As the world is gearing for a potential economic recession, manufacturers have to adopt resilient aftermarket strategies to face the crisis. Maintenance, repair, and operations (MRO) strategies need to focus on changing customer demands, cyclical fluctuations in equipment sales, and pricing pressure points.
MRO industry is set for a CAGR of 1.72 percent by 2020 and an accelerated CAGR of 4% from 2019-2024. Amid the current pandemic crisis, manufacturers can scale up MRO activities to initiate long-awaited changes and improve customer relationships. But, you’ll need actionable insights to make profitable decisions. A comprehensive MRO market research and analysis can help. Let’s find how:
Targeted Data Collection
Market research helps to explore the available data with a focused approach. The experts work with leading stakeholders to collect necessary information regarding market estimates and upcoming trends. You will get a complete overview of anticipated growth rates and focused regions with the highest penetration and growth potential.
For example, the MRO market is expanding in European and North American regions with high growth potential based on the rapid adoption of e-procurement, vendor consolidation, and increased outsourcing. A comprehensive market report gives details on emerging technologies and strategies for MRO and allied industries.
Anticipates Market Trends
MRO is a competitive landscape fragmented due to several distributors, and providers spread globally. Procurement experts need to keep a keen eye on the changing trends to stay ahead of their massive competition. The industry is largely driven by e-procurement that benefits buyers and sellers alike.
Although there are challenges for vendors and buyers in the industry, it is easy to mitigate them through long-term plans if you have concrete reports at your disposal.
MRO trends like impending trade wars, adoption of smart technologies, and maximized automation for various activities can change the industry’s direction. If you know about these trends and forecasts, you can make rational decisions to offset their impact. For example, if you know about the upcoming trade wars that inflate prices, you can divert your focus to local sourcing for non-critical spare parts.
Detailed Market Analysis
Apart from market trends and overview, MRO industry reports provide detailed analysis to understand global dynamics. The report will generate data about global market maturity, drivers, outlook, challenges, and regional market outlook. You can compare the data of developed and emerging markets to assess the forces driving this industry.
For example, MRO outsourcing is more prevalent in mature markets where companies can benefit from integrated supply solutions. Market analysis and reporting provide you essential data to understand these industry drivers.
The reports focus on industry supply chains to understand the trends and insights that cause global shifts. You will learn about the leading MRO suppliers in both global and regional domains with their complete service portfolio.
Supplier SWOT analysis helps to gain extensive knowledge of the challenges, opportunities, weaknesses, and strengths affecting the industry in the long-term. The data can be customized and configured to meet your specific procurement needs.
Understand the Key Price Trends
Due to a lack of skilled workforce amid the current crisis, MRO service providers tackle increasing employee expenses. Also, the industry is shifting focus to automation that requires additional spend on R&D. It increases supplier cost structure over specific periods.
Global trends like international trade tariffs and rising fuel costs also propel changes in MRO service pricing. You may need a comprehensive cost analysis to break up each expense according to your business model. A detailed MRO industry report provides it with distributors’ margins, price forecasts, and expected savings.
A proper pricing structure can reduce operational expenditure through optimized supply chain management. Hence, many end-user organizations invest in market studies to assess these changes before planning their future strategies.
Know About Upcoming Technologies
Like any other industry, the MRO market is also anticipating innovative technologies in every aspect. Smart technologies are set to transform manufacturing environments with the adoption of mobile apps. An advanced mobile app enables real-time monitoring and traceability of equipment, staff, and components.
For example, the internet of things (IoT)-based 3D printing, and industrial vending machines can improve efficiency and reduce costs for the aftermarket services. You can anticipate their adoption and expansion within the industry if you invest in detailed market reports backed by actionable data.
Study a Focus Industry
You can customize the market research according to your needs and study any specific industry through MRO reports. For example, mining companies can learn about market predictions and activities through a detailed report. The report focuses on the market outlook that includes global output, expected CAGR, commodity prices, and leading contributors.
For all these insights, you can avail of personalized market reports prepared by industry experts with every detail that matters.