Europe MRO Distribution Market Size, Share & Trends Analysis Report By Product, By Sourcing/Service Type, By Maintenance Type, By Distribution Channel, By Application, By Country, And Segment Forecasts, 2021 - 2028
New York, March 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe MRO Distribution Market Size, Share & Trends Analysis Report By Product, By Sourcing/Service Type, By Maintenance Type, By Distribution Channel, By Application, By Country And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06038290/?utm_source=GNW
Europe MRO Distribution Market Growth & Trends
The Europe MRO distribution market size is expected to reach USD 222.11 billion by 2028. It is expected to expand at a CAGR of 1.6% from 2021 to 2028. The rise in scheduled maintenance and increasing investments in repair operations are expected to ascend the market growth over the forecast period.
Prominent European industries have adopted integrated repair, maintenance, and operation service concepts for improvements in the equipment and services in critical operations.Many industrial units adopted this change post-recession period and are likely to continue in the projected time.
Therefore, the demand for Maintenance, Repair, & Overhaul (MRO) distribution is expected to remain high.
The untapped markets are benefitted owing to the emergence of e-commerce platforms in the European region, thus the penetration of MRO products in the region has escalated. Moreover, the established players in the region have adopted the strategy of acquiring small-scale players to enhance the market presence.
Major players in the regional market are employing several strategies focusing on digital marketing, pricing, product placement, and communication to improve supply channels and enhance sales operations. These enhanced sales processes and standardized sales tools are anticipated to upscale the MRO industry growth in the upcoming future.
Europe MRO Distribution Market Report Highlights
• The machine consumables product segment accounted for the largest share of 30.2% in 2020 on account of the increasing focus of the end-users on the maintenance and upkeep of critical equipment in order to maintain and enhance their performance and operational lifetime
• The external MRO service type segment is anticipated to witness the fastest growth from 2021 to 2028 owing to the increasing contracts to third-party MRO service providers by the product manufacturers to increase the geographical operation
• The preventive/scheduled maintenance type segment accounted for the largest share of 58.8% in 2020 and is projected to witness significant growth over the forecast period owing to its rising adoption in order to reduce the breakdown and maintenance time
• The machinery and equipment application segment is projected to expand at the fastest CAGR from 2021 to 2028 on account of the growing demand from a diverse range of industry verticals, including construction, automotive, and metalworking
• Germany accounted for the largest share of 21.8% in 2020 owing to the high adoption of preventive and scheduled MRO among the manufacturers operating in the country
Read the full report: https://www.reportlinker.com/p06038290/?utm_source=GNW
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