MRO Market for Automation Solutions Market Size to grow by USD 54089.21 million between 2023-2027
According to a research report “ MRO Market for Automation Solutions Market” by End-user (Process industries, Discrete industries ) Type (MRO items, Services ) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 54089.21 million, at a CAGR of over 10.16% during the forecast period. In today's business landscape, both process and discrete industries opt for third-party service providers to manage their automation solution maintenance and operations. The primary reasons for this preference are the significant costs associated with hiring and training an in-house workforce, as well as the extensive product knowledge required to effectively maintain these advanced systems. Consequently, end-users seek a singular solution provider to oversee the entirety of their automation solution's maintenance, repair, and operational needs. In response, vendors offer comprehensive packages that combine automation solutions with associated services, providing clients with a single point of contact for all support requirements.
Browse market data tables, figures, and in-depth TOC on “MRO Market for Automation Solutions Market” by End-user (Process industries, Discrete industries ) Type (MRO items, Services ) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample
By End-user, the Process industries segment is projected to dominate the market size in 2024
MRO (Maintenance, Repair, and Operations) inventory refers to essential supplies, spare parts, and materials required for the upkeep of business operations. Unlike finished goods, these items do not directly contribute to the production of products for customers. MRO items encompass a diverse range of categories, including office supplies, cleaning supplies, motors, gearing, repair tools, personal protective equipment, and safety equipment. Manufacturing industries rely on a well-stocked inventory of components and tools to expedite machine repairs and maintain production lines. Retailers and service organizations, too, necessitate a steady supply of basic items, such as light bulbs, cleaning supplies, and office supplies, to ensure their day-to-day operations run smoothly.
By Type, MRO items segment is expected to hold the largest market size for the year 2024
In the realm of process industries, sectors such as energy and power, water and wastewater, and oil and gas represent significant markets for automation solutions. The global power industry is poised for growth during the forecast period, fueled by escalating energy demand, substantial investments in new power plants, and ongoing upgrades to existing electricity grids. Factors including the burgeoning global demand for electricity, expanding urbanization, and the rising utilization of electronic appliances have ignited a surge in electricity consumption. Moreover, the power sector is witnessing a transition towards the adoption of renewable energy sources on a global scale.
APAC is forecasted to hold the largest market size by region in 2024
The MRO market for automation solutions in APAC is projected to experience substantial expansion during the forecast period. Key contributors to this growth include China, Japan, India, Vietnam, South Korea, Malaysia, and Australia. Factors impelling this expansion include the increasing industrialization, escalating demand for industrial automation, and heightened investments in sectors such as power, water and wastewater treatment, and food and beverage industries. Additionally, government initiatives, improving standards of living, a robust industrial foundation, and burgeoning automotive manufacturing sectors are catalysts fueling the growth of industries in the region.
The MRO Market for Automation Solutions Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The MRO (Maintenance, Repair, and Operations) market for automation solutions is witnessing significant growth, driven by the increasing adoption of automation technologies in various industries. Key MRO products include pumps, sensors, and safety standards components. New technologies such as IoT (Internet of Things) are revolutionizing inventory management and maintenance processes, enabling real-time monitoring and predictive maintenance. However, the MRO market faces challenges such as economic slowdown, shipping delays, and raw material shortages. Outsourcing strategies are becoming increasingly popular to mitigate these challenges, with companies like Applied Industrial Technologies, Rexel, Sonepar, Wesco, Air Works, and others providing comprehensive solutions. The energy and power sector, including the power industry and green energy production, is a significant market for MRO automation solutions. Discrete industries and process industries also rely heavily on MRO products for efficient operations. The fragmented market is expected to witness further consolidation as companies adopt advanced technologies and strategies to stay competitive. Vaccination drives and the return to workplaces are expected to boost industrial activity, leading to increased demand for MRO solutions. Skilled workforce shortages remain a concern, with automation solutions playing a crucial role in addressing this challenge. Overall, the MRO market for automation solutions is poised for continued growth and innovation.
Market Research Overview
The MRO (Maintenance, Repair, and Operations) market for automation solutions in Senai, Argentina, is witnessing significant growth due to the increasing focus on green facilities and sustainable buildings in urbanization. The demand for energy-efficient technology in data centers, semiconductor chips, automotive spare parts, and various industries is driving the market. MRO products such as industrial robots, fans, blowers, sensors, and new technologies like 3D printing are in high demand to reduce operating expenses and carbon footprint. The manufacturing industries, including medical equipment, water pumps, test equipment, lab supplies, lubricants, tapes, sealants, industrial motors, and pumps, are adopting smart technologies and digitization under Industry 4.0. MRO suppliers like GoExpedi, Applied Industrial Technologies, Rexel, Sonepar, Wesco, Air Works, and Airgas are offering green MRO practices and sustainability solutions to meet the market demands. However, economic slowdown, shipping delays, raw material shortages, skilled workforce, and safety standards are some challenges faced by the market. The fragmented market includes discrete and process industries, such as oil and gas, water and wastewater, energy and power, and power industry, adopting green energy production and IoT for efficient MRO practices.
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