Dublin, May 08, 2023 (GLOBE NEWSWIRE) -- The "Power Plant Maintenance Market by Power Plant Type, Services, Equipment: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report 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.
Key Market Players
- Enel Spa
- Shell Plc.
- Siemens AG
- RWE AG
- ABB Ltd.
- RES Group
- General Electric
- Engie
- Emerson Electric Co.
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.
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 Attributes:
| Report Attribute | Details |
| No. of Pages | 473 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $20.7 billion |
| Forecasted Market Value (USD) by 2031 | $33.2 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Rise in dependencies on electricity
- Favorable government policies towards renewable fuels
Restraints
- High cost associated with nuclear power plants
Opportunities
- Strategic initiative by major key players
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
ByEquipment
- Steam turbine
- Gas Turbine
- Wind Turbine
- Boilers
- Generator
- Condensor
- Others
For more information about this report visit https://www.researchandmarkets.com/r/3s7dew
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