Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “MRO Distribution Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 10, 2021 (GLOBE NEWSWIRE) — The Global MRO Distribution Market is expected to grow at a CAGR of around 2.0% from 2020 to 2027 and reach the market value of over US$ 758.1 Bn by 2027.
Maintenance, Repair, and Operations (MRO) distribution involves the supplies utilized in the production process for smooth operations. One of the major factors driving the demand and growth of MROs is the exponentially increasing manufacturing sector, globalization, industrialization, and digitalization across the globe and especially in the developing economies. The expanding production capacities due to increasing demand from end-users is boosting the market growth.
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The global MRO distribution market is segmented on the basis of order type, application, and geography. Based on order type, the market is divided into bearings & power transmission, pipes, valves & fittings, electrical items, packaging supplies, and machine consumables. Based on application, market segments include food, beverage & tobacco, textile, apparel & footwear, wood & paper, mining, oil & gas, basic metals & metal products, rubber, plastic and non-metallic products, chemicals, pharmaceuticals, electronics, and others.
Europe is leading the market with a major revenue share (%) and the region has the potential workforce and industrial infrastructure to back up this dominance. The major economies of the region including Germany, the UK, Italy, France, and Russia are supporting the regional market value. The region is followed by North America in terms of the revenue share (%). The US has contributed in maximum revenue (US$ Mn) in the regional market.
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Asia Pacific is projected to exhibit the fastest growth over the forecast period from 2020 to 2027. The rapidly expanding manufacturing sector, industrialization, and supportive digitization to meet the accelerating demand are expanding the regional market value. The rising focus of major players in the developing economies of the region for their strategic expansion plans due to the presence of opportunities is further expected to create growth in the near future.
Some of the leading competitors are Cromwell Group (Holdings) Ltd, Graco BVBA, Pooley, Wabco Austria GmbH, Wolseley and Wurth Group, and others. The major players are continuously expanding their capacity and foreign reach in order to meet the increasing requirement of the end-user companies. Some of the other strategic moves backed by the major players are mergers & acquisitions, partnerships, and collaborations.
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Some of the key observations regarding the MRO Distribution industry include:
- In 2020, Emerson Bearing Co. has established a pump industry division as a result to meet the demand of fast-growing customer base, particularly in the oil and gas market. Emerson Bearing is a Boston-based bearing company catering to the OEM and MRO markets worldwide.
- In 2020, JPB Système has launched SMART WASHER, a technology developed to enhance MRO by enabling wireless as well as the touchless measurement of bolt axial load. The company claims that the solution will enhance safety by increasing efficiency, decreasing cost, and providing exact measurements. JPB Système is a France-based manufacturer of efficiency enhancing technology solutions, particularly for aeronautic and aerospace.
- In 2021, VSE Corporation has entered into a distribution agreement valued at approximately US$1 billion of 15 years with a global aircraft engine manufacturer (“OEM”) over the life of the contract. VSE Corporation is a 1959 established US-based leading provider of aftermarket distribution and maintenance, repair, and overhaul (MRO) services for land, sea, and air transportation assets supporting government and commercial markets. Under the agreement, VSE Aviation decided to be the distributor for more than 6,000 flight-critical components used in more than 100 business and general aviation (B&GA) and regional aviation engine platforms.
- Top cast Aviation Supplies Co., Ltd., and Honeywell Aerospace have signed a 5 year distributor agreement in March 2021. This agreement covers the exclusive distribution of mechanical components on Boeing 737NG aircraft in Mainland China. TOP CAST is set to deliver Honeywell’s aftermarket mechanical products that can fortify the future of flying.
- Würth Industry North America (WINA) formed a new company in Delaware, United States in 2021, which will provide expanded 3D printing products and services, including financing and rental options on equipment.
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