NEW YORK, Feb. 16, 2024 /PRNewswire/ — The maintenance repair operations (MRO) market for automation solutions market is expected to grow by USD 54.08 billion between 2022 and 2027. The growth momentum of the market will be progressing at a CAGR of over 10.16% during the forecast period. During the forecast period, APAC is anticipated to contribute 54% to global market growth. Technavio analysts have detailed the regional trends and drivers shaping the market, with significant growth expected in APAC. China, Japan, India, Vietnam, South Korea, Malaysia, and Australia are poised to drive market expansion, fueled by factors such as industrialization, demand for industrial automation, and investments in key sectors like power, water, wastewater treatment, and food and beverage. The automotive industry, propelled by government initiatives, improving living standards, and rising demand for both passenger and commercial vehicles, will further boost regional growth. Relaxation of COVID-19 restrictions, facilitated by vaccination drives, has reignited business and industrial activities, particularly in maintenance repair operations automation solutions, supporting market growth in the region.
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017 – 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.16% |
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Market growth 2023-2027 |
USD 54.08 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.34 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 54% |
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Key countries |
US, China, Japan, Germany, and UK |
The growth in the outsourcing of operations is the key factor driving growth. Both process and discrete industries choose to adopt third-party service providers to complete all their service maintenance and operation-related needs. Thus, end-users choose a single solution provider for maintaining and operating the complete automation solution. Due to the needs of end-users, companies package their service portfolio along with automation solutions. The report analyses the size and growth and provides accurate predictions on the growth. View Free PDF Sample
The use of analytics for predictive maintenance is the primary trend shaping growth. The limited presence of service providers with multi-vendor product knowledge is a challenge that affects growth. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Key Highlights:
- The report recognizes the following as some of the key players: ABB Ltd., AMETEK Inc., Danaher Corp., Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Festo SE and Co. KG, General Electric Co., Hitachi Ltd., Honeywell International Inc., IMI Plc, Mitsubishi Electric Corp., MKS Instruments Inc., OMRON Corp., Phoenix Contact GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, W.W. Grainger Inc., and Yokogawa Electric Corp.
- The industry is fragmented in nature.
- Observation of 8.34% YOY growth in 2023.
The market is segmented by end-user (process industries and discrete industries), type (MRO items and services), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
- The process industries segment will be significant during the forecast period. Process industries include verticals like energy and power, water and wastewater, and oil and gas, among others. Furthermore, the increasing need for green energy production has been encouraging players in the power industry to pump investments into renewable energy. Get a glance at the contribution of the segments, Request a Free Sample
The Maintenance Repair and Operations (MRO) market for automation solutions is witnessing significant growth driven by various factors such as increased industrial growth and ongoing technological advancements. Downtime in operations due to equipment failure highlights the critical need for effective maintenance solutions. Companies are increasingly focusing on minimizing maintenance costs while ensuring regulatory compliance. Supply chain optimization plays a crucial role in sourcing cost-effective maintenance solutions amid cost constraints. The trend towards technological adoption in MRO is reshaping the landscape, influencing vendor selection based on the product type and service type offered. As organizations strive for efficiency, the MRO sector continues to evolve, offering innovative solutions to enhance productivity and mitigate risks.
In the rapidly evolving industry, end-user industries seek streamlined processes through predictive maintenance and industrial automation. Embracing sustainability is pivotal, with a growing focus on green MRO practices. Airgas and Applied Maintenance Supplies & Solutions play vital roles in distribution channels, catering to diverse sectors like the energy sector. E-commerce and digital platforms revolutionize procurement, offering convenience and efficiency. The integration of IoT and big data drives remote maintenance, empowering real-time monitoring and decision-making. 3D printing revolutionizes spare parts production, enhancing agility. Embracing these advancements ensures competitiveness and operational excellence in the dynamic realm of automation solutions.
Related Reports:
The maintenance, repair, and overhaul (MRO) distribution market is estimated to grow at a CAGR of 2.58% between 2022 and 2027, and the size is forecast to increase by USD 89.78 billion.
The North America MRO distribution market size is estimated to grow at a CAGR of 2.43% between 2022 and 2027 and the size is forecast to increase by USD 30.88 billion.
ToC:
Excustive Summary
Landscape
Sizing
Historic Sizes
Five Forces Analysis
Segmentation by End-user
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio
