LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global MRO market and the market is poised to experience spend growth of more than USD 130 billion between 2019-2024 at a CAGR of nearly 4% during the forecast period. Request Free Sample Pages.
Read the 124-page research report with TOC and LOE on "The Global MRO Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The recent increase in air travel is necessitating an increase in the production lines at the manufacturer’s premises. This is creating a subsequent requirement for maintenance and repair services at the manufacturer’s premises. A majority of the end-user industries are posting strong financial growth which is increasing the prospects of spend growth in the global MRO market.
The extensive adoption of technologies such as 3D printers, scanner, and e-Procurement by MRO service providers are enabling them to reduce their response time. This is promoting their acceptability among buyers and is driving spend growth in the MRO market in North America. Meanwhile, in APAC, the concentration of manufacturing units and service providers offering a wide range of value-added services, including VMI, deadstock management, demand forecasting, and performance analytics are driving spend momentum in the MRO market in APAC.
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Insights into the market price trends
Manpower plays a key role in the execution maintenance and repair services. The lack of availability of the same is forcing service providers to increase compensations to retain and hire a skilled workforce, which in turn is propelling their OPEX.
- While automating production processes is reducing the chances of production errors and is enhancing TAT, it is making significant additions to service providers’ R&D expenses. This is eventually casting an inflationary impact on the service charge in the MRO market.
Insights into strategies that will help buyers optimize their procurement spend
Buyers are advised to collaborate with MRO service providers with strong VMI capabilities. This will result in the optimization of inventories and reduce excess overhead and freight costs.
- It is imperative for buyers to collaborate with service providers to gain better transparency on their MRO spend which will help them identify potential areas to save costs. This will also result in buyers having higher bargaining power over service providers during the negotiation phase, thus helping them achieve discounts.
Some of the top MRO service providers enlisted in this report
This MRO market procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Ferguson Plc
- Adolf Würth GmbH & Co. KG
- W.W. Grainger Inc.
- WESCO International Inc.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the MRO market.
Some of the key topics covered in this report are:
- MRO market spend segmentation by region
- MRO supply market analysis
- Regional spend opportunity for MRO service providers
- MRO service providers cost structure
- Total cost of ownership analysis in the MRO market
- MRO pricing models analysis
- Category management objectives
- Cost saving opportunities in the MRO market
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