Maintenance, Repair and Operations Market Opportunities and Strategies to 2034

This report describes and explains the maintenance, repair and operations market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global maintenance, repair and operations market reached a value of nearly $698.04 billion in 2024, having grown at a compound annual growth rate (CAGR) of 1.87% since 2019. The market is expected to grow from $698.04 billion in 2024 to $824.45 billion in 2029 at a rate of 3.38%. The market is then expected to grow at a CAGR of 3.35% from 2029 and reach $972.16 billion in 2034.

Growth in the historic period resulted from the surge in aviation and aerospace activities, growth in oil and gas sector, expansion of the automotive sector, growth in residential and commercial construction activities, increased mining and extraction activities, expansion of the energy sector and expansion in logistics and warehousing facilities. Factors that negatively affected growth in the historic period were limited availability of skilled workforce.

Going forward, the rising urbanization, growing industrialization, favorable government investments, increase in e-commerce industry and expansion in logistics and warehousing facilities will drive the growth. Factor that could hinder the growth of the maintenance, repair and operations market in the future include high operational costs.

The global maintenance, repair and operations market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 12.77% of the total market in 2023. W. W. Grainger Inc was the largest competitor with a 1.96% share of the market, followed by Sonepar SA with 1.87%, Daikin Industries Ltd with 1.86%, Lawson Inc with 1.54%, Genuine Parts Company with 1.36%, Air Liquide SA with 1.27%, WESCO International Inc with 1.14%, Ferguson Enterprises Inc with 0.66%, Adolf Würth GmbH & Co. KG (Wurth Group GmbH) with 0.59% and Lufthansa Technik AG with 0.53%.

The maintenance, repair and operations market is segmented by MRO type into industrial MRO (maintenance, repair and operations), electrical MRO (maintenance, repair and operations), facility MRO (maintenance, repair and operations) and other types. The industrial MRO (maintenance, repair and operations) market was the largest segment of the maintenance, repair and operations market segmented by MRO type, accounting for 41.60% or $290.41 billion of the total in 2024. Going forward, the electrical MRO (maintenance, repair and operations) segment is expected to be the fastest growing segment in the maintenance, repair and operations market segmented by MRO type, at a CAGR of 3.64% during 2024-2029.

The maintenance, repair and operations market is segmented by provider into OEM (original equipment manufacturer) and aftermarket. The OEM (original equipment manufacturer) market was the largest segment of the maintenance, repair and operations market segmented by provider, accounting for 75.73% or $528.63 billion of the total in 2024. Going forward, the aftermarket segment is expected to be the fastest growing segment in the maintenance, repair and operations market segmented by provider, at a CAGR of 3.79% during 2024-2029.

The maintenance, repair and operations market is segmented by end user into manufacturing, construction, electrical, facility, aerospace and defense, automotive, food and beverages and other end users. The manufacturing market was the largest segment of the maintenance, repair and operations market segmented by end user, accounting for 26.94% or $188.08 billion of the total in 2024. Going forward, the other end users segment is expected to be the fastest growing segment in the maintenance, repair and operations market segmented by end user, at a CAGR of 4.09% during 2024-2029.

Asia Pacific was the largest region in the maintenance, repair and operations market, accounting for 30.46% or $212.63 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the maintenance, repair and operations market will be Asia Pacific and Middle East where growth will be at CAGRs of 4.42% and 4.21% respectively. These will be followed by Africa and South America where the markets are expected to grow at CAGRs of 3.89% and 3.46% respectively.

The top opportunities in the maintenance, repair and operations market segmented by MRO type will arise in the industrial MRO (maintenance, repair and operations) segment, which will gain $54.34 billion of global annual sales by 2029. The top opportunities in the maintenance, repair and operations market segmented by provider will arise in the OEM (original equipment manufacturer) segment, which will gain $91.81 billion of global annual sales by 2029. The top opportunities in the maintenance, repair and operations market segmented by end user will arise in the manufacturing segment, which will gain $40.69 billion of global annual sales by 2029. The maintenance, repair and operations market size will gain the most in China at $24.9 billion.

Market-trend-based strategies for the maintenance, repair and operations market include focus on development of e-commerce platforms transforming customer experience and procurement processes, focus on strategic investments and innovations for expansion of advanced MRO services, focus on leveraging aviation software to transform MRO operations, focus on launch of cloud-based platforms revolutionizing MRO efficiency and service management, focus on leveraging artificial intelligence (AI) and internet of things (IoT) for predictive maintenance and focus on advancements in maintenance technologies and new facilities driving efficiency in aviation.

Player-adopted strategies in the maintenance, repair and operations market include focus on enhancing operational capabilities through strategic partnerships and focus on enhancing geographical footprint across the globe through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the maintenance, repair and operations companies to focus on e-commerce platforms in the MRO market, focus on advanced maintenance solutions for E-jets, focus on innovative aviation software solutions, focus on cloud-based collaboration platforms, focus on predictive maintenance services, focus on advanced maintenance technologies, focus on electrical MRO market growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2C promotions, participate in trade shows and events, focus on aftermarket market growth and focus on other end users market growth.

Major Market Trends

• Development of E-Commerce Platforms Transforming Customer Experience and Procurement Processes
• Strategic Investments and Innovations for Expansion of Advanced MRO Services
• Leveraging Aviation Software to Transform MRO Operations
• Launch of Cloud-Based Platforms Revolutionizing MRO Efficiency and Service Management
• Leveraging Artificial Intelligence (AI) and Internet of Things (IoT) for Predictive Maintenance
• Advancements in Maintenance Technologies and New Facilities Driving Efficiency in Aviation

Key Mergers and Acquisitions

• Safran Acquires Component Repair Technologies to Strengthen MRO Capabilities in Aerospace Sector
• IFS AB Acquires EmpowerMX to Strengthen MRO Solutions and Enhance Asset Management in Aviation, Energy, and Manufacturing
• Henkel Acquires Seal for Life Industries to Strengthen Maintenance and Repair Portfolio