State of MRO: Increased outsourcing of operations and the adoption of analytics for predictive maintenance are driving growth in the MRO market, according to two separate reports from Technavio and Prophecy Market Insights.
Massive market potential: According to the Prophecy Market Insights report, the total MRO market is expected to grow at a CAGR of 3.7%, surpassing $600 billion by 2035. The study finds that growth is driven by increasing focus on minimizing downtime, enhancing efficiency, extending asset lifespan, technological advancements, and the rising demand for sustainable practices – especially in manufacturing, aviation, automotive, and oil & gas.
The Technavio study highlights key players in a fragmented market, including ABB Ltd., Siemens AG, and Honeywell International Inc., while acknowledging how the rise of green MRO practices, particularly in process industries such as power, energy, and water, is influencing the direction of growth.
What we’re watching: Challenges and potential threats remain in the form of the US-China trade war, raw material shortages, and the general uncertainties of Trump’s early days back in office. We’ll be covering the MRO space at length in the coming weeks – speaking with top industry thought leaders on how they see the market today, and where they think it’s heading.
