Maintenance Repair Operations (MRO) For Automation Solutions Market size to increase by USD 53.29 Billion between 2023 to 2028, Market Segmentation by End-user, Type, Geography, Technavio

NEW YORK, Dec. 15, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global maintenance repair operations (MRO) for automation solutions market size is estimated to grow by USD 53.29 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.38% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. End-user 
• 1.1 Process industries
• 1.2 Discrete industries
2. Type 
• 2.1 MRO items
• 2.2 Services
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

Get a glance at the market contribution of rest of the segments - Download a FREE Sample Report in minutes!

1.1 Fastest growing segment:

The process industries, including energy and power, water and wastewater, and oil and gas, are experiencing growth during the forecast period. In the power industry, the increasing global demand for electricity, urbanization, and the use of electronic appliances are driving the need for more electricity. Renewable energy sources, such as solar and biomass, are becoming increasingly popular due to depleting coal reserves and the need to reduce carbon emissions. This shift towards green energy production is attracting significant investments, leading to the restructuring of power plants and the establishment of new ones. Automation solutions are expected to play a crucial role in these developments, fostering efficiency and productivity. Similarly, in the water and wastewater industry, the growing demand for freshwater resources and rising concerns over water reuse and recycling are driving investments in water and wastewater treatment facilities. Technologies such as desalination and nanotechnology are being used to treat wastewater to provide potable water. The pharmaceutical and semiconductor industries require high-quality water, further increasing the demand for automation solutions. The oil and gas industry is also witnessing growth, with ongoing exploration of new fields and expansions of production activities. Automation solutions are essential for optimizing operations in refineries and ensuring the safety and efficiency of offshore platforms. These factors are expected to drive the demand for automation solutions in the oil and gas industry during the forecast period.

Analyst Review

The Maintenance Repair Operations (MRO) market for automation solutions is witnessing significant growth, particularly in process industries and discrete industries, as they prioritize digital transformation and automation to enhance productivity and efficiency. The market is fragmented with numerous players, including suppliers of MRO products and services. The vaccination drives and economic recovery are expected to boost industrial activities, especially in the power industry and energy and power sectors. Green energy production is also driving demand for automation solutions in MRO. New technologies, such as Internet of Things (IoT) and sensors, are revolutionizing MRO by enabling predictive maintenance and remote monitoring. However, challenges such as a skilled workforce shortage, raw material shortages, and shipping delays persist. MRO providers are adopting outsourcing strategies to mitigate these challenges and offer comprehensive solutions. Companies are focusing on inventory optimization, safety standards, and pumps to cater to the evolving needs of their clients. Applied Industrial Technologies, Wesco, Sonepar, Rexel, and Air Works are some of the key players in the MRO market for automation solutions.

Market Overview

The Maintenance Repair Operations (MRO) market for automation solutions is witnessing significant growth in various industries, including process and discrete industries, as automation becomes increasingly essential for sustainability and productivity. The market is fragmented with numerous players offering MRO products and services for industries such as power, energy and power, water and wastewater, oil and gas, and manufacturing. Vaccination drives and the economic slowdown have led to downtime in several industries, emphasizing the need for efficient MRO practices. The shift towards green energy production and sustainability is driving the demand for eco-friendly MRO practices, e-commerce, IoT, big data, and new technologies like 3D printing. The skilled workforce is in high demand to manage the implementation of smart technologies, sensors, safety standards, and inventory management. Raw material shortages and shipping delays are challenges faced by the industry, but digitization through Industry 4.0 and digitization are paving the way for more efficient and cost-effective MRO solutions. MRO products include pumps, industrial motors, sealants, tapes, lubricants, lab supplies, test equipment, and more. Energy-efficient technology, carbon footprint reduction, and operating expenses are key concerns for industries, leading to the adoption of energy-efficient MRO practices and automation solutions. Automotive spare parts, semiconductor chips, data centers, urbanization, sustainable buildings, and green facilities are other sectors where MRO solutions are essential. Applied Industrial Technologies, GoExpedi, Air Works, Wesco, Sonepar, Rexel, and other players are leveraging smart technologies and outsourcing strategies to cater to the evolving needs of the market.

To understand more about this market- Download a FREE Sample Report in minutes!

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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 market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio