Technology

MRO for Automation Solutions Market to Grow by USD 53.29 Billion from 2024-2028, as Outsourcing Drives Revenue with AI-Powered Market Evolution – Technavio

Published

2 weeks ago

November 8, 2024

NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global maintenance repair operations (MRO) for automation solutions market size is estimated to grow by USD 53.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.38% during the forecast period. Growth in outsourcing of operations is driving market growth, with a trend towards use of analytics for predictive maintenance. However, US-China trade war poses a challenge.Key market players include ABB Ltd., AMETEK Inc., Danaher Corp., Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Festo SE and Co. KG, General Electric Co., Hitachi Ltd., Honeywell International Inc., IMI Plc, Mitsubishi Electric Corp., MKS Instruments Inc., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, W.W. Grainger Inc., and Yokogawa Electric Corp..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Process industries and Discrete industries), Type (MRO items and Services), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

ABB Ltd., AMETEK Inc., Danaher Corp., Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., Festo SE and Co. KG, General Electric Co., Hitachi Ltd., Honeywell International Inc., IMI Plc, Mitsubishi Electric Corp., MKS Instruments Inc., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, SICK AG, Siemens AG, W.W. Grainger Inc., and Yokogawa Electric Corp.

Key Market Trends Fueling Growth

Service providers in the Maintenance Repair Operations (MRO) market for automation solutions are utilizing analytics and statistical models in their maintenance tools to enhance the decision-making process and pinpoint errors early on. Siemens, in collaboration with SAP, is constructing a new open cloud platform for industrial end-users. This platform, which leverages SAP’s HANA Cloud Platform for data analysis on an open platform, has gained popularity among end-users. HANA’s technology enables machines and systems to record and analyze vast amounts of data, employing simulation or intelligent pattern recognition for the early identification of potential errors before system or product failure. This predictive maintenance tool offers significant advantages to end-users, including the detection of process deviations, operation optimization, predictive modeling, production forecasting, and cost-benefit analysis. With the development of more such solutions anticipated during the forecast period, this market segment presents substantial growth opportunities for vendors.

The Maintenance, Repair, and Operations (MRO) market for automation solutions is experiencing significant trends in various industries. In process and discrete industries, vaccination drives and sustainability are driving the demand for green MRO practices. The power industry, including energy and power, water and wastewater, oil and gas, and the manufacturing sectors, prioritize minimizing downtime through smart technologies like IoT, big data, and sensors. MRO product suppliers, such as Airgas, E-commerce platforms like GoExpedi, and distributors like Air Works, Wesco, Sonepar, and Rexel, are adapting to these trends. New technologies like 3D printing, smart sensors, and safety standards are essential for a skilled workforce. However, raw material shortages, shipping delays, and economic slowdown pose challenges. Outsourcing strategies and inventory management are crucial for MRO product availability. Pumps, industrial motors, sealants, tapes, lubricants, lab supplies, test equipment, blowers, and Industry 4.0 digitization are key MRO product categories.

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Market Challenges

The global automation solutions market for Maintenance, Repair, and Operations (MRO) in the semiconductor and electronics industry is facing challenges due to the US-China trade war. US and Chinese economies, being major players, have resulted in disruptions affecting numerous countries. Tariffs on goods and services, including electronics components, have increased their prices, causing significant cost hikes for businesses. For instance, AudioControl, a US-based company, sources 70% of its components domestically and has incurred over USD200,000 in additional costs due to tariffs. This price increase not only affects the automation solutions but also their MRO, negatively impacting market growth during the forecast period.In the Maintenance, Repair, and Operations (MRO) market for automation solutions, businesses face several challenges. Big data requires advanced analysis tools to optimize inventory and maintenance schedules. New technologies like 3D printing offer opportunities but also bring challenges in terms of raw material shortages and shipping delays. Skilled workforce shortages add to the complexity. Economic slowdowns impact operating expenses. Suppliers like Air Works, Wesco, Sonepar, Rexel, Applied Industrial Technologies, and GoExpedi provide MRO products, but the adoption of smart technologies and Industry 4.0 demands continuous innovation. MRO product categories include pumps, industrial motors, sealants, tapes, lubricants, lab supplies, test equipment, sensors, and safety standards. New technologies like energy-efficient water pumps, industrial robots, blowers, fans, and medical equipment offer energy savings and reduced carbon footprint. However, the availability of semiconductor chips and other raw materials can impact production. Outsourcing strategies can help manage costs, but ensuring compliance with safety standards is crucial. Urbanization and the growth of data centers, sustainable buildings, and green facilities create new opportunities for MRO solutions. Overall, the MRO market for automation solutions requires a proactive approach to address these challenges and stay competitive.

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Segment Overview

This maintenance repair operations (mro) for automation solutions market report extensively covers market segmentation by

End-user 1.1 Process industries1.2 Discrete industriesType 2.1 MRO items2.2 ServicesGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Process industries- The process industries, including energy and power, water and wastewater, and oil and gas, are experiencing significant growth during the forecast period. In the power industry, the increasing global demand for electricity, urbanization, and the use of electronic appliances have led to a heightened need for electricity. Renewable energy sources, such as solar and biomass, are gaining popularity due to depleting coal reserves and the need to reduce carbon emissions. This shift towards green energy production is attracting substantial investments, leading to the restructuring of power plants and the establishment of new ones. The water and wastewater industry is also witnessing growth due to the growing demand for freshwater resources and rising concerns over water reuse and recycling. Technologies like desalination and nanotechnology are being utilized to treat wastewater. Increased investments in water and wastewater treatment facilities and the demand for high-quality water from industries such as pharmaceuticals and semiconductors are fostering the demand for automation solutions. The oil and gas industry is also contributing to the demand for automation solutions due to ongoing exploration of new fields and refinery units, as well as expansions of onshore and offshore production activities.

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Research Analysis

The Maintenance Repair Operations (MRO) market for automation solutions is witnessing significant growth, particularly in process industries and discrete industries, as they prioritize automation to enhance productivity and efficiency. The market is fragmented with numerous players, but the focus is shifting towards new technologies such as Internet of Things (IoT) and sensors to optimize maintenance and inventory management. The power industry and energy and power sectors are major consumers of MRO products due to the critical nature of their operations. Green energy production is also driving demand for automation solutions to ensure optimal performance and reduce downtime. However, challenges such as raw material shortages, shipping delays, and economic slowdown are impacting the market. Skilled workforce shortages are also a concern, leading to outsourcing strategies becoming increasingly popular. MRO solutions are essential for maintaining critical equipment such as pumps and ensuring safety standards are met. New technologies are continuously being introduced to improve efficiency and reduce costs, making the market an exciting space to watch.

Market Research Overview

The Maintenance, Repair, and Operations (MRO) market for automation solutions is witnessing significant growth in various industries, including process and discrete industries, as automation becomes increasingly essential for sustainability and efficiency. The market is fragmented, with numerous players offering MRO products and services for sectors such as power, energy and power, water and wastewater, oil and gas, and manufacturing industries. Vaccination drives and the economic slowdown have impacted supply chains, leading to raw material shortages and shipping delays. However, the adoption of new technologies like e-commerce, IoT, big data, 3D printing, and smart technologies is streamlining MRO operations. Green energy production is a growing focus, with the need for energy-efficient technology and a reduced carbon footprint driving demand for MRO products and services. Sustainability initiatives, such as green MRO practices, are also gaining traction. MRO products include a wide range of items, from pumps and industrial motors to sealants, tapes, lubricants, lab supplies, test equipment, sensors, and safety standards. The market is also seeing the integration of Industry 4.0 and digitization, with the use of sensors, automation, and industrial robots becoming more prevalent. Outsourcing strategies are becoming increasingly common, with companies seeking to reduce downtime and operating expenses. The automotive spare parts, semiconductor chips, data centers, urbanization, sustainable buildings, and green facilities sectors are also significant consumers of MRO solutions. Key challenges include the skilled workforce shortage and the need to adapt to new technologies. Companies like Airgas, Air Works, Wesco, Sonepar, Rexel, Applied Industrial Technologies, GoExpedi, and others are leading the way in providing innovative MRO solutions to meet the evolving needs of industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userProcess IndustriesDiscrete IndustriesTypeMRO ItemsServicesGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Bernard Looney Appointed Chairman of the Board of Directors at Prometheus Hyperscale

Published

5 hours ago

November 24, 2024

Global energy executive joins Prometheus Hyperscale to accelerate sustainable data center growth and provide strategic counsel on $10B flagship project in Evanston, Wyoming

HOUSTON, Nov. 24, 2024 /PRNewswire/ — Prometheus Hyperscale, a leading developer of sustainable hyperscale data centres, is delighted to announce the appointment of Bernard Looney as Chairman of the Board of Directors.

Mr. Looney, former CEO of BP, brings to the role more than three decades of energy sector expertise – from the frontline to the boardroom. He will provide strategic guidance on the development of the company’s growth plans, including its $10B flagship data center in Evanston, Wyoming, which will be among the largest facilities of its kind in the world when completed.

The announcement of Mr. Looney’s appointment comes as societies and large technology companies grapple with how to power the explosive growth in artificial intelligence (AI). The International Energy Agency (IEA) estimates that by 2026 data centers globally will use over 1,000 terawatt-hours (TWh) annually, around the same as Japan uses today. Against this backdrop of soaring demand and squeezed supply, Prometheus is pioneering new standards in hyperscale data center operations.

These approaches include harnessing a variety of energy sources to power its data centers, including renewables, natural gas and possibly nuclear at a later date through our strategic partnership with Oklo. Prometheus aims for its data centers to not impact grid customers.

Another key challenge is the enormous amount of power and water used to cool data centers to prevent the servers from overheating. Prometheus Hyperscale uses a unique liquid cooling system that dramatically outperforms traditional air-cooling methods, reducing energy consumption by up to 50%. This system also utilises deep underground water reservoirs and captures the waste heat to reuse or sequester it. It’s believed that Prometheus Hyperscale’s flagship project will be the first hyperscale data center in the United States to combine liquid heat transfer and heat reuse technologies.

Founded by Trenton Thornock, an experienced leader in energy, finance and infrastructure, Prometheus Hyperscale’s flagship project in Evanston, Wyoming, promises to be the most advanced sustainable data center in the United States, and one of the largest in the world, when it becomes operational in 2025/26. The 1GW-capacity developed site will cover an area of 640-acres (one square mile), making it approximately three quarters the size of New York’s Central Park. Four further sites are currently earmarked across Arizona and Colorado.

As Chairman, Mr. Looney will ensure the successful execution of Evanston as well as Prometheus’s broader business goals. His appointment comes following the recent announcement that Trevor Neilson, a renowned climate technology entrepreneur and philanthropist, will serve as the company’s President.

It’s estimated that $1 trillion will be invested in the U.S. in data centers in the next five years – with an additional $1 trillion internationally.

Trenton Thornock, Founder and CEO of Prometheus Hyperscale commented: “Having Bernard Looney join as Chairman is a tremendous step forward for Prometheus. Bernard’s track record and transformative leadership in the energy sector aligns perfectly with our vision for the future of data centers. His insights, as well as his extensive operational and project delivery experience, will be invaluable as we bring our flagship project in Evanston, Wyoming to life and set new benchmarks for sustainable digital infrastructure.”

Trevor Neilson, President of Prometheus Hyperscale, commented: “Bernard is the perfect person to guide Prometheus as we form partnerships across the energy sector to access low-carbon electrons that will power the future of AI. His extensive industry experience and leadership will be instrumental as Prometheus establishes itself at the forefront of sustainable data center operations.”

Bernard Looney commented: “I am delighted to join Prometheus Hyperscale at this pivotal moment as the world grapples with the intersection of AI, Energy and Sustainability. Innovative power solutions are desperately needed to ensure that AI is unleashed to tackle some of the biggest global challenges including healthcare, economic growth, and the energy transition. We must work to find solutions that lead to Net Positive AI – where the benefits to our world outweigh any costs. The flagship Evanston project is one such solution and I look forward to lending a helping hand, working alongside Trenton, Trevor, and the entire Prometheus team to help bring this vision to life. I can’t imagine a more exciting challenge.”

Factsheet: Prometheus Hyperscale’s Flagship Project in Evanston, Wyoming

Prometheus’s site in Evanston, Wyoming, aims to redefine sustainable infrastructure in the data center industry, setting a new benchmark for operational excellence and environmental responsibility.

Key aspects of the project include:

Extensive Land and Power Capacity: The project encompasses a 12,000-acre ranch, including a dedicated 640-acre plot (about 1 square mile) for data center facilities. Prometheus has secured an initial 120 MW of grid power through Rocky Mountain Power, with plans for an additional 120 MW, ensuring robust power availability without curtailment risks.

On-Site Renewable and Low-Carbon Power Generation: With an on-site generation goal of over 1 GW, which will make it one of the largest data centers in the world, Prometheus is incorporating a mix of wind, solar and gas power sources. Additionally, the company has a strategic partnership with Oklo focused on next-generation fission-based nuclear power, delivering reliable, sustainable baseload energy to the campus.

High-Performance Fiber Connectivity: The Evanston site will connect directly to the Northern transcontinental fiber trunk, offering high-speed, low-latency connections between the East and West Coasts. With agreements for up to 400G of service and plans to scale up to 800G when commercially available, the project is poised to meet the rigorous connectivity needs of AI, cloud, and high-performance computing clients and to be one of the biggest data centers in the world.

Cutting-Edge Liquid Cooling Technology: Prometheus’s unique liquid cooling systems will be deployed to achieve unparalleled energy efficiency by capturing and reusing waste heat. This innovative solution is specifically engineered for high-performance computing environments and will play a critical role in reducing the carbon footprint of the facility.

Strategic Location and Access to Skilled Labor: Located 80 miles from Salt Lake City, Utah, the Evanston site benefits from proximity to a large, skilled workforce, bolstered by a regional Journeyman Lineman program focused on data center operations. This strategic location supports the project’s operational and expansion goals while reinforcing Prometheus’s commitment to regional economic growth.

For more information about Prometheus Hyperscale and its sustainability initiatives, please visit www.prometheushyperscale.com.

About Prometheus Hyperscale

Prometheus Hyperscale, founded by Trenton Thornock, is revolutionizing data center infrastructure by developing sustainable, energy-efficient hyperscale data centers. Leveraging unique, cutting-edge technology and working alongside strategic partners, Prometheus is building next-generation, liquid-cooled hyperscale data centers powered by cleaner energy. With a focus on innovation, scalability, and environmental stewardship, Prometheus Hyperscale is redefining the data center industry for a sustainable future.

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SOURCE Prometheus Hyperscale

Technology

Sixth Avenue Custom Millwork Launches Revamped Website to Enhance Client Experience

Published

5 hours ago

November 24, 2024

Sixth Avenue Custom, a premier provider of custom millwork services for both home and business owners, has launched a revamped website designed to offer a more streamlined user experience, showcasing their custom woodworking and millwork services.

FREDERICK, Md., Nov. 24, 2024 /PRNewswire-PRWeb/ — Sixth Avenue Custom, a leading provider of custom millwork services, has unveiled its newly revamped website aimed at enhancing user experience and better showcasing its wide array of woodworking services. The updated website highlights the company’s dedication to creating high-quality custom cabinetry, millwork, and architectural details for residential and commercial clients while offering a modern, easy-to-navigate platform for users. As an industry leader in bespoke craftsmanship, Sixth Avenue Custom’s redesigned site now makes it even easier for potential clients to engage with their work.

Sixth Avenue Custom, a leading provider of custom millwork services, has unveiled its newly revamped website aimed at enhancing user experience and better showcasing its wide array of woodworking services.

Six generations ago, Ezra Beachley began crafting high-quality furniture with unmatched precision and care. Now, his great, great, great grandson Ryan Beachley carries that same ethos forward with Sixth Avenue Custom, a company set on maintaining tradition while embracing the future. “Our model and process is not the ordinary way of doing things. It’s unique, it’s custom, it’s the Sixth Avenue Custom way,” said Ryan. This philosophy of blending old-world craftsmanship with modern tools and technologies is front and center on the newly launched website. The updated site offers an engaging, user-friendly experience and showcases the company’s vast portfolio of exquisite residential and commercial projects—from bespoke cabinetry to intricate architectural millwork.

The updated website also introduces responsive design features, ensuring visitors can easily access the company’s portfolio and services across any device, from desktops to smartphones. In addition to a more polished look and feel, the website now offers smoother navigation, allowing users to browse through service offerings, explore more content about the company’s process, and quickly request consultations. By including a dedicated blog and expanded resource sections, Sixth Avenue Custom aims to educate clients about the nuances of custom millwork, giving them the knowledge they need to make informed decisions for their spaces.

If you’re looking for outstanding custom millwork solutions, visit Sixth Avenue Custom to view the newly enhanced website or schedule a consultation for your next project. The company’s dedicated team continues to push the boundaries of design and woodworking, ensuring each project exceeds client expectations. To learn more, explore the site at https://sixthavenuecustom.com or call Sixth Avenue Custom at 301-327-1504. Sixth Avenue Custom is located at 5907 Enterprise Court, Frederick, Maryland, 21703.

Media Contact

Mai-Lan Spiegel, 321 Web Marketing, 1 7038107557, mailan@321webmarketing.com, https://sixthavenuecustom.com/

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SOURCE Sixth Avenue Custom

Technology

Don’t Miss These Incredible AiRROBO Black Friday Deals – Unbeatable Prices Await!

Published

7 hours ago

November 24, 2024

HONG KONG, Nov. 24, 2024 /PRNewswire/ — Black Friday is here, and it’s your chance to grab the best deals of the year! Whether you’re looking to upgrade your home, simplify daily chores, or spoil your furry friends, we’ve got you covered with massive discounts on top-rated products. Check out these must-have items at unbeatable prices, available for a limited time only.

AiRROBO T20+ Robot Vacuum: Revolutionize Your Cleaning

Original Price: $499.99
Black Friday Price: $199

The AiRROBO T20+ isn’t just a cleaning device—it’s your new best friend. Featuring cutting-edge USLAM Air 5.0 & LiDAR Navigation, this robot vacuum efficiently maps your home for flawless cleaning. With its 3-in-1 sweeping, vacuuming, and mopping function, the T20+ handles everything from crumbs to tough stains.

Add the hassle-free self-emptying station, a powerful HEPA filter, and an impressive 180-minute runtime, and you have a device that takes care of your floors without breaking a sweat. Control it effortlessly via app, voice, or remote, and enjoy spotless floors every day.

AiRROBO P20 Robot Vacuum: Clean Smart, Live Better

Original Price: $129.99
Black Friday Price: $64.99
Discount Code: 9TNGZLDR

The AiRROBO P20 is perfect for budget-conscious shoppers who want smart cleaning. It delivers powerful suction to remove dirt, pet hair, and debris from hard floors and carpets. Compact yet efficient, the P20 is ideal for apartments or smaller homes. Don’t miss the chance to grab this deal and simplify your life for a fraction of the price!

AiRROBO PG50 Pet Grooming Vacuum: Pamper Your Pets

Original Price: $99.99
Black Friday Price: $49.69
Discount Code: 4YUDMHIJ

Say goodbye to the mess of grooming your pets at home. The AiRROBO PG50 combines grooming and vacuuming in one handy device, capturing pet hair and dander as you groom. This is the perfect gift for pet lovers who want to keep their homes fur-free while pampering their furry friends.

Why Shop This Black Friday?

Black Friday is the ultimate shopping event of the year, offering discounts you won’t find anywhere else. These exclusive deals are available only from November 21 to December 2, so act fast before they’re gone.

Massive Savings: Up to 60% off premium products.Convenience: Shop online and enjoy fast delivery to your doorstep.Perfect Gifts: Find practical and thoughtful gifts for loved ones—or yourself!

How to Grab These Deals?

Visit the AiRROBO Amazon store.Use the provided discount codes at checkout to secure the sale price.Hurry! Stocks are limited, and these deals won’t last.

This Black Friday, elevate your home and lifestyle without breaking the bank. Don’t let these deals slip away—shop now and enjoy cutting-edge products at unbeatable prices. Your future self will thank you!

For more information

For any giveaway campaigns or new feeds, please join AiRROBO on Facebook, Instagram, Twitter, YouTube and Gleam.io.

About AiRROBO

AiRROBO is a smart home appliance brand with a focus on AI-enabled technologies. Supported by world-leading AI and humanoid robotic company, UBTECH Robotics, AIRROBO is aiming to bring the most cutting-edge technology to more and more households around the globe, making smart home a new norm of life. Find out more at us.air-robo.com.

CONTACT: Kristy Luo, sihui.luo@ubtrobot.com

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SOURCE AiRROBO