Press release
Power Plant Maintenance Industry Outlook 2025-2029: Market Set to Cross $28.16 Billion Milestone
Power Plant Maintenance
How Large Will the Power Plant Maintenance Market Size By 2025?
In recent years, the size of the power plant maintenance market has seen significant expansion. The market, currently valued at $22.37 billion in 2024, is projected to increase to $23.65 billion in 2025, boasting a compound annual growth rate (CAGR) of 5.7%. Enhancements in coal power production, growth in electricity demand, and a greater emphasis on renewable energy sources have been key contributors to this historic growth period.
How Big Is the Power Plant Maintenance Market Size Expected to Grow by 2029?
In the coming years, the power plant maintenance market size is projected to experience consistent growth, eventually reaching a market value of $28.16 billion in 2029 with a compound annual growth rate (CAGR) of 4.5%. This growth during the forecast period is credited to improvements in efficiency, changing market dynamics, beneficial environmental policies, and a rise in fuel consumption. The forecast period is also expected to see key trends such as technological advancements, product innovations, strategic alliances, and the incorporation of IoT into maintenance devices.
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Which Key Market Drivers Powering Power Plant Maintenance Market Expansion and Growth?
The escalation in worldwide energy consumption is projected to stimulate the expansion of the power plant maintenance market in the approaching years. The term energy demand denotes the energy requirement from individuals, businesses, sectors, and societies to fulfill various needs and actions such as heating, chilling, illumination, movement, manufacturing, and communicating. Enhanced energy demand is triggered by a variety of factors such as fluctuating climatic conditions, reducing energy costs, constructive government regulations, and environmental awareness. The role of power plant maintenance is crucial in addressing the amplified energy demand by ensuring stable operation, enhancing efficiency, lengthening equipment longevity, bolstering safety and compliance, and amplifying performance. For instance, the Energy Information Administration, an American governmental statistical entity, revealed in June 2023 that the main electricity consumption in America reached 100.4 quadrillion British thermal units (quads) in 2022, a 3% increase from 2021. In 2022, non-fossil fuel resources like nuclear and renewables contributed to roughly 21% of US energy use. Consequently, the escalating global energy demand is propelling the power plant maintenance market.
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Which Fast-Growing Trends Are Poised to Disrupt the Power Plant Maintenance Market?
Leading enterprises engaged in the power plant maintenance industry are concentrating their efforts on the creation of integrated platforms. These are structured to automate the maintenance operations of large-scale plants, thereby reducing human mistakes, maximising resource utilisation, and prolonging the life of vital equipment, which in turn guarantees continuous and dependable power production. For example, in September 2022, SENSYN ROBOTICS, a Japanese firm with expertise in robotic solutions, introduced Sensyn Core. This is an all-encompassing platform devised to automate and streamline maintenance procedures in global large-scale power plants, oil and gas plants. SENSYN CORE makes use of self-governing drones and intuitive tools for credible inspections, while integrating with SAP's Asset Intelligence Network to simplify maintenance chores through the generation of drone flight paths and the collation of outlier data. This platform signifies a dedication to sustainability and invention in the energy industry by reducing the need for human intervention during maintenance operations.
What Are the Emerging Segments in the Power Plant Maintenance Market?
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
Subsegments:
1) By Thermal Power Plant: Boiler Maintenance, Turbine Maintenance, Cooling System Maintenance, Electrical and Instrumentation Maintenance, Ash Handling and Pollution Control Maintenance
2) By Nuclear Power Plant: Reactor Maintenance, Fuel Handling and Storage Maintenance, Cooling System Maintenance, Radiation Monitoring and Safety Maintenance, Electrical and Control System Maintenance
3) By Combined Cycle Power Plant: Gas Turbine Maintenance, Steam Turbine Maintenance, Heat Recovery Steam Generator (HRSG) Maintenance, Electrical and Instrumentation Maintenance, Cooling and Condensing System Maintenance
4) By Hydropower Plant: Turbine and Generator Maintenance, Dam and Reservoir Maintenance, Penstock and Valve Maintenance, Control Systems Maintenance, Electrical and Mechanical Maintenance
5) By Renewable Energy Power Plant: Wind Turbine Maintenance, Solar Panel Maintenance, Battery Storage System Maintenance, Inverter and Power Control Systems Maintenance, Biomass and Geothermal Plant Maintenance
6) By Other Power Plant Types: Waste-to-Energy Plant Maintenance, Hydrogen Power Plant Maintenance, Fuel Cell Power Plant Maintenance
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Who Are the Global Leaders in the Power Plant Maintenance Market?
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.
Which are the Top Profitable Regional Markets for the Power Plant Maintenance Industry?
Asia-Pacific was the largest region in the power plant maintenance market in 2024. 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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