Global Maintenance, Repair, and Operations (MRO) Market Size and Share Analysis 2023-2028

Market Overview

The Maintenance, Repair, and Operations (MRO) Market is projected to experience substantial growth, increasing from USD 421.37 billion in 2023 to USD 471.65 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 2.28% during the forecast period (2023-2028).

Maintenance, repair, and operations (MRO) pertain to the machinery, tools, and supplies utilized in the day-to-day operations of a company. It encompasses products that facilitate the smooth workflow across various sectors but does not directly include resources, products, or services utilized in the manufacturing process. Examples of MRO items include HVAC (heating, ventilation, and air conditioning) maintenance, janitorial services, facility lighting, drill presses, CNC (computer numerical control) machinery, jacks, forklifts, personal protective equipment (PPE), powered and manual hand tools, brooms, mops, and even furniture.

Product Type

Market Report

No. of Pages


Release Date

April 2023

Base Year


Forecast Period


Market Size

USD 410.9 billion in 2021

Market Segments

MRO Type and Geography



No. of Companies Mentioned


The global maintenance, repair, and operations (MRO) market has demonstrated consistent growth, reaching USD 410.93 billion in 2022, and is projected to expand to USD 471.65 billion during the forecast period. Factors contributing to this growth include the increasing adoption of smart technologies in manufacturing industries and the implementation of outsourcing strategies aimed at enhancing operational efficiency and reducing costs.

Furthermore, there is a growing focus on sustainability, leading to a shift towards repair rather than replacement of parts, thereby generating demand for MRO products. The advent of new technologies and the pursuit of enhanced competitiveness have also driven significant transformations in the MRO industry, with market vendors offering a diverse range of products to cater to varied customer needs.

The development of smart factories and the rise of predictive maintenance, employing sensors and Internet of Things (IoT) technology, are expected to bring notable advancements in the MRO sector. Predictive maintenance allows for the replacement of manufacturing components before visible defects emerge, reducing downtime and saving costs.

However, companies face challenges in meeting compliance with various regulations and safety standards, resulting in higher costs of MRO products and impeding market growth. Additionally, intensifying competition among suppliers to compete on pricing has led to reduced profit margins and slower market growth.

The COVID-19 pandemic had a significant impact on the global supply chains, posing challenges for MRO companies to access the necessary parts and equipment for machinery maintenance and repair. This resulted in service delays and increased costs for some companies. The economic slowdown caused by the pandemic also led to reduced demand for MRO products and services, further affecting the market’s growth.

Market Segmentation

The market is segmented based on various factors, including MRO type and geography.

Segmentation by MRO Type
Industrial MRO
Electrical MRO
Facility MRO
Other MRO Types

Segmentation by Geography
North America
Asia Pacific
Latin America
Middle East and Africa

The Industrial MRO segment secured the largest market share of 45.26% in 2022, and it is anticipated to experience a Compound Annual Growth Rate (CAGR) of 2.60% during the forecast period spanning from 2023 to 2028.

Maintenance, repair, and operations (MRO) play a vital role in ensuring the smooth functioning of industrial operations. Efficient MRO practices aid companies in effectively managing their inventory and supply chain, a critical aspect of manufacturing processes involving various materials. The absence of even a few essential suppliers can lead to severe consequences, underscoring the significance of establishing a dependable and efficient MRO system.

Industrial MRO encompasses a diverse range of items and materials, such as material handling equipment, adhesives, abrasives, pumps, industrial motors, sealants, tapes, lubricants, lab supplies, and test equipment. Among these, the material-handling equipment sector is projected to witness rapid growth as the manufacturing industry increasingly adopts innovative material-handling systems in response to Industry 4.0 regulations and digitization.

Maintenance is typically approached in two ways: operating equipment until it breaks or proactively maintaining it based on operating hours. As part of materials handling, a maintenance schedule is implemented, and real-time operational data is monitored and analyzed to forecast the probability of part or component failure. Companies like GoExpedi have developed digital online platforms to revolutionize the procurement process for energy and industrial MRO assets.

In the forthcoming years, the demand for blowers, fans, industrial robots, water pumps, and medical equipment equipped with industrial motors is expected to rise. End-users are increasingly willing to invest in energy-efficient technology to reduce their carbon footprint and operating expenses while enhancing operational efficiency, thereby creating long-term trends that facilitate revenue growth. In conclusion, effective MRO practices and the adoption of innovative technologies will play a critical role in the success of industrial operations in the future.

The Asia Pacific (APAC) region, including India, Japan, China, Australia, and Malaysia, is a major focus of consideration. The region’s growing investments in the manufacturing industry, automotive spare parts, semiconductor chips, data centers, and the surge in urbanization are expected to drive demand for MRO vendors. Additionally, the growing emphasis on sustainable buildings and green facilities, integrating intelligent features for enhanced energy efficiency, is anticipated to generate significant interest in the Asia Pacific building construction market.

India stands out with one of the fastest-growing MRO markets in the APAC region due to its rapid development in manufacturing, industrialization, automation, and digitization. As the manufacturing sector expands, the need for maintenance to ensure efficient machinery and processes continues to rise, fueling the growth of the MRO market in the nation.

The market is witnessing various strategic moves, such as mergers, acquisitions, and investments by key players, aimed at improving business and expanding their reach to cater to diverse applications. For example, in January 2023, Asia Digital Engineering (ADE), the engineering arm of Capital A, inaugurated a new MRO (Maintenance, Repair, and Overhaul) hangar facility in Senai, Johor Bahru, further strengthening its mission of providing high-efficiency, best-in-class MRO services across multiple locations.

Significant players in India are making substantial investments in the MRO market. In October 2022, Adani Defence Systems & Technologies Ltd. (ADSTL), a subsidiary of Adani Enterprises and the defense manufacturing arm of Adani Group, acquired Air Works, India’s oldest MRO company, with a total presence across 27 cities, for an enterprise value of around Rs 400 crore (USD 48.2 million).

The construction industry remains pivotal in Australia, with projects like the completion of AMP Capital’s 50-story office, the Quay Quarter Tower in Sydney, demonstrating the growing demand and requirement for MRO in Australia’s overall construction sector.

In April 2022, ProcMart launched store-in-store solutions for large-scale inventory management in India. This approach aims to help clients enhance performance through a proactive approach to MRO asset management, thereby improving manufacturing efficiency and leading to cost and time savings.

Europe holds the largest market share of 29.19% in 2022 and is expected to witness a CAGR of 2.05% over the forecast period (2023-2028). The region, with significant countries like the United Kingdom, Germany, France, and Italy, among others, contributes significantly to the maintenance, repair, and operations market. The growing manufacturing sector, along with the implementation of Industry 4.0 initiatives, is driving the demand for the MRO market in Europe during the forecast period. Moreover, the rising industrial sector in the region further solidifies its position as a substantial segment of the MRO market in Europe and the global arena. The adoption of advanced technologies across various sectors within the region provides ample opportunities for the MRO market’s growth.

Competitive Landscape

The Maintenance, Repair, and Operations (MRO) market consists of several prominent global and regional players, including Wurth Group GmbH, Airgas Inc. (Air Liquide SA), Applied Industrial Technologies Inc., and MSC Industrial Direct Co. Inc. These entities engage in intense competition within this highly competitive market. To gain a competitive edge, vendors in the industry are implementing key strategies such as engaging in acquisitions, forging partnerships with other industry participants, and launching new products.

In March 2023, Sonepar France made an announcement regarding the acquisition of a majority stake in Alliantz, a privately-owned distributor specializing in photovoltaics and energy efficiency solutions. This strategic acquisition aims to enable Sonepar France to efficiently utilize the distribution network of Alliantz, while simultaneously enhancing the company’s technical capabilities. Ultimately, this move seeks to improve their ability to serve electrical and specialized solar installers.

In January 2023, MSC Industrial Supply Co. made significant acquisitions by taking over Buckeye Industrial Supply Co. and True-Edge Grinding Inc. These two companies are known for their expertise in custom tool manufacturing and the distribution of metalworking and Maintenance, Repair, and Operations (MRO) products and services. Through these acquisitions, MSC Industrial Supply Co. aims to fortify its position as a prominent and diverse multichannel supplier of MRO products and services.

Key companies profiled in this report include Wurth Group GmbH, Airgas Inc. (Air Liquide SA), Applied Industrial Technologies Inc., MSC Industrial Direct Co. Inc., Rubix Limited, Motion Industries Inc. (Genuine Parts Company), ARCO limited, ERIKS N.V. (SHV Holdings), W. W. Grainger Inc., Hayley Group Limited, RS Components, WESCO International Inc., Sonepar SA.

Recent Industry Developments

In January 2023, Applied Industrial Technologies unveiled the fifth edition of its Applied Maintenance Supply & Solutions Master Product Catalog. This comprehensive catalog offers an extensive collection of over 47,000 maintenance products, thoughtfully curated for the benefit of maintenance, repair, operations, and production (MROP) users. The catalog encompasses a wide array of items, ranging from transportation, fasteners, shop supplies, electrical equipment, welding materials, janitorial products, fittings & hoses, paints & chemicals, to cutting tools & abrasives, safety gear, and much more.

In November 2022, Sanad, a prominent global provider of aerospace and industrial services, formalized an essential agreement by signing a memorandum of understanding (MoU) with GMF, Indonesia’s prominent aircraft maintenance company. This MoU sets the stage for the establishment of a state-of-the-art MRO center in Indonesia, geared towards meeting the growing demands of the region’s aviation and industrial sectors.

Key Questions Answered

What is the projected size of the Maintenance, Repair, And Operations (MRO) Market?
The Maintenance, Repair, And Operations (MRO) Market size is expected to reach USD 421.37 billion in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 2.28%, reaching USD 471.65 billion by 2028.

What is the current size of the Maintenance, Repair, And Operations (MRO) Market?
As of 2023, the Maintenance, Repair, And Operations (MRO) Market size is expected to reach USD 421.37 billion.

Who are the major players in the Maintenance, Repair, And Operations (MRO) Market?
The key players in the Maintenance, Repair, And Operations (MRO) Market include Wurth Group GmbH, Airgas Inc. (Air Liquide SA), Applied Industrial Technologies Inc., MSC Industrial Direct Co. Inc., and Rubix Limited.

Which region demonstrates the highest growth rate in the Maintenance, Repair, And Operations (MRO) Market?
The Asia-Pacific region is estimated to experience the fastest Compound Annual Growth Rate (CAGR) during the forecast period (2023-2028) in the Maintenance, Repair, And Operations (MRO) Market.

Which region holds the largest market share in the Maintenance, Repair, And Operations (MRO) Market?
In 2023, Europe accounts for the largest market share in the Maintenance, Repair, And Operations (MRO) Market.

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Global Maintenance, Repair, and Operations (MRO) Market Size and Share Analysis 2023-2028

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Global Maintenance, Repair, and Operations (MRO) Market Size and Share Analysis 2023-2028

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