Latin America Maintenance, Repair and Overhaul Market Size, Share and Trend Analysis Report by Product (Industrial, Electrical), by End Use (Transportation, Food, Beverage and Tobacco) , by Country and Segment Forecast, 2020-2028
New York, November 03, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Latin America Maintenance, Repair & Overhaul Market Size, Share & Trends Analysis Report By Product, By End-use, By Country And Segment Forecasts , 2020 – 2028 “- https://www.reportlinker.com/p06179087/?utm_source=GNW
Latin America Maintenance, Repair and Overhaul Market Growth and Trends
The Latin America maintenance, repair and overhaul market size is expected to reach USD 41.01 billion by 2028, registering a CAGR of 4.7% during the forecast period. Increased investment in repair operations coupled with increasing frequency of scheduled and periodic maintenance and supply chain optimization is expected to drive the market over the forecast years.
Presence of strict regulatory standards regarding worker safety and operating conditions during industrial production is expected to result in increased frequency of maintenance cycles, thereby boosting the market growth. In addition, the growing concern about increasing the overall productivity of industrial operations without any machine failure is expected to increase the demand for maintenance, repair and overhaul (MRO) services in the market.
The emergence of various e-commerce platforms coupled with the web portals of market players for product distribution benefits the market in terms of direct sales. Further, factors such as strengthening of the supply chain and the increasing trend to implement effective inventory management process are expected to create new growth avenues for the market during the forecast period.
The market includes a chain of various parts and components manufacturers, specialists, distributors, retailers and end users, where the manufacturer and distributor play an important role in strengthening the value chain while monitoring the price. some products. Prices are primarily ordered on a customer-by-customer basis for an improved sales process.
Highlights of Latin America Maintenance, Repair and Overhaul Market Report
â¢ The industrial products segment dominated the market in 2020, in terms of revenue share. The segment is expected to grow at a stable CAGR of 4.2% over the forecast years due to increased production associated with industrial development in the region.
â¢ Transportation is expected to be the fastest growing end-use segment over the forecast period due to increased aircraft MRO spending due to increasing fleet size.
â¢ The food, beverage and tobacco segment is also expected to experience significant growth over the forecast years due to increasing production cycles and manufacturing capabilities, primarily in the region’s F&B industry.
â¢ Brazil is estimated to dominate the Latin America MRO market, in terms of revenue, growing at a CAGR of 4.4% during the forecast period, owing to the adoption of periodic MRO activities and planned high among various end-use industries in the country, including mining, construction, pharmaceuticals and textiles
â¢ Global market players are trying to gain higher market share and enter new markets by partnering with local companies for product distribution to leverage their existing distribution network.
Read the full report: https://www.reportlinker.com/p06179087/?utm_source=GNW
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