Maintenance Repair And Operations Global Market Report 2023

Major players in the maintenance repair and operations market are Airgas Inc., Applied Industrial Technologies Inc., W.W. Grainger Inc., Lawson Products Inc., WESCO International Inc., ERIKS N.V, Adolf Wurth GmbH And Co.

New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Maintenance Repair And Operations Global Market Report 2023" - https://www.reportlinker.com/p06479803/?utm_source=GNW KG, Graybar Electric Company Inc., Rexel Group, Genuine Parts Company, Johnson Controls, Caterpillar Inc., Motion Industries Inc., Rubix Limited, and HAECO Group.The global maintenance repair and operations market is expected to grow from $655.77 billion in 2022 to $681.85 billion in 2023 at a compound annual growth rate (CAGR) of 4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The maintenance repair and operations market is expected to reach $764 billion in 2027 at a CAGR of 2.9%.The maintenance, repair, and operations (MRO) market consists of revenues earned by entities by providing services such as facility lighting services, maintenance services, and janitorial services.The market value includes the value of related goods sold by the service provider or included within the service offering.The maintenance, repair, and operations market also includes sales of drill presses, forklifts, jacks, powered and manual hand tools, mops, and brooms, which are used in providing maintenance, repair, and operations services.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Maintenance, repair, and operations (MRO) refer to services related to the equipment, materials, and tools utilized in a business’s regular operations.It does not contain materials, goods, or services used directly in production but rather supports the maintenance of workflow across industries.It improves profitability and operational efficiency by reducing downtime and improving production and productivity.Europe was the largest region in the maintenance repair and operations market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in maintenance, repair, and operations (MRO) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of maintenance, repair, and operations (MRO) involved in maintenance, repair, and operations are industrial MRO (maintenance, repair, and operations), electrical MRO (maintenance, repair, and operations), facility MRO (maintenance, repair, and operations), and others.Industrial MRO (maintenance, repair, and operations) refers to the activities involved in maintaining and repairing industrial machinery, equipment, and facilities to keep them operating efficiently and effectively.It is provided by OEMs (original equipment manufacturers) and aftermarkets and is used by several end-users, such as manufacturing, construction, electrical, facilities, mining, aerospace and defense, automotive, food and beverage, pharmaceuticals, and others.The development of smart factories is expected to propel the growth of the maintenance, repair, and operations market going forward.Smart factories refer to advanced manufacturing facilities that use modern technology and data to optimize production processes, increase efficiency, and reduce costs.Maintenance, repair, and operations are primarily used in smart factories to provide economic benefits, enable preventive maintenance, prevent breakdowns and associated costs, and assist in reducing downtime while enhancing safety, all of which lead to increased output, efficiency, and profit.For instance, in January 2023, according to the Institute of Electrical and Electronics Engineers (IEEE), a US-based professional association in South Korea, in 2018, the government announced a new goal of converting 30,000 factories into smart factories by 2022, a total of 66% of the factories had been converted into smart factories, accounting for approximately 19,799 factories that had been transformed into smart factories by August 2022.Therefore, developing smart factories is driving the growth of maintenance, repair, and operations.Technological advancements are a key trend gaining popularity in the maintenance, repair, and operations markets.Major companies operating in the maintenance, repair, and operations market are adopting new technologies to sustain their position in the market.For instance, in April 2023, Henkel AG & Co.KGaA, a Germany-based consumer goods and chemicals company, launched the Loctite Pulse Smart Steam Trap digital system to monitor industrial steam systems digitally.It is a data-enabled technology that increases productivity and plant safety, enhances existing maintenance procedures, and predicts significant failures.Loctite Pulse is equipped with intelligent analytics and sensitive sensors to predict energy losses and help detect early-stage malfunctions.This innovative technology was designed to monitor assets and satisfy current industrial maintenance requirements, including effective operations, increased uptime, energy savings, and a decreased carbon impact. With the new approach, industrial processes may operate more cost-effectively, safely, and sustainably while using fewer resources.In July 2021, Spirit AeroSystems Holdings., a US-based aerostructures manufacturing company, acquired Applied Aerodynamics for an undisclosed amount. With this acquisition, Spirit AeroSystems Holdings aims to expand its maintenance, repair, and overhaul capabilities and services in the North American region and accelerate its maintenance, repair, and operations globally. Applied Aerodynamics. is a US-based service provider specializing in offering aircraft maintenance, repair, and overhaul services.The countries covered in the maintenance, repair, and operations (MRO) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The maintenance, repair, and operations market research report is one of a series of new reports that provides maintenance, repair, and operations market statistics, including maintenance, repair, and operations industry global market size, regional shares, competitors with a maintenance, repair, and operations market share, detailed maintenance, repair, and operations market segments, market trends and opportunities, and any further data you may need to thrive in the maintenance, repair, and operations industry. This maintenance, repair, and operations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06479803/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________