Power Plant Maintenance
- Power plant is a facility where electricity is generated from the primary source
- Maintenance of power plant is highly essential, as they play a key role in the overall operation of a plant. Timely maintenance increases life and efficiency of the power plant.
- Rise in demand for power plants and growth in investments in various power plants have boosted the demand for maintenance of power plants. The hydropower sector has doubled in size from 625 GW in 1995 to more than 1,300 GW in 2019.
- Maintenance of power plants can be predictive, preventive, or planned. Predictive maintenance reduces the maintenance cost as compared to that incurred in preventive maintenance, as it prevents excess wear & tear of the operating equipment. Planned maintenance is a routine or time-based maintenance that consists of lubrications, oil change, bearing checkup, and other such parameters.
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Key Drivers of Global Power Plant Maintenance Market
- Demand for power plant maintenance is expected to increase in the near future owing to rise in globalization and urbanization. Demand for electricity is rising owing to an increase in population.
- Increase in investment in generation of hydroelectric power, renewable energy, and geothermal power plants is anticipated to boost the global power plant maintenance market in the near future.
COVID-19 Impact on Global Power Plant Maintenance Market
- Rapid spread of the COVID-19 pandemic has impacted the global power generation market. The pandemic halted several power projects owing to disruption in supply of equipment, raw material, and labor. Maintenance schedules of various hydropower plants have been highly disturbed.
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Key Development
- On May 9, 2024, Enel Spa rolled out the world’s first wide-ranging predictive maintenance model for its hydroelectric power plants. The company initiated the PresAGHO project (Predictive System and Analytics for Global Hydro Operation), featuring an elaborate predictive maintenance model to tackle potential faults in hydroelectric power plants.
Asia Pacific to Hold Major Share of Global Power Plant Maintenance Market
- Based on region, the global power plant maintenance market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global power plant maintenance market in 2019. The market in the region is expected to be highly attractive during the forecast period, as the region has highest installed base of power plants. China, Japan, India, and South Korea possess high number of installed bases in the region.
- North America is anticipated to account for notable share of the global power plant maintenance market during the forecast period. The U.S. has around 8690 installed power plants.
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- The market in Europe is estimated to expand at a healthy pace during the forecast period owing to an increase in investments for the generation of hydroelectric power. Key countries in the region are Italy, Germany, Spain, France, and Austria. Rise in number of installation of power plants in Europe is anticipated to boost the power plant maintenance market in the region.
- Middle East & Africa is likely to account for relatively minor share of the market in the near future, as the power generation market is in the development phase in the region
- Latin America is anticipated to hold moderate share of the global market during the forecast period. Investment in the power generation market is estimated to rise in the near future. Brazil installed 4919 MW of hydropower in 2019.
Key Players Operating in Market
Major players operating in the global power plant maintenance market are:
- Thermax Limited
- Energo Engineering Projects Limited.
- JERA Co., Inc.
- NTPC Ltd.
- MYTILINEOS SA.
- GENERAL ELECTRIC
- DESEIN Private Limited
- LAXYO
- STEAG ENERGY SERVICES
- Siemens Energy
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