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レポート概要
| Mordor Intelligence社は、世界のMRO（保守・修理・運用）の世界市場規模が2020年6,160.1億ドルから2026年7,013.0億ドルまで、2021年から2026年の間に年平均2.19％成長すると予測しています。本調査資料では、世界のMRO（保守・修理・運用）市場について調査し、イントロダクション、調査手法、エグゼクティブサマリー、市場動向、種類別（産業MRO、電子MRO、ファシリティMRO、その他）分析、地域別分析（北米、ヨーロッパ、アジア太平洋、中南米、中東・アフリカ）、投資分析、市場機会/将来の見通しなどを掲載しています。 ・イントロダクション ・調査手法 ・エグゼクティブサマリー ・市場動向 ・MRO（保守・修理・運用）の世界市場規模：種類別（産業MRO、電子MRO、ファシリティMRO、その他） ・MRO（保守・修理・運用）の世界市場規模：地域別（北米、ヨーロッパ、アジア太平洋、中南米、中東・アフリカ） ・投資分析 ・市場機会/将来の見通し |
The global maintenance, repair, and operations (MRO) market (henceforth, referred to as the market studied) was valued at USD 616.01 Billion in 2020, and it is projected to be worth USD 701.30 Billion by 2026, registering a CAGR of 2.19% during the period of 2021-2026 (henceforth, referred to as the forecast period). Further, the outbreak of COVID-19 has severely affected various countries across the world. This is continuing to have a negative impact on various industries, as demands are shrinking along with several disruptions to supply chain and operational challenges. MRO vendors are struggling to maintain their SKUs with the growing disruptions in the global supply chain.
- The growing concern for increasing internal efficiency, growing digitization, and increasing investment in the maintenance operations are some of the major factors driving the maintenance, repair, and operation (MRO) market.
- As MRO helps in reducing operational expenditure substantially, through process efficiency and optimized supply chain management, an increasing number of end-user companies are investing in the market studied. Furthermore, the overall economic and manufacturing growth continues to drive maintenance and repair demand in developed and developing economies.
- Also, due to increasing demand, many market players are expanding their presence and capacity to cater to a large customer base and encasing the opportunity. For instance, in January 2020, Emerson Bearing Boston, a bearing company catering to the OEM and MRO markets globally, established a pump industry division dedicated to a fast-growing customer base, particularly in the oil and gas market.
- Further, enterprises are also witnessing the increasing need for a framework that can guide them in making strategic investments in supply chain capabilities, developing a distribution strategy, identifying risks and opportunities, establishing communication channels, and facilitating cross-functional decision-making.
- Owing to such developments, the demand for MRO service providers is increasing in the market. However, with the vulnerabilities exposed in having a China-centric global supply chain, efforts are being taken to explore available alternates, and India is right at the center of reckoning.
- The evolution of Industry 4.0 is also upgrading the MRO sector. Industry 4.0, powered by the Internet of Things (IoT) movement, involves interconnecting various technological platforms and presents the ability to interface with manufacturing equipment located anywhere in the world. Such capabilities have encouraged the best-in-class manufacturing players to set up more manufacturing facilities. These trends have been observed to be common across the end-user business irrespective of their place of operations owing to faster technology adoption among the vendors.
Key Market Trends
Manufacturing Sector Under Industrial MRO to Occupy Significant Market Share
- The adoption of industrial MRO equipment in the manufacturing industry has been impacted due to various driving factors, including the increasing demand to reduce cost, increasing market maturity, cyclical fluctuations in new equipment sales, and the rising need to enhance product quality. With enterprises in the manufacturing sector continuously seeking to achieve large profit margins, they have been looking to maximize return on net assets (RONA).
- In practice, the downtime involved in the manufacturing process is quite expensive. Enterprises in the manufacturing industry have been looking to invest in MROs to help them achieve consistency in manufacturing and reduce the length of downtime in the manufacturing process.
- Furthermore, manufacturers have been looking to optimize their processes to reduce their overall energy consumption, in adherence to government regulations. In the process, manufacturers have been conducting lifecycle assessments of their products and deploying the required MRO equipment, to practice lean manufacturing.
- Predictive maintenance is expected to be the primary focus for the manufacturing industry to adopt cutting-edge technology-based MRO solutions in their facilities, as this helps reduce downtimes, thus helping in reducing costs and increase the ROI of equipment throughout usage. In addition to this, predictive maintenance helps to improve the efficiency of the manufacturing facility.
- In March 2020, ERIKS, a technical component and service provider, had invested in multiple solution developments to expand its 3D printing capacity for OEM and MRO end users. In the Netherlands, ERIKS has deployed a significant range of Ultimaker 3D printing systems to allow customers to collaborate with ERIKS’ specialists for MRO solutions.
- Furthermore, the discrete manufacturing industry is expected to witness one of the largest digital transformation spending . It is expected to slow down during the first half of 2021 due to the influence of Covid-19. However, process manufacturing is expected to gain traction due to the increase in demand for their offerings in the market. This will create more opportunities for industrial MRO in manufacturing.
Asia Pacific Expected to Register the Highest Growth
- The Asia Pacific region is slowly witnessing an increase in the adoption of professional services. It is considered to be a major manufacturing hub for spare parts that are supplied to different countries. For instance, India is one of the fastest-growing markets for MRO in the APAC region, owing to the significant growth in manufacturing, industrialization, automation, and digitization.
- According to the Department for Promotion of Industry and Internal Trade (India), the annual growth in the manufacturing industry in 2019 accounted for 3.9%, from 2.8% in 2016. With the increasing growth in the manufacturing sector, the requirement for maintenance is growing to keep equipment and process running smoothly, thereby driving the growth of the MRO market in the country.
- Furthermore, the Government of India is planning to make the country a hub for MRO of aircraft to boost the country’s current aviation sector, so that the maintenance cost of the aircraft will come down, with a ripple effect on the prices of the airfare. In December 2019, France-based Safran Group was considering a USD 150-million investment in a new aircraft MRO unit in India to cater to its airline customers.
- On the other hand, China is significantly investing in Industry 4.0 to take the next leap in manufacturing. According to Accenture, China’s IoT investments will increase to USD 196 billion to cumulative GDP in manufacturing industries alone over the next 15 years. According to the GSMA, China will account for a third (4.1 billion) of the world’s Industry IoT (IIoT) connections by 2025. Therefore, such investments in the manufacturing sector are expected to fuel the growth of the MRO market in the country.
- With the increase in investment in construction and infrastructure project in the country, the MRO market is expected to witness significant growth. For instance, according to iiMedia. Cn, direct investment in high-speed rail and urban rail transit in China will account for CNY 4,500 billion during 2019-2025.
- In addition, Japan is one of the prominent industrial automation hubs in the Asia-pacific region, owing to significant progress in robotics and its application. According to IFR, the unit shipment of industrial robots in Japan will account for 64 thousand units in 2021, from 38.59 thousand units in 2016. Thus, the growth in industrial automation is driving the MRO market in the country.
- Furthermore, the Korean government decided and set targets to build 30,000 smart factories around the country by 2025, in line with its Smart Factory Roll-out and Advancement Strategy. This will leverage the significant growth of this geographic segment in the future.
- Vietnam evolved as a manufacturing destination in recent years. In China, the rising labor costs, a costly trade war with the United States, and the origin of coronavirus in the country disturbed the manufacturing ecosystem to a considerable extent. This gave Vietnam a chance to emerge as a manufacturing hub of Southeast Asia. Despite the failure of Trans-Pacific Partnership negotiations, investor confidence was boosted by the imminent passage of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership and the completion of the EU-Vietnam Free Trade Agreement (EVFTA). The significant rise of business setups in the country will boost the market’s industrial segment in the coming years.
Competitive Landscape
The global maintenance repair and operations market is moderately fragmented owing to the presence of several MRO solution providers globally. The MRO market comprises several global and regional players, vying for attention in a fairly contested market space. The vendors are viewing collaboration, mergers, and innovation as a strategic path towards gaining maximum market share. They invest in R&D to utilize it towards product improvisation and the introduction of new products and expand their reach globally.
- January 2021 – Wruth Group announced its plans to open the Innovation Center at the headquarters in Künzelsau is planned to open in 2022. The total amount invested comes to about EUR 70 million. Laboratories and workshops are being built on an area of 15,000 square meters.
- December 2020 – The Home Depot completed the acquisition of HD Supply Holdings, Inc., for a total enterprise value (including net cash) of approximately USD 8 billion. HD Supply is a national distributor of maintenance, repair, and operations (MRO) products in the multifamily and hospitality end markets in the United States.
- December 2020 – Rubix UK acquired Matara, a supplier of industrial automation products to the UK industry. Also, in November 2020, Rubix Benelux has acquired Rotterdam-based Geeve Hydraulics, establishing a strong hydraulics offer for Rubix across the region.
- December 2020 – Graybar completed the acquisition of Shingle & Gibb Automation. Headquartered in Moorestown, NJ, Shingle & Gibb Automation provides advanced automation and control solutions to industrial users and original equipment manufacturers (OEMs). Shingle & Gibb Automation was founded in 1933 and had five locations in the eastern United States.
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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.4.1 Growing Demand for Efficiency in Supply Chain
4.4.2 Increasing Focus on Industry 4.0, Leading to More Manufacturing Facilities
4.5 Market Challenges
4.5.1 Spread of COVID-19 to Affect the Supply Chain
4.6 Assessment of Covid-19 Impact on the industry
5 MARKET SEGMENTATION
5.1 MRO Type
5.1.1 Industrial MRO
5.1.1.1 Market Overview & Scope of Industrial MRO
5.1.1.2 Industrial MRO by End-user Industry
5.1.1.2.1 Manufacturing
5.1.1.2.2 Construction
5.1.1.2.3 Chemical
5.1.1.2.4 Other End-user Industries
5.1.1.3 Company Profiles
5.1.1.3.1 Wurth Group GmbH
5.1.1.3.2 Airgas, Inc. (Air Liquide S.A.)
5.1.1.3.3 Applied Industrial Technologies, Inc.
5.1.1.3.4 Kaman Industrial Technologies Corporation
5.1.1.3.5 Rubix Limited (IPH-Brammer Group)
5.1.1.3.6 Motion Industries, Inc. (Genuine Parts Company)
5.1.1.3.6.1 ARCO limited
5.1.1.3.6.1.1 Brammer Buck & Hickman (RUBIX)
5.1.1.3.6.1.1.1 Cromwell Group Holdings Ltd
5.1.1.3.6.1.1.1.1 Hayley Group Limited
5.1.1.3.6.1.1.1.1.1 RS Components
5.1.1.4 List of Distributors in Industrial MRO
5.1.2 Electrical MRO
5.1.2.1 Market Overview & Scope of Electrical MRO
5.1.2.2 Electrical MRO by End-user Industry
5.1.2.2.1 Manufacturing
5.1.2.2.2 Construction
5.1.2.2.3 Other End-user Industries
5.1.2.3 Company Profiles
5.1.2.3.1 WESCO International, Inc.
5.1.2.3.2 Sonepar SA
5.1.2.3.3 Rexel Holdings USA (Rexel SA)
5.1.2.3.4 Graybar Electric Co.
5.1.2.3.5 Consolidated Electrical Distributors, Inc.
5.1.2.3.6 Eriks NV.
5.1.2.4 List of Distributors in Electrical MRO
5.1.3 Facility MRO
5.1.3.1 Market Overview & Scope of Facility MRO
5.1.3.2 Facility MRO by End-user Industry
5.1.3.2.1 Manufacturing
5.1.3.2.2 Building and Construction
5.1.3.2.3 Healthcare and Life Sciences
5.1.3.2.4 Other End-user Industries (Mining, Transportation, and Utilities)
5.1.3.3 Company Profiles
5.1.3.3.1 Ferguson Plc
5.1.3.3.2 W.W. Grainger, Inc.
5.1.3.3.3 The Fastenal Company
5.1.3.3.4 MSC Industrial Direct Co., Inc.
5.1.3.3.5 Lawson Products, Inc.
5.1.3.3.6 The Home Depot Inc. (Interline Brands Inc.)
5.1.3.4 List of Distributors in Electrical MRO
5.1.4 Other MRO Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Rest of Europe
5.2.3 Asia Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 Rest of Asia Pacific
5.2.4 Latin America
5.2.5 Middle East and Africa
6 INVESTMENT ANALYSIS
7 MARKET OPPORTUNITIES AND FUTURE TRENDS