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Maintenance, Repair, and Operations Market Report 2021, Featuring Key Players WESCO International, W.W. Grainger, Lawson Products and ERIKS N.V

·3-min read

Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Maintenance, Repair, and Operations (MRO) Market 2021-2026 | Size, Share, Growth, Forecast" report has been added to ResearchAndMarkets.com's offering.

The global maintenance, repair, and operations (MRO) market attained a value of USD 685.5 billion in 2020.

Aided by rapid digitalisation and the emergence of internet of things (IoT), the market is projected to further grow at a CAGR of 2.3% between 2021 and 2026 to reach a value of USD 787.2 billion by 2026.

MRO, which is abbreviated as maintenance, repair, and operation, is defined as the miscellaneous investment by firms in order to bolster the functioning of its operations and production process. MRO can also be defined as the set of operations and activities that are associated with the upkeep of plant or facility which can include the physical maintenance of the structure of a building, the systems which operate within the facility and the equipment used to carry out various functions in the facility.

Significant amounts of operations take place in a facility or a plant, which require MRO for sustenance. MRO, include the products that are utilised during the production process such as the consumable which are laboratory equipment, cleaning, or office supplies, among others, machinery such as pumps, compressors, or valves, and maintenance tools such as lubricants, repair tools, gaskets, etc, among others. MRO is an integral part in various end-use industries including manufacturing, construction, aerospace, and automotive, among others.

The MRO market is being driven by the technological advancements and increasing production processes in the various end-use industries such as aerospace and defense, manufacturing, construction, and food and beverage, among others. Maintenance and repair are integral aspects of any industry, as it prevents the chances of production of faulty components.

The rising investments in the MRO by the major aerospace and defense companies, owing to the reduced operational expenditure through the process of efficiency and optimised supply chain management, is likely to augment the MRO market in the forecast period. The market will further be aided by the rising demand for incrementing the internal efficiency, growing digitalisation, and increasing investment in the maintenance operations are some of the major factors aiding the market growth in the forecast period.

In terms of region, the Asia Pacific accounts for a significant share in the market and is likely to witness a considerable growth in the forecast period, owing to the resurgence of the building and construction industry, post the COVID-19 pandemic. The market in the region will further be aided by the need to bolster the supply chain management in the food and beverage industry, owing to the rising population and thriving travel and tourism industry.

The market report analyses the market based on segmentations such as providers, end-uses, and major regions.

Based on provider, the market is segmented into:

  • OEM

  • Aftermarket

The significant end-uses of MRO include:

  • Manufacturing

  • Construction

  • Electrical

  • Facility

  • Mining

  • Aerospace and Defence

  • Automotive

  • Food and Beverages

  • Pharmaceuticals

  • Chemicals

  • Oil and Gas

  • Others

The regional markets for MRO include:

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry.

Some of the major players in the market explored in the report are:

  • Electrocomponents plc

  • WESCO International, Inc.

  • W.W. Grainger, Inc.

  • Lawson Products, Inc

  • Wolseley Limited

  • ERIKS N.V

For more information about this report visit https://www.researchandmarkets.com/r/zc3sp9

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