The global MRO distribution market size was estimated at USD 605.8 billion in 2020 and is expected to hit USD 798.6 billion by 2030 with a registered CAGR of 2.6% from 2021 to 2030.
The global maintenance, repair, and overhaul distribution market is primarily driven by the rising demand for the service operations, maintenance, and repair in the industrial and manufacturing sectors. The growing industrialization and the government initiatives and regulatory frameworks for attracting FDIs in several developing and underdeveloped nations like China, Brazil, Vietnam, and India is significantly boosting the growth of the global MRO distribution market. The availability of skilled labors and MRO products for the MRO services has created growth opportunities for the market players. The rising concerns for increasing the internal efficiency and rising investments in the operations related to maintenance have favored the MRO distribution market growth. The MRO services helps in reducing the operational costs by increasing the efficiency, which is fueling the demand for the MRO distribution across the industries. Moreover, the expansion of various industries across various locations in order to cater to a large consumer base, the demand for the MRO services in various industries such as food & beverages, chemicals, pharmaceuticals, and electronics is growing rapidly.
The rising adoption of the MRO in the manufacturing sector is significantly propelling the market growth. Cyclical fluctuations, rising demand for reducing costs, growing focus on improving product quality, and growing market maturity are several crucial factors that boosts the adoption of the MRO in the manufacturing sector. The rising demand for increasing the return on net assets in the manufacturing sector is spurring the demand for the MRO across the globe. Moreover, the aim of achieving consistency in manufacturing, reducing overall power consumption, process optimization, and adherence to the strict regulatory norms is exponentially driving the growth of the MRO distribution market across the globe. Moreover, the rising demand for the electronic products across the globe is indirectly resulting in the burgeoning demand for the MRO services in the global electronic industry.
Scope of the MRO Distribution Market
|Market Size||USD 798.6 billion by 2030|
|Growth Rate From 2021 to 2030||CAGR of 2.6%|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Companies Mentioned||Cromwell Group, WABCO, Lindberg & Lund AS, ABB Group, Ascendum, Rohde & Schwarz, Graco, Inc., Valeo Services UK Ltd., Mento AS, Schneider Electric|
Based on the type, the machine consumables segment dominated the global MRO distribution market, garnering a market share of over 30% in 2020. The exceeding capacities of machine and wear and tear of machine parts over time are the major factors that influence the growth of this segment. The growing demand for the maintenance, improving efficiency, and extending life cycle of the machines at the manufacturing and the industrial units has fostered the growth of the machine consumables in the past years.
On the other hand, the electronics segment is estimated to be the most opportunistic segment during the forecast period. The proliferation of digital technologies, and rising adoption of smart electronic devices across multiple industries are the several factors that boosts the electronics MRO distribution market across the globe. The expansion activities of the top manufacturing companies and the rising usage of the electronics in the manufacturing facilities across the globe is fueling the growth of this segment.
The machinery & equipment segment dominated the market in 2020 with over 13% of the market share. The production of the machinery & equipment is among the most competitive segments. The manufacturing of large machines and equipment, which has a huge demand across various industries has fueled the growth of this segment. The developed markets like Europe and North America are among the top manufacturing regions in the globe. The rapid growth of the manufacturing industries across the globe has propelled the market growth in the past years.
The pharmaceuticals segment is expected to be the fastest-growing segment during the forecast period. The rising government initiatives and investments for the development of new facilities for the treatment of various diseases related to respiratory and circulatory systems is fueling the growth of this segment across the globe.
Europe dominated the global MRO distribution market in 2020. The major growth of the Europe is contributed by the major industries such as automotive, coal, metal, plastic goods, chemicals, electric equipment, and textile. The food and beverages industry in Europe is further expected to drive the growth of the MRO distribution market owing to the rapidly growing international demand for the specialty food products like bakery products and pasta. The rising demand for the various food products is fueling the production of packaged food and beverages, which in turn is expected to fuel the growth of the MRO distribution market in Europe. The chemicals industry in Europe caters to various industries such as pharmaceuticals, perfumery, and fine chemicals. The easy availability of the hydroelectricity in Europe has encouraged the establishment of various manufacturing plants in the region, which has exponential contributions in the growth of the MRO distribution market.
Asia Pacific is estimated to be the fastest-growing market during the forecast period. Asia Pacific is considered to be a major manufacturing region of the spare parts. The significantly growing manufacturing industry in the region, rapid industrialization, rapid digitalization, and automation are the major factors that are expected to foster the MRO distribution market growth in the region. The strong growth of the automation, industrialization, and smart production in the nations like China and India makes the Asia Pacific region, one of the fastest-growing MRO distribution market around the globe. Countries like India and China are heavily investing in industry 4.0 in IoT and Industry IoT is expected to drive the MRO distribution market in Asia Pacific during the forecast period.
The various developmental strategies like mergers, acquisitions, partnerships, and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global MRO distribution market include:
Segments Covered in the Report
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client