Global Maintenance, Repair, and Operations (MRO) Market 2021-2026: Rapid Digitalization and Emergence of IoT Drives Growth, with Market Value of $787 Billion Forecast by 2026. MRO, which is abbreviated as maintenance, repair, and operation, is defined as the miscellaneous investment by firms in order to bolster the functioning of its operations and production process. MRO can also be defined as the set of operations and activities that are associated with the upkeep of plant or facility which can include the physical maintenance of the structure of a building, the systems which operate within the facility and the equipment used to carry out various functions in the facility.
The market will further be aided by the rising demand for incrementing the internal efficiency, growing digitalisation, and increasing investment in the maintenance operations are some of the major factors aiding the market growth in the forecast period. In terms of region, the Asia Pacific accounts for a significant share in the market and is likely to witness a considerable growth in the forecast period, owing to the resurgence of the building and construction industry, post the COVID-19 pandemic. The market in the region will further be aided by the need to bolster the supply chain management in the food and beverage industry, owing to the rising population and thriving travel and tourism industry.