MRO is used as an abbreviation for Maintenance, Repair, and Operations or sometimes Maintenance, Repair, and Overhaul. It is a broad term for the tools, activities, and equipment required for a business’s daily operations. MRO includes the set of procedures and activities related to the upkeep of a facility or plant, which can be the physical maintenance of the building or structure, the operating systems of the facility, and the types of equipment used to make the plant or facility's primary business output.
MRO is concerned with the repair and maintenance of a facility or plant, which can be further divided into several areas that include:
Infrastructure repair and maintenance
Production equipment repair and maintenance
Material handling equipment maintenance
Tooling and consumables
About 90 per cent of MRO sector requirements in India are currently met through imports from other countries. India's indigenous MRO sector is nascent but holds significant potential for growth. The growth of this sector will mainly be fueled by the growing aviation industry of India (likely to generate nearly around 90,000 jobs and could also save up to US$ 2 billion in foreign exchange). In terms of the size and breadth of certified services, the domestic MRO industry will likely continue to rely on foreign MROs until its domestic counterpart catches up.
Most companies must maintain a stock of supplies, spare parts, and other materials that helps keep their businesses running. Collectively all these items are known as the maintenance, repair, and operations (MRO) inventory.
There are 8 major players in the Indian market: AIESL, Air Works, Indamer Private Limited, Deccan Charter, Taj Air, Bird ExecuJet, GMR Aero Technic Limited, and Max MRO Private Limited.
The following industries are immensely dependent on MRO services:
Aerospace & Defense
Shipbuilding
Industrial Equipment
Medical Devices
Electronics
Maintenance, Repair, and Overhaul (MRO) were first coined in the US aviation industry.
The global maintenance, repair, and operations (MRO) market was valued at US$ 254.05 Billion in 2021, and it is projected to be worth US$ 291.32 Billion by 2027.
Medical Review Officer is the full form of MRO as well.