The global maintenance, repair, and operations (MROs) services market was valued at around USD 621 billion in 2015 and is expected to surpass USD 774 billion by 2020.
Procurement market intelligence analysts have announced its latest market research report on maintenance, repair, and operations services for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Sonepar, Wolseley, Rexel, Würth Group, and W.W. Grainger.
In terms of geographical analysis, APAC is the largest shareholder in the global market, with a market share of around 33%. Expansion of manufacturing units in emerging countries like India, China, Malaysia, and Japan will attribute to the growth of this region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The suppliers in the market are using 3D printing to reduce the production cycle timelines and labor costs. The higher adoption of 3D printing technology will enable vendors to offer quick designing and to carry out changes in internal features of products. For instance, leading vendor W. W. Grainger has adopted 3D printing to reduce production costs of molds and patterns.”
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The new procurement 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
The companies are investing in MROs to ensure consistency in production and to avoid or minimize losses due to operational failure or equipment downtime. These services will help manufacturers to reduce the cost of operations and will improve the performance of various machinery. For instance, key automobile companies like Volkswagen, are engaging with providers of MRO components, such as with V-line to ensure a consistent supply of its manufacturing units in Chengdu and Foshan in China.
Increase in manufacturing activity
The government initiatives to promote industrialization and reducing prices of crude oil will boost the establishment of manufacturing units across the globe. The development of various economies across the globe will also have a positive impact on the global MRO market. The increasing number of manufacturing units in emerging nations like Japan, China, Indonesia, India, and Malaysia will drive the growth of the MRO market. The industrial manufacturing in India is expected to grow at a CAGR of about 14% through 2020.
Technological advancements
The suppliers in the market are investing in the development of advanced technologies to enhance the quality of operations. The improvement in MRO systems will allow companies transparency in supply chain and inventory management. Moreover, the implementation of RFID at onsite facilities will help provide accurate real-time data on the requirement of spare parts by the buyer.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Maintenance, Repair, and Operations Services – Procurement Market Intelligence Report 2016-2020.’
