The "Europe Maintenance, Repair, and Operations (MRO) Market Growth, Trends, COVID-19 Impact, Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
Europe Maintenance, Repair, and Operations (MRO) Market is expected to reach a CAGR of 1.6% during the forecast period (2021-2026).
However, due to the outbreak of COVID-19, countries such as Germany's trade outlook became weak due to a decrease in global demand. China is Germany's biggest trading partner, with manufacturers highly dependent on Chinese supply chains and the Chinese demand for "Made in Germany" goods due to the slow down, the market is facing several challenges.
Key Highlights
- In July 2020, the federal statistics authority, Destatis, said that, in May 2020, the industrial output came at +7.8% month-on-month, vs. -17.9% in April. On an annual basis, the country's industrial production arrived at -19.3% in May vs. -11.1% expected and -25.3% observed in April. The slump, month-on-month, doubled the 8.9% drop recorded in March as per the record of Destatis. Like other countries, Germany went into the COVID-19 pandemic lockdown before slowly easing strictures from April 20 onwards.
- The European Union's research innovation (R&I) programs have firmly supported the development of industrial technologies and solutions that enable the European manufacturing industry to take full advantage of cutting-edge technologies. This promotes the use of smart technologies in MRO solutions, further creating opportunities for the United Kingdom country market.
- The UK Government commissioned the 'Made Smarter' review with the aim of the industry, providing recommendations to ensure that the UK will be a significant player in the 4th industrial revolution by 2030. As of January 2020, 300 SME manufacturers in the North West provinces have secured support through the review. These instances of supporting smart industry from government bodies in the country are further boosting the growth for the MRO market in the market.
- Further, firms like Groupe Roux-Jourfier enable companies to incorporate "collaborative robotics" into their plants, perform entirely automatic processes, and work collaboratively alongside human operators to perform more complex tasks. This is particularly essential for the Aerospace industry where OEMs are always under pressure to deliver products in time and hence transfer this pressure to suppliers.
- The decreasing industrial production in some potential sectors due to the COVID-19 pandemic, therefore, impede the MRO market growth up to a certain extent. In August 2020, Insee revealed that France's industrial production grew more than expected in June. Industrial production grows 12.7% monthly in June, which is slower than the 19.9% increase observed in May.
- As per Insee's statistics, manufacturing output growth slackened to 14.4% from 22.2% in May. Automotive and transport equipment production increased by 39.5%, followed by an 18.9% rise in refined petroleum products and coke manufacture. In May 2020, the French government announced a EUR 8 billion or USD 8.8 billion aid package to help the automotive manufacturing industry recover from the COVID-19 crisis, which will help to create an ample amount of opportunities for the MRO players majorly centered to the automotive manufacturing sector.
Major Market Trends
- Industrial MRO is Expected to Witness Significant Growth
- Germany is Expected to Witness Significant Growth
Competitive Landscape
The MRO market comprises several global and regional players, vying for attention in a fairly contested market space. Acquisitions, partnerships with industry participants, and new product/service rollouts have been key competitive strategies exhibited by vendors in the market. Partnership and alliances with suppliers are part of a competitive strategy in the industry, which is fragmented, and even large vendors command lower market share and gain from higher margins.
Such developments are expected to increase in respective end-user verticals as prominent players in such industries are expected to expand their market presence. Vendors in the market are expected to focus on forming alliances with technology providers to further enhance their integrated service offerings.
Companies Profiled
- Wurth Group GmbH
- Airgas Inc. (Air Liquide SA)
- Eriks NV
- WESCO International Inc.
- Sonepar SA
- Rexel Holdings USA (Rexel SA)
- Wolseley Limited (Ferguson PLC)
- W.W. Grainger Inc.
- Electrocomponent PLC
For more information about this report visit https://www.researchandmarkets.com/r/35zmwn
View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005662/en/
Contacts:
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
