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Power Plant Maintenance Global Market will Exceed $27.0 Billion By 2028 with a Projected CAGR of 4.8% | RWE AG, Siemens Energy AG, ABB Ltd., Exelon Corporation, Bechtel Corporation
Power Plant Maintenance Global Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to increased coal power generation, electricity demand growth, and increased focus on renewable energy sources.
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%. The growth in the forecast period can be attributed to increasing efficiency improvements, evolving market dynamics, favorable environmental policies, and increasing fuel consumption. Major trends in the forecast period include technological advancements, product innovations, strategic partnerships, and integration of IoT in maintenance devices.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Power Plant Maintenance Market 2024 Key Insights:
• The Power Plant Maintenance Market is expected to grow to $27.0 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Vital Role Of Power Plant Maintenance In Meeting Global Energy Demands
• Augmented Reality (AR)-Based Solutions Revolutionize Power Plant Maintenance Market
• Asia-Pacific was the largest region in the power plant maintenance market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the power plant maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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