Power Plant Maintenance Market to Surge at a Robust Pace in Terms of Revenue Over 2031

Power plants heavily rely on a multitude of equipment and machinery to ensure their daily operations run smoothly. Power plant maintenance encompasses crucial tasks, including inspections, repairs, and regular upkeep. Neglecting proper maintenance procedures can lead to the deterioration of key equipment, resulting in hazardous situations on-site and premature failure of expensive power-generating machinery. The power plant maintenance market had a value of $20.7 billion in 2021 and is projected to reach $33.2 billion by 2031, with a compound annual growth rate (CAGR) of 4.8% from 2022 to 2031.

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Power plants play a pivotal role in converting raw energy sources like coal, nuclear heat, or wind into electricity. Among the most common types, thermal power plants generate electricity by burning fuel to produce power.

In terms of power plant type, solar energy stands as a major renewable energy source, holding a significant market share. In the Netherlands, the installed solar energy capacity increased by 1,500 megawatts in 2018, a remarkable 50% year-over-year growth, reaching 4,400 megawatts. In recent years, residential rooftop solar has been the primary source, with approximately 2,300 MW of capacity added in 2018. Nevertheless, there is a growing adoption of rooftop solar for businesses, with almost 530 MW of the 1,500 MW increase in 2018 being installed on industrial and utility roofs.

Furthermore, the power sector is expected to enhance its efficiency in 2023 through the use of larger turbines, taller towers, and longer cables. Wind turbine manufacturers are adopting bigger turbines to achieve higher efficiencies. The oil and gas industries, with their extensive knowledge of offshore conditions, are well-positioned to invest significantly in both fixed and floating offshore wind projects. Some major oil and gas firms are shifting their focus towards a developing low-carbon industry, seeking a fresh, reliable cash stream.

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The substantial growth of the global power plant maintenance market is primarily driven by the increasing energy demand due to industrial expansion. Additionally, there has been a surge in the need for sustainable energy resources, supported by favorable government policies. Countries worldwide, both developed and developing, are strongly focused on reducing their carbon footprints, further contributing to the growth of the power plant maintenance market. However, the high costs associated with nuclear power plants might hinder market growth, although strategic initiatives by key players are expected to create lucrative opportunities.

The power plant maintenance market forecast is segmented based on power plant type, services, equipment, and region. Power plant types include thermal, nuclear, combined cycle, hydropower, renewable energy, and others, with renewable energy further divided into solar energy, wind energy, and other sources. Services are classified into Monitoring & Control, Preventive/Scheduled Maintenance, Predictive Maintenance, Breakdown Maintenance, and others. The predictive maintenance segment accounted for 39.7% of revenue in 2021 and is expected to grow at a CAGR of 5.0% during the forecast period. The increasing adoption of predictive maintenance in the power sector aims to enhance productivity and reduce costs, fueling the global power plant maintenance market growth over the forecast period.

Equipment categories include steam turbines, gas turbines, wind turbines, boilers, generators, condensers, feedwater pumps, and others. Geographically, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific holds the largest share of the power plant maintenance market, followed by North America and Europe. The rise of industrialization in the Asia-Pacific region has led to increased demand for power generation infrastructure development, acting as a major driving factor for market growth. Moreover, the development of monitoring and control services in developing countries, such as India, is creating wide opportunities for the power plant maintenance market. The U.S. is the second-largest energy consumer globally, with the majority of its energy derived from fossil fuels. In response to the increase in carbon footprint, the U.S. Government has implemented strict environmental regulations and is encouraging the adoption of clean energy policies and projects, including nuclear power.

The power plant maintenance market is influenced by major companies like ABB Ltd, General Electric, Mitsubishi Electric, Siemens AG, ENEL S.P.A, RES Group, RWE, Engie Inc, Shell, and Emerson. These companies are pursuing additional growth strategies, such as expanding production capacities, acquisitions, partnerships, and research & innovation in solar energy applications, contributing to the development of global power plant maintenance market trends.

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Key findings of the study

• The renewable energy segment accounted for around 20% power plant maintenance market share in 2021 and is anticipated to grow at a rate of 5.0% in terms of revenue, increasing its share in the global power plant maintenance market during the forecast period.
• The monitoring and control segment is the fastest-growing application segment in the global power plant maintenance market and is expected to grow at a CAGR of 4.5% during 2021-2031.
• In 2021, the Asia-Pacific region dominated the global power plant maintenance market with more than 40% of the share, in terms of revenue.

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