Industrial & Medical Technology

NA MRO market to reach $179 billion by 2028

18 May 2021

The North American maintenance, repair and overhaul (MRO) market is expected to reach $178.85 billion by 2028, managing a compound annual growth rate (CAGR) of 2.9% during the forecast period, according to Research and Markets.

The growth in the market will be based on increased product demand from end-use industries such as the support market. MRO activities help reduce overall costs and enhance the productivity of industrial operations, which is expected to drive demand.

Demand from other end-use industries is likely to support this growth.

The lack of focus and investments in MRO processes in the past resulted in slow growth of the industry, but the COVID-19 pandemic has contributed to awareness regarding crisis management of the supply chain in the manufacturing industry, Research and Markets said.

Minnesota and Missouri were the major contributors to the region’s overall product demand owing to increased investments in the manufacturing and transportation sectors. The manufacturing sector in Canada is anticipated to witness the fastest growth as most of the manufacturers are planning to invest in new equipment and machinery to gain a competitive advantage.

To contact the author of this article, email engineering360editors@globalspec.com


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