to ensure the smooth functioning of manufacturing operations and production processes. MRO helps detect anomalous behavior, increases the reliability and availability of equipment, boosts the efficiency of internal and external maintenance labor, reduces unplanned downtime through shutdown and outage optimization, and provides an opportunity to upskill the maintenance workforce in manufacturing industries. Moreover, it helps reduce operational expenditure through process efficiency, streamlining the management of external contractors, and optimized supply chain management, inventory management and asset management. Such benefits of MRO in reducing maintenance costs & unplanned downtime in manufacturing operations are driving the growth of this market.

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The global MRO market for the manufacturing industry is segmented based on Product (Plant Facilities, Automation Equipment, Robots, CNC Equipment), Sector (Consumer Products, Food & Beverage, Automotive, Electronics & Semiconductors), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the 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 increasing focus on industry 4.0, leading to more manufacturing facilities, the growing need for efficiency in the supply chain, and the rising demand for remote maintenance & repair systems. However, the automation equipment segment is expected to register the highest CAGR during the forecast period.

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. However, the medical devices segment is expected to register the highest CAGR during the forecast period. The rising demand for drugs and devices for the treatment of COVID-19, the growing need to reduce maintenance costs & unplanned downtime, and the increasing adoption of automation equipment in the life sciences sector are expected to support the growth of this segment.

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Based on geography, in 2023, Asia-Pacific accounted for the largest share of the MRO market for the manufacturing industry. Asia-Pacific's major market share is attributed to the high economic growth rate and the increasing government investments for increasing manufacturing in the pharmaceuticals, food & beverages, electronics & semiconductors industries, and infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India. However, the Middle East & Africa is expected to witness rapid growth during the forecast period. This is expected to help the manufacturers improve their operations efficiency, productivity, security, and cost-effectiveness due to the rising trend of the Internet of Things (IoT) and Industry 4.0 are expected to drive the growth of this market in this region.

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.), RS Group PLC (U.K.), 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.), Electronix Services (Ireland), Sika Interplant Systems Limited (India), AMETEK, INC (U.S.), ATLAS COPCO AB (Sweden), and SWIFTSHIPS LLC (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/mro-market-for-the-manufacturing-industry-5437

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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