Meticulous Research®—a leading global market research company, published a 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.’
According to this latest publication from Meticulous Research®, the global MRO market for the manufacturing industry market is projected to reach $49.65 billion by 2030, at a CAGR of 7.8 % from 2023 to 2030.The MRO market for the manufacturing industry is driven by the proliferation of digital transformation in the field of MRO, the growing need to reduce maintenance and unplanned downtime, increasing demand for enhanced organizational efficiency across industries, and the development of smart factories. However, the shortage of skilled workforce challenges the market's growth. In addition, the increasing demand for remote maintenance & repair and the emergence of 5G technology is expected to offer significant growth opportunities for the MRO market for the manufacturing industry.
To provide efficient analysis, Meticulous Research® has segmented this market based on product (plant facilities, automation equipment, robots, CNC equipment), sector (pharmaceutical, medical devices, automotive, food & beverages, consumer products, electronics & semiconductors, shipbuilding, aerospace & defense, energy & power, oil & gas, chemicals, metals & mining, other sectors), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on product, in 2022, the plant facilities segment accounted for the largest share of the MRO market for the manufacturing industry. The large market share of this segment is attributed to the increased spending in maintenance operations, increasing focus on industry 4.0, leading to more manufacturing facilities, and growing demand for efficiency in the supply chain. However, the automation equipment segment is expected to register the highest CAGR during the forecast period.
Based on sector, in 2022, the consumer products segment accounted for the largest share of the MRO market for the manufacturing industry. The large market share of this segment is attributed to the increasing demand for cost-effective consumer goods manufacturing maintenance services, growing adoption of predictive maintenance services and increasing investments in maintenance operations. However, the medical devices segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2022, Asia-Pacific accounted for the largest share of the MRO market for the manufacturing industry. The growing adoption of industrial robots and automation systems in China, Japan, and South Korea; increasing investment from the semiconductor industry for chip manufacturing and the growing adoption of refurbished gadgets in developing countries is expected to contribute to the high revenue share of this region. However, the Middle East & Africa region is expected to witness rapid growth during the forecast period.
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.).
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