MRO Market for the Manufacturing Industry: Projected to Reach $49.65 Billion by

1. o MRO Market for the Manufacturing Industry: Projected to Reach $49.65 Billion by 2030

2. Global XXX Market – 2023-2030 Meticulous Research®—a leading global market research company, published a research report titled, ‘MRO Market for the Manufacturing Industry by Product (Plant Facilities, Automation Equipment, Robots, CNC Equipment), Sector (Consumer Products, Food & Beverage, Automotive, Electronics & Semiconductors) - Global Forecast to 2030.’ The Maintenance, Repair, and Overhaul (MRO) market for the manufacturing industry is on a path of robust growth, projected to reach $49.65 billion by 2030 with a CAGR of 7.8% from 2023 to 2030. This growth trajectory is driven by the proliferation of digital transformation in MRO processes and the increasing need to reduce maintenance costs and unplanned downtime. Additionally, the rising demand for remote maintenance and repair, coupled with the emergence of 5G technology, is set to create significant market growth opportunities. However, the shortage of skilled workforce remains a major challenge for market players. The trend towards digital MRO is also gaining momentum, further shaping the future of the global MRO market for the manufacturing industry. Impact of COVID-19 on the MRO Market The COVID-19 pandemic severely impacted numerous industries, including manufacturing, worldwide. The pandemic led to disrupted supply chains, a decentralized workforce, and the need to maintain safe and healthy work environments. Government-imposed shutdowns of manufacturing plants and the halting of import-export operations significantly affected production operations, supply chains, and the demand-supply balance. The lockdowns had a profound impact on the manufacturing industry, leading to decreased demand in some sectors and increased demand in others. According to a survey by the National Association of Manufacturers (NAM), approximately 78.0% of manufacturers faced financial impacts, and 35.5% experienced supply chain disruptions due to COVID-19. These changes impacted equipment performance, maintenance schedules, and the ability to meet consumer demand on time. The intensified need to curb costs, improve product quality, reduce operational expenditure, and optimize supply chain management contributed to the increased demand for MRO services. While some industries saw a decline in the adoption of MRO services, sectors such as pharmaceuticals and medical devices experienced a surge in demand due to the high demand for vaccines, cold chain logistics, and medical equipment manufacturing amidst the pandemic. The adoption of MRO services has been pivotal in helping the manufacturing industry attain consistency in production, reduce downtime, optimize facilities, and decrease overall energy consumption, thereby overcoming challenges posed by COVID-19. The integration of technologies such as AI, 5G, AR, and IIoT into MRO solutions has provided a competitive edge, further driving the market's recovery and growth. Page 1 of 4 © Meticulous Research| sales@meticulousresearch.com

3. Global XXX Market – 2023-2030 Proliferation of Digital Transformation in MRO Processes The digital transformation of MRO processes is a key driver of growth in the MRO market for the manufacturing industry. Digital transformation enables the automation of processes and equipment, leveraging technologies such as big data, AI/ML, and machine vision to enhance capabilities and operational strategies. Integrating advanced technologies into MRO allows companies to achieve faster response times, proactive planning, improved productivity, and consistent dispatch reliability. AI/ML technologies facilitate virtual monitoring of maintenance and repair activities, reducing the risk of failure through periodic assessments and minimizing unplanned downtime. Cloud-based data analytics supports proactive monitoring of maintenance needs, enhancing field service efficiency and customer engagement. The Industrial Internet of Things (IIoT) promotes operational transparency, helping reduce unplanned downtime in manufacturing operations. For instance, in November 2022, Actility (France) and Advantech Co., Ltd. (Taiwan) launched an AI-based intelligent predictive maintenance IoT solution called the ‘Advantech IoT starter kit’. This solution detects anomalous behavior, decreases machine shutdowns, and increases performance and safety, showcasing the benefits of digital transformation in MRO. Key Segments in the MRO Market Automation Equipment: The Fastest-Growing Product Segment Based on product type, the automation equipment segment is expected to register the highest CAGR during the forecast period. The rising need to eliminate unexpected breakdowns, extend the lifespan of equipment, adopt preventive maintenance, and the increasing demand for industrial automation are key factors driving the growth of this segment. Medical Devices: The Fastest-Growing Sector In terms of sectors, the medical devices segment is projected to experience the highest CAGR. The increasing demand for medical devices and pharmaceuticals, especially in response to COVID-19, and the need for higher productivity in the pharmaceutical industry are expected to support the growth of this segment. Regional Analysis: Middle East & Africa as the Fastest-Growing Market In 2022, the Asia-Pacific region held the largest share of the MRO market for the manufacturing industry, followed by Europe and North America. However, the Middle East & Africa region is expected to witness rapid growth during the forecast period. The rise of IoT Page 2 of 4 © Meticulous Research| sales@meticulousresearch.com

4. Global XXX Market – 2023-2030 and Industry 4.0 trends is expected to enhance operational efficiency, productivity, security, and cost-effectiveness, driving market growth in this region. Technological Advancements and Market Growth Technological advancements are playing a crucial role in the expansion of the MRO market. Companies are increasingly adopting RFID solutions, AI/ML technologies, and cloud analytics to transform maintenance strategies and improve operational efficiency. For example, Advanced Technology Services, Inc. (U.S.) partnered with Nikola Labs Inc. (U.S.) in 2021 to enhance the digital transformation of maintenance strategies for manufacturers. Such developments, along with the increasing levels of MRO outsourcing and the adoption of integrator models for MRO sourcing, are expected to drive market growth. Download Free Sample Report Here : https://www.meticulousresearch.com/download- sample-report/cp_id=5437 Conclusion The MRO market for the manufacturing industry is poised for significant growth, driven by the adoption of digital transformation, the increasing need for operational efficiency, and the integration of advanced technologies. Despite challenges such as the shortage of skilled workforce, the market's future looks promising with opportunities arising from remote maintenance, 5G technology, and the ongoing digital revolution. Key Players The key players operating in the MRO market for the manufacturing industry are Siemens AG (Germany), WESCO International, Inc. (U.S.), ERIKS N.V. (Netherlands), SDI, Inc. (U.S.), ICR Services (U.S.), RS Group PLC (U.K.), Global Electronic Services, Inc. (U.S.), Advanced Technology Services, Inc. (U.S.), NRTC Alabama, Inc. (U.S.), PSI Repair Services, Inc. (U.S.), K+S Services (U.S.), OMRON Corporation (Japan), Yokogawa Electric Corporation (Japan), Hayley Group Limited (U.K.), Electronix Services (Ireland), Sika Interplant Systems Limited (India), AMETEK, INC. (U.S.), ATLAS COPCO AB (Sweden), and SWIFTSHIPS LLC (U.S.). Key questions answered in the report- •Which are the high-growth market segments in terms of product, sector, and geography? •What is the historical MRO market for the manufacturing industry across the globe? •What are the market forecasts and estimates for the period 2023–2030? •What are the major drivers and opportunities in the global MRO market for the manufacturing industry? Page 3 of 4 © Meticulous Research| sales@meticulousresearch.com

5. Global XXX Market – 2023-2030 •Who are the major players in the global MRO market for the manufacturing industry, and what market share do they hold? •How is the competitive landscape? •What are the recent developments in the global MRO market for the manufacturing industry? •What are the different strategies adopted by the major players in the market? •What are the geographic trends and high-growth countries? •Who are the local emerging players in the global MRO market for the manufacturing industry, and how do they compete with the other players? Contact Meticulous Email- sales@meticulousresearch.com Contact Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Us: Research® Sales- +1-646-781-8004 Page 4 of 4 © Meticulous Research| sales@meticulousresearch.com