Power Plant Maintenance Market to Reach US$ 192.23 Bn by 2031: TMR Study

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Oct 18, 2022, 10:30 ET

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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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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