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Maintenance Repair and Operations (MRO) Market Set To Reach USD 897.9 billion by 2028, Share, Industry Size, Future Growth & Trends Analysis Report with COVID-19 Impact by Markets N Research

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Chicago, Nov. 07, 2022 (GLOBE NEWSWIRE) — The report “Maintenance Repair and Operations (MRO) Market by MRO Type (Industrial MRO, Electrical MRO, Facility MRO, Others), Provider (Original Equipment Manufacturer (OEM), Aftermarket), End Use (Manufacturing, Construction, Electrical, Facility, Mining, Aerospace and Defense, Automotive, Food and Beverages, Pharmaceuticals, Chemicals, Oil and Gas, Others) Technology (3D Printing, AR/VR, Artificial Intelligence, Robotics, Big Data Analytics, Internet of Things (IoT), Predictive Maintenance, Others) Application (Predictive Analysis, Performance Monitoring, Inspection, Mobility and Functionality, Others) – Global Forecast to 2028″, is projected to grow from USD 701.5 billion in 2021 and is projected to reach USD 897.9 billion by 2028; it is expected to grow at a CAGR of 4.20% from 2021 to 2028.

Maintenance Repair and Operations (MRO) Market Overview:

The growing demand for increased organizational efficiency across industries is one of the key factors driving the market’s rise. The rising use of professional services can also be attributed to MRO significantly enhancing supply chain management and process effectiveness. The market is growing due to the product’s extensive use in manufacturing. MRO is utilized to keep track of the upkeep of industrial machinery, consumables, furniture, and plant supplies, as well as to stop cyclical swings in the machinery. Additionally, several technological advancements promote market expansion, such as linked devices with the artificial intelligence (AI), Internet of Things (IoT), and preventative maintenance solutions. Furthermore, the market is predicted to develop due to several other factors, including the major expansion of the e-commerce sector and the implementation of numerous government efforts to reduce overall energy usage and adopt lean manufacturing.

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Scope Of The Report:

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Report Matrics Details
Market size for available years

 

2022-2028
Base year considered

 

2021
Forecast period
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2022-2028
 

       Market Segmentation

By MRO Type
  • Industrial MRO
  • Electrical MRO
  • Facility MRO
  • Others
By Provider
  • Original Equipment Manufacturer (OEM)
  • Aftermarket
By End Use Industry
  • Manufacturing
  • Construction
  • Electrical
  • Facility
  • Mining
  • Aerospace and Defense
  • Automotive
  • Food and Beverages
  • Pharmaceuticals
  • Chemicals
  • Oil and Gas
  • Others
By Technology
  • 3D Printing
  • AR/VR
  • Artificial Intelligence
  • Robotics
  • Big Data Analytics
  • Internet of Things (IoT)
  • Predictive Maintenance
  • Others

 

 

By Application

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  • Predictive Analysis
  • Performance Monitoring
  • Inspection
  • Mobility and Functionality
  • Others

 

Regions covered

 

North America, Europe, APAC, MEA, and Latin America
Companies covered Electrocomponents plc (U.K.), Airgas, Inc. (U.S.), Adolf Würth GmbH & Co. KG (Germany), Applied Maintenance Supplies & Solutions (U.S.), WESCO (U.S.), W.W. Grainger, Inc. (U.S.), Graybar Electric Company Inc. (U.S.), MSC Industrial Direct Co., Inc (U.S.), KAMAN CORPORATION (U.S.), RUBIX (U.K.), Sonepar (France), Rexel (France), Motion Industries, Inc (U.S.), Anixter Inc (U.S.), ERIKS Group (U.S.),  and Lawson Products, Inc (U.S.)

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Top Leading Key Players of Maintenance Repair and Operations (MRO) Market:

  • Electrocomponents plc (U.K.)
  • Airgas Inc. (U.S.)
  • Adolf Würth GmbH & Co. KG (Germany)
  • Applied Maintenance Supplies & Solutions (U.S.)
  • WESCO (U.S.)
  • W.W. Grainger Inc. (U.S.)
  • Graybar Electric Company Inc. (U.S.)
  • MSC Industrial Direct Co. Inc (U.S.)
  • KAMAN CORPORATION (U.S.)
  • RUBIX (U.K.)
  • Sonepar (France)
  • Rexel (France)
  • Motion Industries Inc (U.S.)
  • Anixter Inc (U.S.)
  • ERIKS Group (U.S.)
  • Lawson Products Inc (U.S.)

Recent Developments

  • In May 2022, the Avondale food manufacturing complex will be built by Arnotts Group, which plans to open its doors in 2023. Consequently, the nation’s demand for MRO is being driven.
  • In May 2022, with iBASEt, Cyient, a top global technology solutions provider, has made it easier to create and maintain complicated goods. The partnership unites two best-in-class partners capable of creating and implementing cutting-edge solutions that are especially suited to handle the special difficulties that discrete producers encounter.
  • In April 2022, a beverage manufacturing facility will be built in Queensland at $400 million, according to a Japanese beverage business named Frucor Suntory. According to the business, the project is anticipated to generate 459 employment in installation and construction. Such expenditures are driving the need for MROs in the nation.

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The manufacturing category in the maintenance repair and operations (MRO) market is expected to be the fastest-growing segment during the forecast period

The manufacturing segment is projected to grow the fastest during the forecast period due to increased spending in maintenance operations, increased adoption of technologies like Industry 4.0, and digitization. The need for MRO services is growing in the industrial sector since they assist in lowering operational costs and boosting productivity significantly through improved supply chain management and process efficiency. The market is anticipated to see a surge in energy-efficient HVAC systems. HVAC is crucial in industrial facilities to maintain the highest product quality. Additionally, it provides comfortable working environments for its staff, increasing productivity in general. All of the client’s main concerns are with quality.

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Artificial intelligence category of the maintenance repair and operations (MRO) market to record the highest CAGR from 2022 to 2027

Artificial intelligence is expected to account for the highest CAGR of the maintenance repair and operations (MRO) market from 2022 to 2027. As service providers increasingly utilize digital technology, maintenance, repair, and overhaul (MRO) operations are undergoing a rapid shift. The expansion of the MRO industry is being driven by using digital technologies like artificial intelligence (AI) operations. Due to rising investments in connected aircraft and the expanding use of cutting-edge technologies like AI, the global MRO industry is anticipated to experience considerable growth during the forecast period.

Consider Markets N Research for this report, which could have a positive impact on your revenues.

  • This research provides the most recent product news, trends, and updates from Maintenance Repair and Operations (MRO) Industry leaders who have leveraged their market position.
  • It also provides strategic plans and standards for arriving at informed business decisions made by the key players, thereby promoting your go-to-market strategies.
  • Usage of exclusive tailor-made tools along with primary research, secondary research and our in-house data model helps us in extracting the exact market numbers
  • The market research report includes all of the market’s valuable elements, such as sales growth, product pricing & analysis, growth opportunities, and recommendations for addressing market challenges
  • The report covers all the primary mergers & acquisitions, alliances, and collaborations that have generated additional opportunities for market players or in some cases, challenges

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Segmentation of Global Maintenance Repair and Operations (MRO) Market

Global Maintenance Repair and Operations (MRO) Market – By MRO Type

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  • Industrial MRO
  • Electrical MRO
  • Facility MRO
  • Others

 Global Maintenance Repair and Operations (MRO) Market – By Provider

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

Global Maintenance Repair and Operations (MRO) Market – By End Use

  • Manufacturing
  • Construction
  • Electrical
  • Facility
  • Mining
  • Aerospace and Defense
  • Automotive
  • Food and Beverages
  • Pharmaceuticals
  • Chemicals
  • Oil and Gas
  • Others

Global Maintenance Repair and Operations (MRO) Market – By Technology

  • 3D Printing
  • AR/VR
  • Artificial Intelligence
  • Robotics
  • Big Data Analytics
  • Internet of Things (IoT)
  • Predictive Maintenance
  • Others

Global Maintenance Repair and Operations (MRO) Market – By Application

  • Predictive Analysis
  • Performance Monitoring
  • Inspection
  • Mobility and Functionality
  • Others

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Maintenance Repair and Operations (MRO) Market Regional Analysis/Insights:

The Asia Pacific is anticipated to grow at a significant rate in maintenance repair and operations (MRO) market share from 2022 to 2027

The Asia Pacific is the fastest-growing maintenance repair and operations (MRO) region. Due to its cost-effectiveness, the area is regarded as a manufacturing hub for spare parts exported to other nations, greatly promoting the expansion of the maintenance, repair, and operations (MRO) sector. Additionally, a sizable demand is anticipated in the market due to the standardization of equipment and services inside crucial manufacturing operations. As a result of increased investments in R&D activities, implementing new manufacturing techniques in the Asia Pacific region is anticipated to accelerate market expansion further. In addition, several businesses that have assets in China are now moving their operations to other Asian nations, such as India and Taiwan, due to the COVID-19 pandemic. This is anticipated to have a favorable impact on the market expansion.

Table of Contents:

  • Preface
  • Market Segmentation
  • Executive Summary
  • Market Dynamics
  • Global Maintenance Repair and Operations (MRO) Market, By MRO Type
  • Global Maintenance Repair and Operations (MRO) Market, By Provider
  • Global Maintenance Repair and Operations (MRO) Market, By End Use
  • Global Maintenance Repair and Operations (MRO) Market, By Technology
  • Global Maintenance Repair and Operations (MRO) Market, By Application
  • Global Maintenance Repair and Operations (MRO) Market, By Region
  • Global Maintenance Repair and Operations (MRO) Market: Company Landscape
  • SWOT Analyses
  • Company Profile

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Artificial Intelligence

GITEX GLOBAL and Expand North Star set to accelerate world’s AI economy with market projected to reach $2.7 trillion by 2032

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•  Event billed as a catalyst for redefining the world’s digital economy and AI ecosystem under this year’s ‘Global Collaboration to Forge a Future AI Economy’ theme
DUBAI, UAE, Oct. 12, 2024 /PRNewswire/ — GITEX GLOBAL, the world’s largest tech and startup event, takes centre stage in the UAE next week with this year’s 44th edition destined to redefine the world’s digital economy and AI ecosystem.

Held at Dubai World Trade Centre (DWTC) from 14-18 October, the incomparable international showpiece will be more influential than ever this time around – presenting an expanded events programme that transforms the UAE into an AI universe epicentre.
Under the theme “Global Collaboration to Forge a Future AI Economy”, GITEX GLOBAL 2024 welcomes the world’s largest technology enterprises alongside governments, investors, experts, startups, academia, and researchers.  
Expand North Star, the world’s largest startup and investment show, runs concurrently at Dubai Harbour from 13-16 October – hosted by Dubai Chamber of Digital Economy and organised by DWTC.
With over 6,500 exhibiting companies, 1,800 startups, and 1,200 investors from more than 180 countries participating across 38 halls of innovation and business opportunities, these blockbuster events will see the UAE “strategically propel the next generation of AI-driven technologies”.
Trixie LohMirmand, Executive Vice President of DWTC, the organiser of GITEX GLOBAL and Expand North Star, said: “At GITEX GLOBAL in Dubai, we shall close the year with significant manoeuvres from our tech community by doubling down on global collaborations and intensive engagements amongst all involved. Through these efforts, we shall forge competitive advantages in the race towards regional and international digital supremacy.
“With international participation in GITEX GLOBAL 2024 rocketing by almost 40 per cent, it’s a barometer of the unstoppable ambitions of many young rising digital nations who are now confidently forging their ways into the future global AI economy through GITEX. As the world’s most global tech event brand with events in Germany, Singapore, Morocco, and Nigeria alongside Expand North Star, we are committed to strategically propelling the next generation of AI-driven technologies via startups, scale-ups and unicorns.”
A global agenda for tomorrow’s AI economy
According to Fortune Business Insights, the global AI market is projected to reach $621 billion in 2024 and soar to $2.7 trillion by 2032. Given its influence and impact now and in the future, the technology takes centre stage at GITEX GLOBAL 2024 with over 3,500 enterprises presenting the latest breakthrough innovations in AI, IoT, data, and the cloud.
Amongst them is TECOM Group PJSC, which celebrates its 25th successive year at GITEX GLOBAL next week. Ahead of the event, Ammar Al Malik, Executive Vice President of Commercial at TECOM Group PJSC and Managing Director of Dubai Internet City, said: “Dubai’s pro-innovation frameworks are the bedrock of tech advancements that serve a greater purpose. GITEX GLOBAL is a springboard to unlock this potential, and as the region’s leading tech hub, Dubai Internet City has been a proud partner for decades in its mission towards a brighter future. Our community is pleased to connect innovators from more than 3,500 companies across fields like artificial intelligence (AI), Web3, digital transformation, and beyond to realise this vision.”
Abu Dhabi’s most influential companies and organisations, including the Advanced Technology Research Council (ATRC) and G42 Group with its leading enterprises Presight and Khazna, will reinforce the Emirate’s position as an emerging global AI nexus. Other tech giants participating are Adobe, Alibaba Cloud, AWS, Builder Ai, Dell, Google, Honeywell, Huawei, IBM, Lenovo, Microsoft, Nvidia, Oracle, Salesforce, SAS, solutions by STC, and Tech Destination Pakistan.
Presenting the year’s largest AI event, GITEX GLOBAL will deliver 120-plus hours of AI and deep tech-focused content across various topics, facilitating discussions on the implications of AI in Future Health, Digital Finance, and EdTech. Following the wildfire pace of AI adoption and the unprecedented growth in data storage demand, the event is also launching the region’s largest Data Centre Symposium in 2024, featuring the industry leaders Datalec, Kerno, Khazna, Legrand, NTT Data, Schneider Electric, Vertiv, among many others.
The programme will build anticipation ahead of the all-new AI Everything Global 2025. This event – taking place in Abu Dhabi (4 February) and Dubai (5-6 February) will gather some of the world’s most visionary AI tech companies to construct an innovative, fair, and responsible AI industry of the future.
Fast-tracking the next generation of startups
The world’s largest startup and investment event, Expand North Star will foster the next frontier of tech and innovation. In another record-breaking edition, the event will connect the most innovative global founders with new markets, enterprise customers, and an influential pool of investors and venture capitalists with over $1.2 trillion in Assets Under Management (AUM). These include SOSV, Bessemer Ventures, Lightrock, Sinovation Ventures, and the European Innovation Fund.
Additionally, Expand North Star will seek to redefine the future of money, blockchain, and creativity through leading co-located events GITEX Impact, Fintech Surge, Future Blockchain Summit, and Marketing Mania. Accelerating the next generation of scaleups, the world’s largest start-up pitch competition, Supernova Challenge 2.0, also graces GITEX GLOBAL with the winners claiming a share of the $200,000 prize pool.
Historic international involvement
GITEX GLOBAL 2024 will welcome the highest international attendance in its history, welcoming over 400 government and digital development agencies from around the world. Alongside GITEX GLOBAL regulars, the new nations debuting this year will showcase their latest groundbreaking tech innovations.
Next week marks the largest European participation at GITEX GLOBAL with over 35 European countries exhibiting alongside 1,000-plus SMEs and 450-plus startups from debuting countries, including Austria, Bosnia and Herzegovina, Ireland, Latvia, Lithuania, Portugal, Serbia, and Slovenia.
Many rising digital nations from Latin America are also behind the record-breaking international involvement, as are those from Central and Southeast Asia. Joining long-time GITEX GLOBAL participants such as China, Japan, South Korea, and India are several debutants – Singapore, Malaysia, Kazakhstan, and Kyrgyzstan amongst them.
While promoting international business development, entrepreneurship, and investment engagements to benefit enterprises, organisations, and SMEs alike, GITEX GLOBAL welcomes the European Innovation Council for the first time, Europe’s biggest deep-tech investor.
It will also see significant collaborations with global organisations from all continents, such as the European Innovation Council, Tech Destination Pakistan, IE University, University College London (UCL), Johns Hopkins University, the Massachusetts Institute of Technology (MIT), and key corporate ventures from leading tech enterprises such as Sony, Honda, Standard Chartered, QIC, and many more.
An action-packed agenda
Throughout its six-day duration, GITEX GLOBAL will become a microcosm of the world, launching industry-defining programmes such as GITEX Editions, an exclusive platform for late-stage advanced tech companies and a premier hub for unicorns, soonicorns and rhinos. In 2024, the event will connect 59 top global unicorns, such as Axelera, DeepL, Insilico Medicine, and Synthesis AI.
The World Future Economy Digital Leaders Summit is another must-attend show with global innovators and influential leaders set to address critical priorities shaping the future of technology. Additionally, GITEX Cyber Valley is this year’s most anticipated cybersecurity showcase – hosted by the UAE Cyber Security Council. With specialists forecasting that damage costs could reach $10.5 trillion annually by 2025, the show will present a power-packed conference agenda as the world’s most influential CISOs, CIOs, and GRC leaders to discuss the risks of global cybercrime.  
Leo Chen, Corporate Senior Vice President & President of Enterprise Sales at Huawei, which will be present with a flagship stand at the event, commented on the possibilities unlocked at the event for the industry: “GITEX GLOBAL offers a unique platform for us to engage in meaningful dialogues with industry peers about the trends and perspectives on industrial intelligence. We look forward to sharing our insights and learning from others to explore the endless possibilities of industrial digital and intelligent transformation.”
For more information on GITEX GLOBAL 2024 and to secure your passes, please visit www.gitex.com.
Follow GITEX Global on social media: Facebook  |Instagram  |X  |LinkedIn  |Youtube
Hashtag: #GITEXGLOBAL
About GITEX GLOBAL
GITEX GLOBAL, the world’s largest tech event, is returning for its 44th edition at Dubai World Trade Centre from 14-18 October 2024. The 2024 edition will feature 6,500 exhibitors, and welcome 200,000 tech executives from 180 countries, converging the best minds, future-focused government leaders, and the most visionary enterprises and start-ups to scrutinise, challenge, define, and empower the digital agendas of the world. Independently rated globally as the world’s best tech show, GITEX GLOBAL’s continued expansion is amplified by the launch of GITEX EUROPE Berlin, GITEX ASIA Singapore, and GITEX NIGERIA in 2025, as well as the growth of GITEX AFRICA Morocco leading up to its third record-breaking edition. More information: www.gitex.com
About Dubai World Trade Centre
A global business facilitator since 1979, Dubai World Trade Centre (DWTC) is home to the region’s leading purpose-built convention and exhibition centre. DWTC provides a platform for connecting people, products, innovation and ideas from around the world through a dynamic calendar of international trade exhibitions and its own roster of sector leading mega events. As a designated free zone, complemented by award-winning commercial real estate, DWTC plays an integral role in Dubai and the region’s growth story. Since its inauguration, DWTC has hosted over 6,000 events, with an estimated economic output of AED 248 billion, attracting over 38 million business visitors to Dubai.
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Artificial Intelligence

Huawei Showcases Intelligent Technologies at InnoTrans 2024

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BERLIN, Oct. 12, 2024 /PRNewswire/ — The 14th InnoTrans took place in Berlin, Germany from September 24 to 27. The theme of the event is “The future of mobility”. At this trade fair, with a focus on digital and intelligent transformation trends in rail transportation, Huawei showcased innovative applications of FRMCS(Future Railway Mobile Communication System), AI, cloud computing, IoT, and other cutting-edge technologies in the rail industry.

Railway, as a complex and huge system that always puts safety first, needs a unified digital and intelligent foundation alongside an industry ecosystem that consists of partners specializing in diverse domains to go digital and intelligent.
Jacky Wang, Vice President of Smart Transportation BU, Huawei, said that the global rail transportation industry is striding toward an era of broadband, cloud, and intelligence. “Aligning with this trend, Huawei has launched a One Cloud, One Network, Multi-Hub Solution to help the railway industry address challenges in network bandwidth, information system integration, and digital and intelligent transformation.”
Leveraging large models, AI, big data, and intelligent algorithms, this solution promotes intelligent upgrades across a wide range of professional domains, including train operation, locomotive, rolling stock. The goal is to help customers build safe, efficient, and green integrated transportation hubs, improving overall railway transportation quality and efficiency.
Jacky Wang emphasized that the reliable FRMCS features high bandwidth, wide coverage, and low latency, and is crucial for implementing broadband across rail transportation. He went on to explain that migrating services to the cloud is becoming increasingly popular as it allows for centralized use of IT resources and unified O&M, which can reduce investment costs.
“Big data and AI technologies tailored to specific scenarios will enhance the value of data, bolster service security, and increase efficiency in production management,” said Jacky Wang.
Currently, the solution has been deployed in various service scenarios like intelligent freight train inspection, intelligent scheduling in EMU depots, and smart railway perimeter detection, resulting in substantial benefits. Huawei’s scenario-specific solutions and partners are going global, too. They are continuously addressing the challenges faced by railway customers and generating value for the industry.
Up to now, Huawei has served more than 300 urban rail lines across 70 cities and more than 180,000 km of railways worldwide.

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Artificial Intelligence

Nomination Committee for the ASSA ABLOY 2025 Annual General Meeting

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STOCKHOLM, Oct. 11, 2024 /PRNewswire/ — The following representatives of ASSA ABLOY AB’s shareholders will be members of the Nomination Committee for the 2025 Annual General Meeting:

– Johan Menckel, Investment AB Latour, Chairman of the Nomination Committee
– Mikael Ekdahl, Melker Schörling AB
– Marianne Nilsson, Swedbank Robur Fonder
– Yvonne Sörberg, Handelsbanken Fonder
– Carina Silberg, Alecta
The Chairman of the Board, Johan Hjertonsson, has been co-opted to the Nomination Committee.
The Nomination Committee shall prepare proposals for the Annual General Meeting in 2025 regarding the election of Chairman of the General Meeting, members of the Board of Directors, Chairman of the Board, Vice Chairman of the Board, auditor, fees for the members of the Board including division between the Chairman, the Vice Chairman and the other Board members as well as fees for committee work, fees to the company’s auditor and, if necessary, changes to the instructions for the Nomination Committee.
The Annual General Meeting will be held on 23 April 2025, in Stockholm, Sweden.
Shareholders who wish to submit proposals to the Nomination Committee should send an email to [email protected].
For more information, please contact:Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72 Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world. 
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/assa-abloy/r/nomination-committee-for-the-assa-abloy-2025-annual-general-meeting,c4050379
The following files are available for download:
https://mb.cision.com/Main/7333/4050379/3050532.pdf
Press release (PDF)
 

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