Meticulous Research®, a leading global market research company, has published a new 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.
According to the report, the global Maintenance, Repair, and Operations (MRO) market for the manufacturing industry is projected to reach $49.65 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The growing demand for digital transformation in MRO operations, the need to minimize downtime and enhance organizational efficiency, and the development of smart factories are the primary drivers of this market's growth. However, the shortage of skilled professionals continues to pose challenges to the market. Meanwhile, increasing demand for remote maintenance solutions and the rise of 5G technology offer lucrative growth opportunities.
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Key Findings of the Report:
- Market Segmentation: The report breaks down the market into various segments based on products, sectors, and regions for a thorough analysis.
- By Product: The market is segmented into plant facilities, automation equipment, robots, and CNC equipment. In 2022, the plant facilities segment dominated the market due to increased investment in maintenance, the rise of Industry 4.0, and growing demand for supply chain efficiency. However, the automation equipment segment is expected to witness the highest growth over the forecast period.
- By Sector: In 2022, the consumer products sector captured the largest share of the MRO market due to growing demand for cost-effective maintenance services and predictive maintenance technology. However, the medical devices sector is expected to grow at the highest CAGR during the forecast period.
- By Geography: Asia-Pacific dominated the market in 2022, driven by the widespread adoption of industrial robots and automation systems in China, Japan, and South Korea. Rising investments in semiconductor manufacturing and the demand for refurbished gadgets also contributed to the region's market share. Meanwhile, the Middle East & Africa is expected to experience rapid growth.
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sScope 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
- Shipbuilding
- Aerospace & Defense
- Energy & Power
- Oil & Gas
- Chemicals
- Metals & 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: Germany, U.K., 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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Key Market Players:
Prominent companies in the global MRO market for the manufacturing industry include 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), and many more.
Key Questions Answered in the Report:
- What are the high-growth market segments by product, sector, and geography?
- What is the historical and forecasted market size for the global MRO market for the manufacturing industry?
- What are the key drivers and opportunities?
- Who are the major players and what market share do they hold?
- What are the recent developments and strategies in the market?
- Which geographic regions are witnessing significant growth?
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