SpendEdge Forecasts a Spend Growth of over USD 130 Billion for the Maintenance Repair and Operations Services Market
LONDON--(BUSINESS WIRE)--Nov 19, 2019--
SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Maintenance Repair and Operations Services Market - Procurement Intelligence Report.
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Global Maintenance Repair and Operations Services Market Procurement Intelligence Report. (Graphic: Business Wire)
The increase in the frequency of air travel is necessitating a subsequent increase in the manufacturing of aircraft, engine, and component manufacturers’ premises in the commercial aviation sector. This will act as one of the primary growth drivers in the maintenance repair and operations services market and will propel the spend momentum at a CAGR of more than 3% between 2018-2023. Such a demand surge is motivating suppliers to integrate their services which include material outsourcing services and customized solutions. These integrated services are attracting a substantial customer base which is contributing to the spend growth in the maintenance repair and operations services market.
APAC holds the largest share in the global maintenance repair and operations services market. Factors such as the growth of the manufacturing industry and the availability of value-added services, including VMI, deadstock management, demand forecasting, and performance analytics are driving the spend growth in the maintenance repair and operations services market. However, in the US, the slowdown in the manufacturing industry coupled with skyrocketing input costs, lack of skilled labor, and increasing compliance costs are impacting the spend growth in the market. On the other hand, the growing demand from the aviation industry will continue promoting the spend growth in the maintenance repair and operations services in the US.
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KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: AEROSPACE MANUFACTURING AIR TRANSPORT ENGINEERING
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PUB: 11/19/2019 02:30 PM/DISC: 11/19/2019 02:30 PM