The global power plant maintenance market size was valued at $20.7 billion in 2021, and is projected to reach $33.2 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Plant maintenance helps industrial companies boost equipment uptime. It is essential for maintaining the longevity and safety of plant assets. In addition, it ensures manufacturing runs on schedule and helps prevent unanticipated downtime. Power plant operations require regular maintenance to keep all the infrastructure and assets in excellent operating condition as well as to ensure the safety of the employees.
The power plant maintenance market is segmented on the basis of power plant type, it is segmented into thermal, nuclear, combined cycle, hydropower, renewable energy, and other type of energy. Renewable energy type is further segmented into solar energy, wind energy, and other sources. On the basis of services, the market is classified into Monitoring & Control, Preventive/Scheduled Maintenance, Predictive Maintenance, Breakdown Maintenance, and others. On the basis of equipment, steam turbine, gas turbine, wind turbine, boilers, generators, condenser, feedwater pump, and other equipment. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
ABB Ltd, General Electric, Mitsubishi Electric, Siemen AG, ENEL S.P.A, RES Group, RWE, Engie Inc, Shell, and Emerson are some of the major players discussed in the report. To understand the market, drivers, restraints, and opportunities are explained in the report. Further, the key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
Plant maintenance helps industrial companies boost equipment uptime. It is essential for maintaining the longevity and safety of plant assets. In addition, it ensures manufacturing runs on schedule and helps prevent unanticipated downtime. Power plant operations require regular maintenance to keep all the infrastructure and assets in excellent operating condition as well as to ensure the safety of the employees.
The power plant maintenance market is segmented on the basis of power plant type, it is segmented into thermal, nuclear, combined cycle, hydropower, renewable energy, and other type of energy. Renewable energy type is further segmented into solar energy, wind energy, and other sources. On the basis of services, the market is classified into Monitoring & Control, Preventive/Scheduled Maintenance, Predictive Maintenance, Breakdown Maintenance, and others. On the basis of equipment, steam turbine, gas turbine, wind turbine, boilers, generators, condenser, feedwater pump, and other equipment. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
ABB Ltd, General Electric, Mitsubishi Electric, Siemen AG, ENEL S.P.A, RES Group, RWE, Engie Inc, Shell, and Emerson are some of the major players discussed in the report. To understand the market, drivers, restraints, and opportunities are explained in the report. Further, the key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power plant maintenance market analysis from 2021 to 2031 to identify the prevailing power plant maintenance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the power plant maintenance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global power plant maintenance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Power Plant Type
- Thermal
- Nuclear
- Combined Cycle
- Hydropower
- Renewable Energy
- Type
- Solar Power
- Wind Power
- Others
- Others
By Services
- Monitoring and Control
- Preventive/Scheduled Maintenance
- Predictive Maintenance
- Breakdown Maintenance
By Equipments
- Steam turbine
- Gas Turbine
- Wind Turbine
- Boilers
- Generator
- Condensor
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Enel Spa
- Shell Plc.
- Siemens AG
- RWE AG
- ABB Ltd.
- RES Group
- General Electric
- Engie
- Emerson Electric Co.,
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: POWER PLANT MAINTENANCE MARKET, BY POWER PLANT TYPE
CHAPTER 5: POWER PLANT MAINTENANCE MARKET, BY SERVICES
CHAPTER 6: POWER PLANT MAINTENANCE MARKET, BY EQUIPMENTS
CHAPTER 7: POWER PLANT MAINTENANCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Power Plant Maintenance Market," the power plant maintenance market was valued at $20.7 billion in 2021, and is estimated to reach $33.2 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.Power plants rely on many equipment and machinery to assist their day-to-day operations. Power plant maintenance is the work performed to maintain power plants which includes inspections, maintenance and repairs. Without the proper maintenance procedures, key equipment and machinery can fall into disrepair, leading to unsafe situations on site and also to the premature failure of expensive hardware used in generating power. Power plants convert raw energy sources such as coal, nuclear heat, or wind, into usable power in the form of electricity. A thermal power plant, which is one of the most common types, is a plant that creates power by burning fuel to convert it into electricity.
The growth of the global power plant maintenance market is driven primarily by increase in energy demand owing to the rise in industrial sector. In addition, surge in need for sustainable energy resources has been witnessed across the globe, coupled with favorable government support. Moreover, high emphasis towards reduction of carbon footprint across the developing countries and developed nations is anticipated to spur the growth of the power plant maintenance market. However, high cost associated with nuclear power plant is expected to hinder the growth of the market. On the other hand, it is anticipated that a rise in strategic initiative by significant key players will offer lucrative opportunities for market expansion.
The power plant maintenance market is segmented on the basis of by power plant type, services, equipment, and region. On the basis of power plant type, it is fragmented into thermal, nuclear, combined cycle, hydropower, renewable energy, and other type of energy. Renewable energy type is further segmented into solar energy, wind energy, and other sources. The nuclear segment was the highest revenue contributor to the market, with $6,070.5 million in 2021, and is estimated to reach $10,077.3 million by 2031, with a CAGR of 5.1%. The global nuclear power plant and equipment market is driven by increase in energy demand and generation for clean electricity across the globe. Countries look for clean and efficient ways, such as nuclear power to produce energy as the demand for energy continues to increase. Furthermore, technological advancements in nuclear power equipment have fueled the growth of the market. However, difficulty in management of nuclear waste that includes radioactive waste limits the market growth.
On the basis of services, the market is classified into Monitoring & Control, Preventive/Scheduled Maintenance, Predictive Maintenance, Breakdown Maintenance, and others. The predictive maintenance garnered 39.7% in terms of revenue in 2021 and expected to grow at a CAGR of 5.0% during the forecast period. The increase in use of predictive maintenance for the power plant maintenance is increasing in the power sector to enhance productivity and reduce costs of power plant, which in turn, is expected to fuel global power plant maintenance market growth over the forecast period.
On the basis of equipment, steam turbine, gas turbine, wind turbine, boilers, generators, condenser, feedwater pump, and other equipment. The gas turbine segment was the highest revenue contributor to the market, with $5,252.5 million in 2021, and is estimated to reach $8,777.6 million by 2031, with a CAGR of 5.1%. The global gas turbine market is driven by increase in energy demand and increase in focus towards distributed power production technologies. As the demand for power continues to increase, government support for power generation technologies that minimize carbon dioxide (CO2) emissions around the world, the gas turbine market is anticipated to expand significantly over the projected period. Henceforth, increase in power production across the globe is expected to create lucrative opportunities for the growth of the market in the future.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe. Rise in industrialization in the Asia-Pacific region resulted in an upsurge in the power generation infrastructural development, which in turn increased the demand for power plant maintenance. Thus, acting as the major driving factor for the market growth. In addition, rise in advancement in monitoring and control services in the developing countries, such as India will led to creating wide opportunities for the power plant maintenance market. The U.S. is the second largest energy consumer, after China. The majority of this energy is generated from fossil fuels.
Owing to increase in carbon footprint, the U.S. Government has implemented stringent environmental regulations regarding the usage of fossil fuels and is encouraging the use of clean energy by enforcing policies, such as net metering and taking up community solar projects. According to Nuclear Energy Institute, the U.S. supplied the highest nuclear electricity in 2021 by 771,638 GW-HR, which shows that North America has good scope for nuclear power plant and equipment. This is expected to act as the major driving factor for the power plant maintenance market growth.
The major companies profiled in this report include ABB Ltd, General Electric, Mitsubishi Electric, Siemen AG, ENEL S.P.A, RES Group, RWE, Engie Inc, Shell, and Emerson. Additional growth strategies such as expansion of production capacities, acquisition, partnership, and research & innovation in the solar energy application have led to the development in the global power plant maintenance market trends.
Key Findings of the Study
- The renewable energy segment accounted for around 20% power plant maintenance market share in 2021 and is anticipated to grow at a rate of 5.0% in terms of revenue, increasing its share in the global power plant maintenance market during the forecast period.
- The monitoring and control segment is the fastest-growing application segment in the global power plant maintenance market and is expected to grow at a CAGR of 4.5% during 2021-2031.
- In 2021, Asia-Pacific region dominated the global power plant maintenance market with more than 40% of the share, in terms of revenue.
Companies Mentioned
- Enel Spa
- Shell Plc.
- Siemens AG
- RWE AG
- ABB Ltd.
- RES Group
- General Electric
- Engie
- Emerson Electric Co.,
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 473 |
| Published | February 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 20.7 billion |
| Forecasted Market Value ( USD | $ 33.2 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
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