DUBLIN–(BUSINESS WIRE)–The “United States Maintenance, Repair, and Operations (MRO) Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The United States Maintenance, Repair, and Operations (MRO) market is expected to register a CAGR of 2% during the forecast period (2021-2026).
The United States is one of the severely affected countries in the world by the outbreak of COVID-19. This continues to negatively impact various industries, as demands are shrinking and several disruptions to supply chain and operational challenges. Due to the pandemic, different small and mid-scale manufacturers either shut down their facilities or reduced production.
In terms of large enterprises, almost all facilities are running at reduced capacities due to lower demands. A study by Arc Advisory Group where 56% of the respondents were from North America found that over 40% of the participants increased visibility and intelligence in their facilities and reduced production at some of their plants. Almost 30% were closing manufacturing plants that were located in high-risk areas.
Key Highlights
- The growing concern for increasing internal efficiency, growing digitization, and increasing investment in maintenance operations are some of the major factors driving the maintenance, repair, and operation (MRO) market.
- As MRO helps in reducing operational expenditure substantially through process efficiency and optimized supply chain management, an increasing number of end-user companies are investing in the market studied. Furthermore, the overall economic and manufacturing growth continues to drive maintenance and repair demand in developed and developing economies. The evolution of Industry 4.0 is also upgrading the MRO sector.
- Moreover, E-commerce has brought many advancements to the management of the MRO supply chain. The ability to procure spare parts, maintenance materials, and consumables from cost control and spend management to aggregation strategic insights and workflow transparency. Online platforms have streamlined and optimized many purchasing functions. This is expected to be a key focus strategy adopted by various MRO vendors in the country. For instance, Zoro is an online MRO distributor, primarily serving US customers through Zoro.com.
- Furthermore, the development of smart factories may bring advancement in the MRO sector. For instance, the growth of predictive maintenance, such as sensors and IoT, which allows manufacturing components to be replaced before visible defects appear, is also expected to transform the global MRO industry.
- With the growing business propensity toward business analytics, predictive maintenance and push to reduce overall cost and increase profitability have positively influenced the studied market’s growth. As the market studied has been witnessing a significantly increasing demand, many of the market players have been expanding their presence and capacity to cater to a large customer base and encasing the opportunity.
- For instance, in January 2020, Emerson Bearing Boston, a bearing company catering to the OEM and MRO markets globally, established a pump industry division dedicated to a fast-growing customer base, particularly in the oil and gas market.
Major Market Trends
- Industrial MRO Accounts for the Largest Market Share
- Facility MRO is Expected to Witness Significant Growth
Competitive Landscape
The United States Maintenance, Repair, and Operations (MRO) Market are highly competitive due to multiple vendors operating in the domestic and international markets. The market appears to be moderately concentrated. The significant players adopt strategies such as mergers, acquisitions, and expansions to expand their geographic reach and stay competitive. Some of the major players in the market are Ferguson PLC, W.W. Grainger Inc., WESCO International Inc., among others.
- December 2020 – Graybar completed the acquisition of Shingle & Gibb Automation. Headquartered in Moorestown, NJ, Shingle & Gibb Automation provides advanced automation and control solutions to industrial users and original equipment manufacturers (OEMs). Shingle & Gibb Automation was founded in 1933 and had five locations in the eastern United States.
- February 2020 – Ferguson PLC completed its purchase agreement to acquire Columbia Pipe & Supply Co., an independent distributor headquartered in Chicago. This acquisition not only increases its existing customer base but also accelerates its Chicago market strategy to expand across the Midwest of the United States rapidly.
Companies Profiled
- NOW Inc. (DistributionNOW)
- Airgas Inc. (Air Liquide SA)
- Ferguson PLC
- Motion Industries Inc. (Genuine Parts Company)
- HD Supply Holdings, Inc.
- MRC Global Inc.
- Fastenal Company
- MSC Industrial Direct Co. Inc.
- Applied Industrial Technologies
- WESCO International Inc.
- Sonepar SA
- Rexel Holdings USA (Rexel SA)
- Eastern Power Technologies Inc.
- Consolidated Electrical Distributors Inc.
- Elliot Electric Supply
- Border States Electric
- Ferguson PLC
- W.W. Grainger Inc.
- Fastenal Company
- MSC Industrial Direct Co. Inc.
- Lawson Products Inc.
- The Home Depot, Inc. (Interline Brands Inc.)
- Builders Firstsource
- Bluelinx Holdings
For more information about this report visit https://www.researchandmarkets.com/r/dr7wvj
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
