Power Plant Maintenance Market to Reach US$ 192.23 Bn by 2031: TMR Study
- Increasing emphasis on energy security and popularity of carbon-free electricity globally spurring demand for power plant maintenance; adoption of renewables in power distribution grids has created massive growth opportunity
- Maintenance of thermal power plants presents a vast lucrative avenue; rise in demand to generate sizable revenue streams in Asia Pacific Power Plant Maintenance Market
WILMINGTON, Del., Oct. 18, 2022 /PRNewswire/ -- An evaluation of Power Plant Maintenance Market growth factors finds that energy security initiatives and rise in electricity consumption are key underpinnings of the expansion of the avenues. High costs incurred by inadequate maintenance activities has nudged stakeholders to adopt more predictive maintenance schedules. The global Power Plant Maintenance Market is projected to advance at a CAGR of 7.2% from 2022 to 2031.
Rising renewable energy production in several developing and developed regions will enable service providers to boost their Power Plant Maintenance Market shares. A number of developed nations are geared toward augmenting the capacities of power production and distribution to cater to rising demand for electricity in commercial and industrial applications, indicate recent Power Plant Maintenance Market trends.
Power Plant Maintenance: Drivers
- Growing need for maintenance of power plants in a bid to ensure optimal efficiencies in energy distribution is a key driver of the Power Plant Maintenance Market. Growing spending on predictive maintenance activities in conjunction with the adoption of IoT is expanding the canvas for stakeholders in the market.
- Rise in investments in renewable energy production in several countries and policy push toward spurring their adoption especially for reducing the carbon footprint of the power sector are key underpinnings for growing spending on power plant maintenance.
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Key Findings of Power Plant Maintenance Market Study
- Massive Demand in Thermal Power Plants Propelling Revenues: Rising demand for maintenance activities in thermal power plants has generated vast lucrative opportunities for firms in the Power Plant Maintenance Market. Recent Power Plant Maintenance Market trends highlight that widespread use of thermal power plants in electricity generation worldwide has enriched the revenue potential. The study found that the thermal segment led the global Power Plant Maintenance Market, accounting for 51.70% share in the year 2021.
- Automation Technologies for Predictive Maintenance of Energy Assets Boosting Efficiencies in Power Plant Maintenance: Growing penetration of renewables in the power distribution grids calls for cutting-edge proactive maintenance schedules. Of note, the study found that automation companies are developing maintenance systems incorporating IoT technologies. Rise in demand for IoT platforms for the maintenance of power plant maintenance has thus unlocked incredible avenues in Power Plant Maintenance Market.
Power Plant Maintenance: Regional Growth Dynamics
- North America and Europe are lucrative regions in the Power Plant Maintenance Market in 2021. In the year, North America held a market share of 28.78%. Rise in number of power plant contracts in the region in the past few years has spurred the demand for plant maintenance activities. The market study analysts observed that adoption of solar energy has fueled growth opportunities for firms in the regional market.
- Asia Pacific held a share of 44.24% in 2021. Japan, India, and China have been lucrative markets in the region, propelled by rising number of power plant maintenance activities. Of note, expansion of power plant activities opened up new revenue streams in the Asia Pacific Power Plant Maintenance Market.
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Power Plant Maintenance: Key Players
The TMR study found that most players are leaning on technology-driven growth strategies to consolidate their shares in the global Power Plant Maintenance Market. They are promoting sustainable power maintenance services as a value proposition to get a competitive edge over others.
Some of the key market players are
- Thermax Limited,
- Wärtsilä,
- Vestas,
- Steag Energy Services,
- Siemens Energy,
- NOMAC,
- Mitsubishi Electric,
- Laxyo,
- Ingeteam,
- General Electric,
- Fuji Technical Services Pvt. Ltd.,
- Emerson Electric Co.,
- Andritz AG, and ABB Group
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Power Plant Maintenance Segmentation
Power Plant Type
- Thermal
- Nuclear
- Combined Cycle
- Hydropower
- Renewable
- Solar
- Wind
- Others
- Others
Service
- Monitoring & Control
- Preventive/Scheduled Maintenance
- Predictive Maintenance
- Breakdown Maintenance
- Administration
- Training
- Others
Equipment Type
- Steam Turbine
- Gas Turbine
- Wind Turbine
- Generator
- Boiler
- Condenser
- Feedwater Pump
- Cooling Tower
- Solar Panels
- Others
Capacity
- Up to 500 MW
- 501 MW – 1,000 MW
- 1,001 – 3,000 MW
- 3,001 – 6,000 MW
- Above 6,000 MW
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