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The MRO market for automation solutions market size is forecast to increase by USD 54.08 billion between 2022 and 2027, accelerating at a CAGR of 10.16%. In 2017, China held the largest market share, projecting an annual revenue of USD 14.32 billion. The market trends and analysis report of the Market offers Industry forecasts and segmentation based on End-Users including Process Industries and Discrete Industries. It also segments the market by Type, which comprises items and Services. Geographically, the report covers APAC, Europe, North America, South America, and Middle East and Africa. The market size, historical data (2017-2021), and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
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The growth in the outsourcing of operations is the key factor driving the global market growth and trends. Globally, both process and discrete industries prefer adopting third-party service providers to meet all their service maintenance and operation-related needs. They prefer to approach such service providers mainly because of the costs incurred in employing an in-house workforce and the level of product knowledge and training required by the staff. Therefore, end-users prefer a single solution provider for maintaining and operating the complete automation solution implemented in their facilities.
Owing to the needs of end-users, vendors package their service portfolio along with automation solutions. As companies package the service and solution portfolio this way, end-users can reach out to a single point of contact for all their maintenance, operational, and repair (MRO) requirements. This also eliminated the need for end-users to have multiple legal and solution contracts for a single facility.
The Process Industries segment was the largest segment and was valued at USD 41.28 billion in 2017. The Process Industries comprise sectors such as oil and gas, water and wastewater, and energy and electricity, among others. The growing need for energy, constant investments in new power plants, and ongoing upgrades to current electrical infrastructures are all contributing factors to the positive growth the global power industry is predicted to have over the forecast period. There has been a spike in the need for energy due to factors including the growing urbanisation, the usage of technological appliances, and the increased demand for electricity globally.
Worldwide use of renewable energy sources is also gradually changing the power business. Players in the power business have been pushing investments into renewable energy due to the growing need for green energy generation.
APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow significantly during the forecast period. The growth of the regional market in focus will be driven by countries such as China, Japan, India, Vietnam, South Korea, Malaysia, and Australia. The market growth will majorly be attributed to factors such as growing industrialization, increasing demand for industrial automation, and increasing investments in power, water and wastewater treatment, and food and beverage industries.
Government initiatives, improving standards of living, a strong industrial base, and increasing demand for automobiles manufactured in the region are some of the key factors that are driving the growth of the automotive industry in the region. The demand for both passenger and commercial vehicles has been increasing in the region. Favorable trade policies for the automotive industry are also benefitting the regional automotive industry.
In 2021, business and industrial activities related to the maintenance repair operations automation solutions resumed with the relaxation of stringent lockdown restrictions. This happened primarily because of the availability of COVID-19 vaccines and the vaccination drives carried out by the governments of different countries, such as Japan, China, and India. In addition, improving standards of living and rising demand for automobiles manufactured will fuel the MRO market for automation solutions market across the region during the forecast period.
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The MRO Market for Automation Solutions Market is fragmented in nature. Some significant players include ABB Ltd., AMETEK Inc., Danaher Corp., Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Festo SE and Co.
The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
KG, General Electric Co., Hitachi Ltd., Honeywell International Inc., IMI Plc, Mitsubishi Electric Corp., MKS Instruments Inc., OMRON Corp., Phoenix Contact GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, W.W. Grainger Inc., and Yokogawa Electric Corp.
The market forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Market Research and Growth Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.16% |
Market growth 2023-2027 |
USD 54.08 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.34 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., AMETEK Inc., Danaher Corp., Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Festo SE and Co. KG, General Electric Co., Hitachi Ltd., Honeywell International Inc., IMI Plc, Mitsubishi Electric Corp., MKS Instruments Inc., OMRON Corp., Phoenix Contact GmbH and Co. KG, Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, W.W. Grainger Inc., and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market analysis and report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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