Published Date : 14 Nov 2022
The global MRO distribution market size was exhibited at USD 651.3 billion in 2022 and is expected to hit around USD 798.6 billion by 2030 with a registered CAGR of 2.6% from 2022 to 2030.
The global MRO distribution market is expected to grow at a sustainable rate during the forecast period. The rapid industrialization and rising investments in the development of manufacturing units across the globe are fueling the growth of the MRO distribution market. The rising need for the repair and maintenance of various equipment and machinery in industrial units is driving the demand for MRO services. The rising government initiatives to attract FDIs especially in developing regions expected to propel market growth in the foreseeable future. The availability of a skilled workforce along with the easy availability of MRO products has presented a significant growth aspect to the players operating in the global MRO distribution market. The growing focus on reducing operational costs, increasing the work efficiency of machines in various industries such as pharmaceuticals, automotive, food & beverages, and chemicals is spurring the demand for MRO services across the globe.
MRO Distribution Market Report Scope
|Market Size In 2022||USD 651.3 Billion|
|Market Size By 2030||USD 798.6 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 2.6%
|Forecast Period||2022 to 2030|
Europe was the dominating MRO distribution market in 2020. This is majorly attributed to the exponential growth of the automotive, chemicals, food & beverages, and pharmaceutical industries in Europe in the past few decades. The automotive and machinery production industries in European countries serve the military requirements for buses, trucks, and other vehicles. The maintenance and repair operations related to the motors of the vehicles have fueled the demand for MRO service providers, which fuels the growth of the MRO distribution market. Moreover, the rising demand for packaged food products like bakery products is expected to drive manufacturing in the food & beverages industry in Europe which will foster market growth in the forthcoming years.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is witnessing rapid industrialization, growing FDIs, and rising government initiatives to industrialize the region. The rapid penetration of international manufacturers from different industries in the countries like China and India is fueling the growth of the MRO distribution market in the Asia Pacific. Furthermore, the rising focus on the adoption of digital, automation, and internet technologies in the manufacturing sector of Asia Pacific is driving the demand for the MRO services and this is a major factor that is expected to significantly foster the MRIO distribution market growth in Asia Pacific.
Driver: Rising MRO outsourcing is driving the market growth
The developed market like Europe and North America have developed industrial and manufacturing sectors that are increasingly adopting automation and digital technologies. The growing adoption of the MRO services in the manufacturing sector is significantly driving market growth. The rising demand for decreasing downtime in production and attaining consistency in manufacturing is expected to propel the growth of the MRO distribution market in the forthcoming years.
Restraint: High capital expenditure associated with the acquisition of machines
A huge cost is involved with the acquisition of machinery and equipment in the manufacturing facilities. Therefore, sometimes the companies outsource the production activities to specialist manufacturers. This hampers the sales of the machinery and thereby the demand for MRO services are hampered.
Opportunity: Rising industrialization in the developing markets
Developing markets like Asia Pacific, Latin America, and the Middle East are investing heavily in the industrialization of the region. Moreover, the rising adoption of various digital and automation technologies in the industrial and manufacturing sector of these regions is expected to surge the demand for MRO services in the foreseeable future.
Challenge: Lack of investments in the MRO services
The MRO distribution is considered to be an insignificant component in industrial operation, which led to the lack of investments in MRO services. This is a major challenge faced by the MRO distribution market players.
Some of the Prominent Players:
Segments Covered in the Report
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