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Power Plant Maintenance Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : General Electric Company, RWE AG, Siemens Energy AG, Mitsubishi Hitachi Power Systems Ltd
Power Plant Maintenance Global Market Report 2024
As per the report, the power plant maintenance market size has grown strongly in recent years. It will grow from $21.10 billion in 2023 to $22.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The power plant maintenance market size is expected to see steady growth in the next few years. It will grow to $27.0 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
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Vital Role Of Power Plant Maintenance In Meeting Global Energy Demands
The growing global energy demand is expected to propel the growth of the power plant maintenance market in the coming years. Energy demand refers to the amount of energy needed by individuals, enterprises, industries, and society to meet diverse requirements and activities like heating, cooling, lighting, transportation, production, and communication. Energy demand is on the rise due to numerous factors, including changing weather conditions, lowering energy prices, favorable government policies, and environmental considerations. Power plant maintenance is essential to managing rising energy demand by guaranteeing dependable operation, increasing efficiency, prolonging equipment lifespan, improving safety and compliance, and optimizing performance. For instance, in June 2023, according to the Energy Information Administration, a US-based primary government statistical system, the primary consumption of electricity in the United States was 100.4 quadrillion British thermal units (quads) in 2022, up 3% from 2021. In 2022, non-fossil fuel sources such as nuclear and renewables accounted for around 21% of US energy consumption. Therefore, the growing global energy demand is driving the power plant maintenance market.
Augmented Reality (AR)-Based Solutions Revolutionize Power Plant Maintenance Market
Major companies operating in the power plant maintenance market are focusing on introducing augmented reality (AR)-based digital technological solutions to gain a competitive edge in the market. AR-based digital technological solutions involve the use of computer-generated visual and auditory information to enhance the maintenance and repair processes within power generation facilities. For instance, in December 2021, Siemens AG, a Germany-based automation company, and Augmensys GmbH, an Austria-based software corporation, jointly developed the Comos Mobile Worker app, a new augmented reality (AR)-based mobile management software for industrial monitoring and maintenance management. This software is designed to assist plant maintenance teams in rapidly processing real-time data from several sources. The software visualizes and processes engineering data, real-time data from control systems, and enterprise resource planning (ERP) system data to improve the safety and efficiency of process plant operations.
The power plant maintenance market covered in this report is segmented -
1) By Power Plant Type: Thermal, Nuclear, Combined Cycle, Hydropower, Renewable Energy, Other Power Plant Types
2) By Services: Monitoring And Control, Preventive Or Scheduled Maintenance, Predictive Maintenance, Breakdown Maintenance
3) By Equipment: Steam Turbine, Gas Turbine, Wind Turbine, Boilers, Generator, Condenser, Other Equipment
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Major companies operating in the power plant maintenance market are General Electric Company, RWE AG, Siemens Energy AG, Mitsubishi Hitachi Power Systems Ltd., ABB Ltd., Duke Energy Corporation, Exelon Corporation, Bechtel Corporation, Jacobs Engineering Group, Fluor Corporation, Emerson Electric Co., Doosan Enerbility Co. Ltd., Kiewit Corporation, SKF Group, Burns & McDonnell, Wärtsilä Corporation, SNC-Lavalin Group Inc., John Wood Group plc, Voith Group, Toshiba Energy Systems & Solutions Corporation, Black and Veatch, Sulzer Ltd., Zachry Group, Babcock & Wilcox Enterprises Inc., NAES Corporation, Sargent & Lundy, EthosEnergy, Stellar Energy, Granite Services International, Chicago Bridge & Iron Company N.V.
Contents of the report:
1. Executive Summary
2. Power Plant Maintenance Market Report Structure
3. Power Plant Maintenance Market Trends And Strategies
4. Power Plant Maintenance Market - Macro Economic Scenario
5. Power Plant Maintenance Market Size And Growth
…..
27. Power Plant Maintenance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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