The global market for maintenance, repair and operations (MRO) distribution is expected to reach a value of $758.1 billion by 2027, maintaining a compound annual growth rate (CAGR) of 2.0% during this period.
The news comes from Acumen Research and Consulting that sees one of the major factors driving the demand and growth in the increasing use of these products in the manufacturing sector, globalization, industrialization and digitalization worldwide. Expanding production capacities due to increasing demand from end-users is also boosting market growth.
Europe is the market leader with a majority revenue share and the region has the industrial infrastructure and workforce to maintain its dominance in the MRO space. The U.S. and Russia follow in revenue market share. However, Asia Pacific is expected to experience faster growth during the period with expanding manufacturing sector, industrialization and digitization to meet accelerating demand.