Power plants rely on many pieces of
equipment and machinery to support their day-to-day operations. Power plant
maintenance is the work performed to maintain power plants which include
inspections, maintenance, and repairs. Without the right maintenance
procedures, key equipment and machinery can fall into disrepair, leading to
potentially dangerous situations on site and also to the premature failure of
expensive equipment used in generating power. The power plant maintenance market size
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.
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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.
By power plant type, one of the major
renewable energy sources i.e., solar energy accounts for a significant market
share in the renewable energy market. The installed capacity of solar energy in
the Netherlands in 2018 increased by 1,500 megawatts (or 50% year-over-year),
reaching 4,400 megawatts which residential rooftop solar has been the main
source in the past few years. Nearly 2,300 MW of residential rooftop solar
capacity was added in 2018. However, there is an increase in the adoption of
rooftop solar for businesses. Nearly 530 MW of the 1,500 MW increase in 2018
was installed on industrial and utility roofs.
Moreover, the sector is anticipated to
continue to increase efficiency in 2023 with bigger turbines, taller towers, and
longer cables. To increase efficiencies, wind turbine manufacturers are
adopting larger turbines. Due to their extensive knowledge of offshore
conditions, oil and gas industries are well-positioned to invest significantly
in both fixed and floating offshore wind. Some substantial oil and gas firms
are reorienting their efforts toward a fresh, reliable cash stream in a
developing low-carbon industry.
The global power plant maintenance
market growth is majorly driven by an increase in energy demand due to rising
in the industrial sector. In addition, the surge in the need for sustainable
energy resources has been witnessed across the globe, coupled with favorable
government support. In addition, a strong focus on the reduction of carbon
footprint across developing countries and developed nations is expected to
propel the growth of the power plant maintenance market.
However, the high cost associated with
nuclear power plants is expected to hinder the growth of the market. On the
contrary, an increase in the strategic initiative by major key players is
expected to offer a lucrative opportunity for market growth.
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The power plant maintenance market
forecast is segmented on the basis of power plant type, services, equipment,
and region. On the basis of power plant type, it is segmented into
thermal, nuclear, combined cycle, hydropower, renewable energy, and another
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. Predictive
maintenance garnered 39.7% in terms of revenue in 2021 and is expected to grow
at a CAGR of 5.0% during the forecast period. The increase in the use of predictive
maintenance for power plant maintenance is increasing in the power sector to
enhance productivity and reduce the costs of the power plants, 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. Region-wise, the market is studied across North
America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for
the largest share of the power plant maintenance market industry, followed by
North America and Europe.
The rise in industrialization in the
Asia-Pacific region led to an increase in power generation infrastructural
development, which in turn increased the demand for power plant maintenance.
Thus, acting as the major driving factor for market growth. In addition, the
rise in the development of monitoring and control services in developing
countries, such as India will lead 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 derived from fossil fuels.
Owing to the 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 plants and equipment. This
is expected to act as the major driving factor for the power plant maintenance
market growth.
The major companies profiled in the
power plant maintenance market analysis include ABB Ltd, General Electric,
Mitsubishi Electric, Siemens AG, ENEL S.P.A, RES Group, RWE, Engie Inc, Shell,
and Emerson. Additional growth strategies such as the 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.
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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, the Asia-Pacific region
dominated the global power plant maintenance market with more than 40% of
the share, in terms of revenue.
About Us
Allied Market Research (AMR) is a
full-service market research and business-consulting wing of Allied Analytics
LLP based in Portland, Oregon. Allied Market Research provides global
enterprises as well as medium and small businesses with unmatched quality
“Market Research Reports” and “Business Intelligence Solutions.” AMR has a
targeted view to provide business insights and consulting to assist its clients
to make strategic business decisions and achieve sustainable growth in their
respective market domains.
Pawan Kumar, the CEO of Allied
Market Research, is leading the organization toward providing high-quality data
and insights. We are in professional corporate relations with various companies
and this helps us in digging out market data that helps us generate accurate
research data tables and confirms the utmost accuracy in our market
forecasting. Each and every data presented in the reports published by us is
extracted through primary interviews with top officials from leading companies
of the domain concerned. Our secondary data procurement methodology includes
deep online and offline research and discussion with knowledgeable
professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
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Power plants rely on many pieces of equipment and machinery
to support their day-to-day operations. Power plant maintenance is the work
performed to maintain power plants which includes inspections, maintenance, and
repairs. Without the right maintenance procedures, key equipment and machinery
can fall into disrepair, leading to potentially dangerous situations on site
and also to the premature failure of expensive equipment used in generating
power. The power
plant maintenance market size 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.
Get a PDF brochure for Industrial Insights and Business
Intelligence @ https://www.alliedmarketresearch.com/request-sample/47923
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.
By power plant type, one of the major renewable energy
sources i.e., solar energy accounts for a significant market share in the
renewable energy market. The installed capacity of solar energy in the
Netherlands in 2018 increased by 1,500 megawatts (or 50% year-over-year),
reaching 4,400 megawatts which residential rooftop solar has been the main
source in the past few years. Nearly 2,300 MW of residential rooftop solar
capacity was added in 2018. However, there is an increase in the adoption of
rooftop solar for businesses. Nearly 530 MW of the 1,500 MW increase in 2018
was installed on industrial and utility roofs.
Moreover, the sector is anticipated to continue to increase
efficiency in 2023 with bigger turbines, taller towers, and longer cables. To
increase efficiencies, wind turbine manufacturers are adopting larger turbines.
Due to their extensive knowledge of offshore conditions, oil and gas industries
are well-positioned to invest significantly in both fixed and floating offshore
wind. Some substantial oil and gas firms are reorienting their efforts toward a
fresh, reliable cash stream in a developing low-carbon
industry.
The global power plant maintenance market growth is majorly
driven by an increase in energy demand due to rising in the industrial sector.
In addition, the surge in the need for sustainable energy resources has been
witnessed across the globe, coupled with favorable government support. In
addition, a strong focus on the reduction of carbon footprint across developing
countries and developed nations is expected to propel the growth of the power
plant maintenance market.
However, the high cost associated with nuclear power plants
is expected to hinder the growth of the market. On the contrary, an increase in
the strategic initiative by major key players is expected to offer a lucrative
opportunity for market growth.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/47923
The power plant maintenance market forecast is segmented on
the basis of power plant type, services, equipment, and region. On
the basis of power plant type, it is segmented into thermal, nuclear, combined
cycle, hydropower, renewable energy, and another 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. Predictive maintenance garnered
39.7% in terms of revenue in 2021 and is expected to grow at a CAGR of 5.0%
during the forecast period. The increase in the use of predictive maintenance
for power plant maintenance is increasing in the power sector to enhance
productivity and reduce the costs of the power plants, 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.
Region-wise, the market is studied across North America, Europe, Asia-Pacific,
and LAMEA. Presently, Asia-Pacific accounts for the largest share of the power
plant maintenance market industry, followed by North America and
Europe.
The rise in industrialization in the Asia-Pacific region led
to an increase in power generation infrastructural development, which in turn
increased the demand for power plant maintenance. Thus, acting as the major
driving factor for market growth. In addition, the rise in the development of
monitoring and control services in developing countries, such as India will
lead 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 derived from fossil fuels.
Owing to the 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 plants and equipment. This is expected to act as the
major driving factor for the power plant maintenance market
growth.
The major companies profiled in the power plant maintenance
market analysis include ABB Ltd, General Electric, Mitsubishi Electric,
Siemens AG, ENEL S.P.A, RES Group, RWE, Engie Inc, Shell, and Emerson. Additional
growth strategies such as the 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.
Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/b6c0442eccfc4604a318199961625fce?utm_source=AMR&utm_medium=research&utm_campaign=P21776
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, the Asia-Pacific region dominated the global power plant maintenance
market with more than 40% of the share, in terms of revenue.
About Us
Allied Market Research (AMR) is a full-service market
research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
medium and small businesses with unmatched quality “Market Research Reports”
and “Business Intelligence Solutions.” AMR has a targeted view to provide
business insights and consulting to assist its clients to make strategic
business decisions and achieve sustainable growth in their respective market
domains.
Pawan Kumar, the CEO of Allied Market Research, is
leading the organization toward providing high-quality data and insights. We
are in professional corporate relations with various companies and this helps
us in digging out market data that helps us generate accurate research data
tables and confirms the utmost accuracy in our market forecasting. Each and
every data presented in the reports published by us is extracted through
primary interviews with top officials from leading companies of the domain
concerned. Our secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals and analysts
in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |
