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Latin America Maintenance, Repair Overhaul Industry Overview
The Latin America maintenance, repair and overhaul market size is likely to reach USD 41.01 billion by 2028, registering a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising investment in repair operations, coupled with the increasing frequency of scheduled and periodic maintenance and optimization in the supply chain is expected to drive the market during the forecast years.
Latin America Maintenance, Repair Overhaul Market Segmentation
Grand View Research has segmented the Latin America maintenance, repair overhaul market on the basis of product, end-use, and country:
Based on the Product Insights, the market is segmented into Industrial, Electrical, Facility.
- The industrial product segment led the market and accounted for 70% of the global market share in 2020. The segment is expected to remain dominant over the forecast period owing to the repair and maintenance activities associated with the exceeding machine capacity work resulting in worn-out parts and components.
- The growing usage of the key components in MRO due to the increasing manufacturing and frequency of replacement cycles is expected to drive market growth over the forecast period.
- In addition, the demand for MRO products in the region is expected to be driven by the presence of key aerospace MRO companies, such as Aeroman.
- The electric product segment is anticipated to grow at a CAGR of 5.8% from 2020 to 2028. Frequent maintenance and repair activities associated with power transmission using electric components are one of the major growth contributors to the product segment.
Based on the End-use Insights, the market is segmented into Food, Beverage, Tobacco, Textile, Wood Paper, Mining, Oil Gas, Metal Processing Foundry, Rubber, Plastic Non-Metallic, Chemicals, Pharmaceuticals, Electrical Electronics, Transportation, Machinery, Construction, Others.
- The transportation end-use segment dominated the market in 2020 with a revenue share of more than 14% on account of government initiatives to improve and enhance the existing transport infrastructure.
- The high demand for key replacement products for the existing fleet for road, rail, and air transport is expected to drive the regional market over the forecast period. The food, beverage, and tobacco end-use segment is likely to grow at a CAGR of 3.8% over the forecast period.
- The oil gas end-use segment recorded a demand value of USD 2,226.9 million in 2020, which is expected to ascend at a significant CAGR over the forecast period. In addition, rising shale gas operations in the countries including Argentina and Venezuela are expected to build several facilities across the region, thereby, supporting the component distribution requiring maintenance over the forecast period.
- The MRO activities in the mining end-use industry are anticipated to grow a steady CAGR over the forecast period. Notable mining activities cause machines under high stresses and load, which requires rigorous maintenance and repair activities for machines and vehicles including excavators, loaders, and graders. This, in turn, is expected to boost the market growth.
Latin America Maintenance, Repair Overhaul Country Outlook
- Mexico
- Brazil
- Argentina
- Chile
- Peru
- Colombia
Key Companies Profile Market Share Insights
Major players in the industry are focusing on adopting various strategic initiatives including acquisitions and mergers to increase the distribution network for products and services. The majority of the players have their web portals including to attain sales growth through direct channels.
Some prominent players in the Latin America maintenance, repair overhaul market include
- Adolf Würth GmbH Co. KG.
- Applied Industrial Technologies
- Motion Industries, Inc.
- WESCO International, Inc.
- Sonepar
- W.W. Grainger, Inc.
Order a free sample PDF of the Latin America Maintenance, Repair Overhaul Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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