Press release
Power Plant Maintenance Market on Track for Strong Growth, Estimated to Grow at 4% CAGR Through 2029
Power Plant Maintenance
What Is the Expected CAGR for the Power Plant Maintenance Market Through 2025?
The market size for maintenance of power plants has seen consistent growth in the past few years. It's anticipated to rise from $22.37 billion in 2024 to $23.44 billion in 2025, operating on a compound annual growth rate (CAGR) of 4.8%. The growth historically can be credited to a surge in coal power production, amplified demand for electricity, and heightened attention towards renewable energy sources.
What's the Projected Size of the Global Power Plant Maintenance Market by 2029?
Expectations are that the power plant maintenance market will experience consistent expansion in the forthcoming years, possibly reaching $27.42 billion in 2029 with a compound annual growth rate (CAGR) of 4.0%. This projected growth during the forecast period can be credited to improvements in efficiency, changes in market dynamics, supportive environmental policies, and a rise in fuel consumption. Key trends for the forecast period encompass technological progression, product innovation, strategic collaborations, and the incorporation of IoT into maintenance devices.
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Top Growth Drivers in the Power Plant Maintenance Industry: What's Accelerating the Market?
The surge in worldwide energy necessity is anticipated to boost the expansion of the power plant maintenance market in the upcoming years. The term energy demand refers to the quantity of energy that individuals, businesses, sectors, and society require for various needs and activities such as heating, cooling, illumination, transportation, manufacturing, and communication. The increasing energy demand is a result of several factors, namely shifting weather patterns, declining energy costs, encouraging governmental policies, and environmental factors. Maintenance of power plants is crucial in handling the escalating energy demand because it ensures reliable service, enhances effectiveness, extends the equipment's life, betters safety and compliance, and maximizes performance. For example, in June 2023, the Energy Information Administration, an American government statistic body, recorded that the primary consumption of electricity in the United States came to 100.4 quadrillion British thermal units (quads) in 2022, marking a 3% growth from 2021. In 2022, non-fossil fuel sources like nuclear and renewable energy made up approximately 21% of the energy consumption in the US. Consequently, the escalating global energy demand is fueling the growth of the power plant maintenance market.
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What Trends Will Shape the Power Plant Maintenance Market Through 2029 and Beyond?
Primary corporations in the power plant maintenance industry are concentrating on the creation of integrated platforms that automate extensive plant maintenance activities. These platforms are designed to reduce human mistakes, enhance the distribution of resources, and prolong the durability of vital equipment to ensure steady power production. For instance, in September 2022, SENSYN ROBOTICS, a company based in Japan that provides robotic solutions introduced Sensyn Core. The integrated platform is engineered to automate and optimize maintenance procedures in large-scale oil, gas, and power plants across the globe. SENSYN CORE employs autonomous drones and smart gadgets for trustworthy inspections and integrates with SAP's Asset Intelligence Network to simplify maintenance chores by creating drone flight paths and gathering anomaly data. This platform exemplifies a dedication to sustainability and innovation in the energy field by reducing the need for human assistance during maintenance processes.
What Are the Main Segments in the Power Plant Maintenance Market?
The power plant maintenancemarket 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the Power Plant Maintenance Market Through 2029?
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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