Maintenance, Repair, and Operations (MRO) Industry Size New Innovations Trends, Research, Global Share and Growth Factor 2022-2031


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Jul 04, 2022, 10:30 EST


Shibuya-ku, Tokyo, Japan, Japan, Jul 04, 2022, 10:30 /Comserve / -- Maintenance, Repair, and Operations (MRO) Industry With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The maintenance repair operations industry is expected to grow at a CAGR of 2.2% during the forecast period. The growing concern for increasing internal efficiency, growing digitization, and increasing investment in the maintenance operations are some of the major factors driving the maintenance, repair, and operation (MRO) market.

- As MRO helps in reducing operational expenditure substantially, through process efficiency and optimized supply chain management, an increasing number of end-user companies are investing in the market studied. Furthermore, the overall economic and manufacturing growth continues to drive maintenance and repair demand in developed and developing economies. The evolution of Industry 4.0 is also upgrading the MRO sector.
- The emerging technologies, coupled with the need for enhanced competitiveness, transformed the MRO industry by forcing market vendors to provide innovative offerings. For instance, in December 2019, US-based MRO, Partsmaster, launched Torrent 700, a fast and safe water-based part washing machine that can clean dirty parts in under one minute.
- The evolution of e-commerce is increasingly impacting MRO requirements. For instance, In July 2020, Amidst COVID-19, Bulk MRO, announced that it had raised INR 25 Crore funding as part of a debt funding round led by Stride Ventures. The company further reported that its is leveraging its B2B online commerce platform Moglix to sell industrial tools and equipment, including MRO, electrical, and lighting.

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Key Market Trends

Manufacturing Sector Under Industrial MRO to Occupy Significant Market Share


- The adoption of industrial MRO equipment in the manufacturing industry has been impacted due to various driving factors, including the increasing demand to reduce cost, increasing market maturity, cyclical fluctuations in new equipment sales, and the rising need to enhance product quality. With enterprises in the manufacturing sector continuously seeking to achieve large profit margins, they have been looking to maximize return on net assets (RONA).
- In practice, the downtime involved in the manufacturing process is quite expensive. Enterprises in the manufacturing industry have been looking to invest in MROs to help them achieve consistency in manufacturing and reduce the length of downtime in the manufacturing process. Furthermore, manufacturers have been looking to optimize their processes to reduce their overall energy consumption and adherence to government regulations.
- Manufacturing activities have witnessed exponential growth, owing to the governments’ initiatives in several regions to introduce various programs, initiatives, and policies that encourage manufacturing activity. For instance, in March 2020, the National Institute of Standards and Technology (NIST), a Department of Commerce in the United States has opened a funding opportunity for high-impact projects that support the nation’s response to the COVID-19 pandemic. The funding is expected to be awarded to eligible public-private partnerships that work with private and academic sector manufacturing organizations on research, development, and manufacturing processes.

Asia-Pacific Expected to Register the Highest Growth

- Asia - Pacific region is slowly seeing an increase in the adoption of professional services. It is considered to be a major manufacturing hub for spare parts that are supplied to different countries. For instance, India is one of the fastest-growing markets for MRO in the APAC region, owing to the significant growth in manufacturing, industrialization, automation, and digitization.
- According to the Department for Promotion of Industry and Internal Trade (India), India's annual growth in the manufacturing industry in 2019 accounted for 3.9%, from 2.8% in 2016. With the increasing growth in the manufacturing sector, the requirement for maintenance is growing to keep equipment and process running smoothly, thereby driving the growth of the MRO market in the country.

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- Additionally, The Government of India is planning to make the country a hub for MRO of aircraft to boost the country's current aviation sector, so that the aircraft's maintenance cost will come down, with a ripple effect on the prices of the airfare. In December 2019, France-based Safran Group considered a USD 150-million investment in a new aircraft MRO unit in India to cater to its airline customers.
- On the other hand, China is significantly investing in Industry 4.0 to take the next leap in manufacturing. According to Accenture, China's IoT investments will increase to USD 196 billion to cumulative GDP in manufacturing industries alone over the next 15 years. According to the GSMA, China will account for a third (4.1 billion) of the world's Industry IoT (IIoT) connections by 2025. Therefore, such investments in the manufacturing sector are expected to fuel the growth of the MRO market in the country

Competitive Landscape

The global maintenance repair and operations market is moderately fragmented owing to the presence of several MRO solution providers globally. The vendors are viewing collaboration and innovation as a path towards gaining maximum market share. They invest in R & D to utilize it towards product improvisation and the introduction of new products and expand their reach globally.

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.4.1 Growing Demand for Efficiency in Supply Chain
4.4.2 Increasing Focus on Industry 4.0, Leading to More Manufacturing Facilities
4.5 Market Challenges
4.5.1 Spread of COVID-19 to Affect the Supply Chain

5 MARKET SEGMENTATION

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