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
- End-user
- 1.1 Process industries
- 1.2 Discrete industries
- Type
- 2.1 MRO items
- 2.2 Services
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
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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.
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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: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
