Power Plant Maintenance Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The power plant maintenance market size has grown strongly in recent years. It will grow from $22.37 billion in 2024 to $23.65 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. 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 $28.16 billion in 2029 at a compound annual growth rate (CAGR) of 4.5%. 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.

The anticipated growth of the power plant maintenance market is driven by the increasing global energy demand expected in the coming years. Energy demand encompasses the quantity of energy required for various activities such as heating, cooling, lighting, transportation, production, and communication by individuals, enterprises, industries, and society. The surge in energy demand is attributed to factors such as changing weather conditions, decreasing energy prices, favorable government policies, and environmental considerations. Power plant maintenance plays a crucial role in addressing the escalating energy demand by ensuring reliable operation, enhancing efficiency, extending equipment lifespan, improving safety and compliance, and optimizing overall performance. For example, as of June 2023, the Energy Information Administration reported that the primary consumption of electricity in the United States reached 100.4 quadrillion British thermal units (quads) in 2022, marking a 3% increase from 2021. In 2022, non-fossil fuel sources, including nuclear and renewables, accounted for approximately 21% of US energy consumption. Thus, the growing global energy demand is a driving force behind the power plant maintenance market.

Major players in the power plant maintenance market are actively focusing on introducing augmented reality (AR)-based digital technological solutions to enhance their competitive position. AR-based digital technological solutions involve the use of computer-generated visual and auditory information to improve maintenance and repair processes within power generation facilities. For instance, in December 2021, Siemens AG, a Germany-based automation company, collaborated with Augmensys GmbH, an Austria-based software corporation, to develop the Comos Mobile Worker app. This new augmented reality (AR)-based mobile management software is designed to assist plant maintenance teams in rapidly processing real-time data from various sources, visualizing and processing engineering data, real-time data from control systems, and enterprise resource planning (ERP) system data. This enhances the safety and efficiency of process plant operations.

In August 2024, Suzlon Energy, an India-based renewable energy company, acquired Renom Energy Services for an undisclosed amount. This acquisition is part of Suzlon's strategy to reinforce its presence in the renewable energy sector by incorporating Renom Energy Services' expertise in wind turbine operations and maintenance. This move enhances Suzlon’s ability to provide comprehensive renewable energy solutions and strengthens its service portfolio for sustainable, long-term growth. Renom Energy Services is an India-based company specializing in power plant maintenance.

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.

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. The countries covered in the power plant maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The power plant maintenance market includes revenues earned by entities by offering services such as repair and replacement of equipment, emission monitoring, turbine support, and inspection services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Power plant maintenance involves the routine and systematic inspection, examination, modification, repair, and upgrading of equipment, machinery, and other resources essential for the daily operations of power plants. This maintenance is crucial for ensuring employee safety, extending the lifespan of plant equipment, and minimizing unforeseen downtime.

The primary types of power plant maintenance include thermal, nuclear, combined cycle, hydropower, renewable energy, and others. A thermal power plant is a facility that converts heat energy into electrical power by boiling water in a large pressure vessel, generating steam at high pressure, which then drives a steam turbine coupled to an electrical generator. Various types of maintenance services are performed, including monitoring and control, preventive or scheduled maintenance, predictive maintenance, and breakdown maintenance. Numerous pieces of equipment are covered, such as steam turbines, gas turbines, wind turbines, boilers, generators, condensers, and others.

The power plant maintenance market research report is one of a series of new reports that provides power plant maintenance market statistics, including power plant maintenance industry global market size, regional shares, competitors with a power plant maintenance market share, detailed power plant maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the power plant maintenance industry. This power plant maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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