The MRO services market was valued at around $621 billion in 2015 and is expected to reach almost $774 billion by 2020.
Category market intelligence analysts have announced the latest market research report on maintenance, repair, and operation services for the forecast period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the maintenance, repair, and operations market during the forecast period. Some of the key vendors in this market include Sonepar, Wolseley, Rexel, Wurth Group, and W. W. Grainger.
In terms of geographical analysis, APAC holds the largest share of the global market, accounting for around 33% of the overall market shares. China, India, Malaysia, and Japan will emerge as the key revenue-generators.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Large organizations in the market are developing a preference for the adoption of integrated engagement approach. In this approach, buyers are able to bundle and source spares and maintenance-related services from a single source. Some of the services that can be availed in this format include storeroom management, stock inventory management, and timely maintenance of contracted categories/products, from a single source. Even though more popular in developed market, the integrated engagement approach is gaining traction in emerging markets as well.”
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The new category market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Need to reduce production downtime
One of the primary fueling forces behind the adoption of maintenance, repair, and operation services is growing need to minimize production downtime. Investing in maintenance, repair, and operation services primarily help ensure consistency in production. Furthermore, these services also make it possible to avoid/minimize losses due to operational failure or equipment downtime. For instance, large automobile companies such as Volkswagen collaborate with provides or maintenance, repair, and operation service components, such as with V-line, to ensure consistent supply to its manufacturing units in Chengdu and Foshan in China.
Increase in manufacturing activity
Manufacturing activities are flourishing owing to factors such as initiatives, declining crude oil prices, and positive outlook in terms of the economy. This trend, strongest in regions such as Japan, China, Indonesia, India, and Malaysia, in turn drives the maintenance, repair, and operations sector.
Technological advancements
Suppliers are constantly on the lookout for or are adopting new technologies in an attempt to enhance the overall quality of production operations. The adoption of maintenance, repair, and operation services also bring about transparency in the supply chain and inventory management. For example, implementation of RFID at a buyer’s site can help provide real-time data, that is also accurate, about the requirement of spare parts by the buyer.
A more detailed analysis is available in the category market intelligence report titled, ‘Maintenance, Repair, and Operations – Category Market Intelligence Report 2016’.
