Maintenance, repair and operations market report 2021, with key players WESCO International, WW Grainger, Lawson Products and ERIKS NV

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Dublin, Nov 19, 2021 (GLOBE NEWSWIRE) – The report “Maintenance, Repair and Operations (MRO) Market 2021-2026 | Size, Share, Growth, Forecast” has been added to ResearchAndMarkets.com offer.

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

Aided by the rapid digitization and emergence of the Internet of Things (IoT), the market is expected to continue growing at a CAGR of 2.3% between 2021 and 2026 to reach a value of USD 787.2 billion by 2026.

MRO, abbreviated as maintenance, repair and operation, is defined as the various investments of companies in order to strengthen the functioning of their operations and their production process. MRO can also be defined as the set of operations and activities associated with the maintenance of a plant or facility, which may include the physical maintenance of a building structure, systems that operate in the facility and equipment used to perform various functions in the facility.

Significant amounts of operations take place in a facility or factory, requiring an MRO for sustenance. MRO, include products that are used during the production process such as consumables which are laboratory equipment, cleaning or office supplies, among others, machines such as pumps, compressors or valves, and maintenance tools such as lubricants, repair tools, seals, etc., among others. MRO is integral to various end-use industries including manufacturing, construction, aerospace, and automotive.

The MRO market is driven by technological advancements and increasing production processes in various end-use industries such as aerospace and defense, manufacturing, construction, and food and beverage, among others. Maintenance and repair are an integral part of any industry because they avoid the risk of producing faulty components.

The increasing investments in MRO by leading aerospace and defense companies, due to reduced operational expenses through the process of efficiency and optimized supply chain management, is expected to increase the MRO market during the forecast period. The market will be further helped by the increasing demand for increased internal efficiency, increasing digitization and increasing investments in maintenance operations are some of the major factors driving the growth of the market during the period. forecast.

In terms of region, Asia-Pacific accounts for a significant share of the market and is expected to experience considerable growth during the forecast period, owing to the resurgence of the building and construction industry after the pandemic of COVID-19. The region’s market will be further helped by the need to strengthen supply chain management in the food and beverage industry, due to population growth and the thriving travel and tourism industry.

The market report analyzes the market on the basis of segmentations such as vendors, end uses, and major regions.

Based on the vendor, the market is segmented into:

Important end uses of MRO include:

  • Manufacturing

  • Construction

  • Electric

  • Establishment

  • Mining

  • Aeronautics and Defense

  • Automotive

  • Food and drinks

  • Medications

  • Chemical products

  • Oil and gas

  • Others

Regional markets for MRO include:

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

Competitive landscape
The report examines the market shares, plant rotations, capacities, investments, and mergers and acquisitions, among other major developments, of key industry players.

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

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

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