Categories: Industry

Power Plant Maintenance Market Growth Outlook Through 2024-2033

Overview and Scope
Power plant maintenance refers to the regular and systematic inspection, examining, modifying, fixing, and upgrading of equipment, machinery, and other resources that support power plants’ daily operations. Power plant maintenance is critical for guaranteeing employee safety, extending the life of plant equipment, and reducing unexpected downtime.

Sizing and Forecast
The power plant maintenance market size has grown strongly in recent years. It will grow from $21.10 billion in 2023 to $22.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. 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 $27.0 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. 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.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the power plant maintenance market in 2023. 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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Major Driver Impacting Market Growth
The growing global energy demand is expected to propel the growth of the power plant maintenance market in the coming years. Energy demand refers to the amount of energy needed by individuals, enterprises, industries, and society to meet diverse requirements and activities like heating, cooling, lighting, transportation, production, and communication. Energy demand is on the rise due to numerous factors, including changing weather conditions, lowering energy prices, favorable government policies, and environmental considerations. Power plant maintenance is essential to managing rising energy demand by guaranteeing dependable operation, increasing efficiency, prolonging equipment lifespan, improving safety and compliance, and optimizing performance. For instance, in June 2023, according to the Energy Information Administration, a US-based primary government statistical system, the primary consumption of electricity in the United States was 100.4 quadrillion British thermal units (quads) in 2022, up 3% from 2021. In 2022, non-fossil fuel sources such as nuclear and renewables accounted for around 21% of US energy consumption. Therefore, the growing global energy demand is driving the power plant maintenance market.

Key Industry Players
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.

The power plant maintenance market report table of contents includes:

1. Executive Summary

2. Power Plant Maintenance Market Characteristics

3. Power Plant Maintenance Market Trends And Strategies

4. Power Plant Maintenance Market – Macro Economic Scenario

5. Global Power Plant Maintenance Market Size and Growth

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32. Global Power Plant Maintenance Market Competitive Benchmarking

33. Global Power Plant Maintenance Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Power Plant Maintenance Market

35. Power Plant Maintenance Market Future Outlook and Potential Analysis

36. Appendix