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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Things to Know Before Venturing into the Maintenance Repair and Operations Services Market:
- The lack of a skilled workforce and improved standards of living are driving the employee expenses incurred by suppliers. This is expected to negatively impact their cost structure while exerting an inflationary impact on the buyer’s TCO in the maintenance repair and operations services market.
- Based on the spend profile, service needs, and stakeholder expectations, buyers are advised to use specialist, integrator, and hybrid supply models that will aid them in controlling their procurement spend in this market. Buyers that spend majorly on non-technical categories are advised to implement an integrator model that can aid them to negotiate for discounts due to the volume of purchase. On the other hand, buyers that typically spend more on technical categories must follow either the specialist or hybrid models as they offer improved service along with standardized pricing.
Uncontrolled procurement spend and the lack of visibility of the same is hitting the buyer’s business where it hurts the most. Get a free demo of our free web-based platform to get instant and real-time insights on the price trends and procurement strategies that will change your procurement outlook.
- The global maintenance repair and operations services market is led by industry-focused suppliers. These service providers are trying to improve their profit margins by increasing their services and are adopting advanced technologies to reduce plant downtime and optimize their delivery time.
Other key topics covered in this report are:
- Maintenance repair and operations services market spend segmentation by region
- Total cost of ownership analysis in the maintenance repair and operations services market
- Regional spend opportunity for maintenance repair and operations services suppliers
- Maintenance repair and operations services suppliers cost structure
- Maintenance repair and operations services suppliers selection criteria
- Maintenance repair and operations services suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the maintenance repair and operations services market
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View source version on businesswire.com:https://www.businesswire.com/news/home/20191119005891/en/
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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