Maintenance Repair And Operations Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Airgas Inc., Applied Industrial Technologies Inc., W.W. Grainger Inc., Lawson Products Inc

"The new report published by The Business Research Company, titled Maintenance Repair And Operations Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the maintenance repair and operations market size has grown steadily in recent years. It will grow from $681.85 billion in 2023 to $704.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The maintenance repair and operations market size is expected to see steady growth in the next few years. It will grow to $794.22 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%.

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Smart Factory Integration Is A Catalyst For Accelerated Growth In The Maintenance, Repair, And Operations (MRO) Market
The development of smart factories is expected to propel the growth of the maintenance, repair, and operations market going forward. Smart factories refer to advanced manufacturing facilities that use modern technology and data to optimize production processes, increase efficiency, and reduce costs. Maintenance, repair, and operations are primarily used in smart factories to provide economic benefits, enable preventive maintenance, prevent breakdowns and associated costs, and assist in reducing downtime while enhancing safety, all of which lead to increased output, efficiency, and profit. For instance, in January 2023, according to the Institute of Electrical and Electronics Engineers (IEEE), a US-based professional association in South Korea, in 2018, the government announced a new goal of converting 30,000 factories into smart factories by 2022, a total of 66% of the factories had been converted into smart factories, accounting for approximately 19,799 factories that had been transformed into smart factories by August 2022. Therefore, developing smart factories is driving the growth of maintenance, repair, and operations.

A Groundbreaking Advancement Transforming Industrial Maintenance And Operations
Technological advancements are a key trend gaining popularity in the maintenance, repair, and operations markets. Major companies operating in the maintenance, repair, and operations market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Henkel AG & Co. KGaA, a Germany-based consumer goods and chemicals company, launched the Loctite Pulse Smart Steam Trap digital system to monitor industrial steam systems digitally. It is a data-enabled technology that increases productivity and plant safety, enhances existing maintenance procedures, and predicts significant failures. Loctite Pulse is equipped with intelligent analytics and sensitive sensors to predict energy losses and help detect early-stage malfunctions. This innovative technology was designed to monitor assets and satisfy current industrial maintenance requirements, including effective operations, increased uptime, energy savings, and a decreased carbon impact. With the new approach, industrial processes may operate more cost-effectively, safely, and sustainably while using fewer resources.

The maintenance repair and operations market covered in this report is segmented -

1) By MRO (Maintenance, Repair, And Operations) Type: Industrial MRO (Maintenance, Repair And Operations), Electrical MRO (Maintenance, Repair And Operations), Facility MRO (Maintenance, Repair And Operations), Other Types
2) By Provider: OEM( Original Equipment Manufacturer), Aftermarket
3) By End User: Manufacturing, Construction, Electrical, Facility, Mining, Aerospace And Defense, Automotive, Food And Beverages, Pharmaceuticals, Others End Users

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Major companies operating in the maintenance repair and operations market report are Airgas Inc., Applied Industrial Technologies Inc., W.W. Grainger Inc., Lawson Products Inc., WESCO International Inc., ERIKS N.V., Adolf Wurth GmbH And Co. KG, Graybar Electric Company Inc., Rexel Group, Genuine Parts Company, Johnson Controls International plc, Caterpillar Inc., Motion Industries Inc., Rubix Limited, HAECO Group, MSC Industrial Direct Co. Inc., Hayley Group Limited, RS Components, Sonepar SA, Fastenal Company, The Home Depot Inc., Builders Firstsource Inc., Bluelinx Holdings, Eastern Power Technologies Inc., Consolidated Electrical Distributors Inc., Elliot Electric Supply Company, Border States Electric Industries Inc., Ferguson plc, HD Supply Holdings Inc., Pratt & Whitney

Contents of the report:
1. Executive Summary
2. Maintenance Repair And Operations Market Report Structure
3. Maintenance Repair And Operations Market Trends And Strategies
4. Maintenance Repair And Operations Market - Macro Economic Scenario
5. Maintenance Repair And Operations Market Size And Growth
…..
27. Maintenance Repair And Operations Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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