Power plant services market was valued at USD 50.82 million in 2021 and is expected to reach USD 88.81 million by the year 2028, at a CAGR of 8.3% over the forecast period 2022- 2028.
A power plant is an industrial facility that generates electricity from primary energy. Most power plants utilize one or more generators to convert mechanical energy into electrical energy to supply power to fulfill industrial electrical needs. Power plant operators handle operational sector or operational risks such as infrastructure, planning, and supply chain activities, and also they have to invest their time in power plant service operation. Due to this the power plant service providers handle the maintenance of the plant and let operators concentrate more on their primary business goals. Operators of power plants around the world are increasingly appointing service providers to perform repairs and other activities at their facilities to save time, and work more effectively. For instance, as of 2022, there were 1,110 operational coal power plants on the Chinese Mainland. The rise in the number of power plants, to meet the growing energy demand is expected to support the development of the power plant services market over the analysis period.
Major Key Players for Power Plant Services Market
- Mitsubishi Heavy Industries
- TNB Remaco
- Gujarat Industries Power
- Transfield Services
- Vasavi Power Service
Market Dynamics and Factors
Power plant services demand is increasing due to the increasing energy demand. The increasing population, industrialization, and small business create a high need for electric energy, and to feed this demand, power plant operations are running continuously. Regular maintenance services are required to increase the life expectancy of power plants thus, creating a lucrative opportunity for the market players. The average life span of a hydropower plant is somewhere from 60 to 100 years and Nuclear stations are designed for a life of about 40 years. In order to keep them functioning throughout their lifespan, maintenance services will play an important role. Effective service practices provide more life span or running time to the equipment. As a result, propelling the expansion of the power plant services market over the projected timeframe.
Power Plant Services Market Report Highlight
- By solution, the O&M segment is expected to have the maximum market share in power plant services during the projected period. Observations and measurements play an important role in power plant maintenance thereby, supporting the growth of the segment.
- By application, the private enterprise segment is anticipated to dominate the power plant services market over the forecast year. Private enterprises have a large share in the power plant market so the need for services is high in private enterprise services that propel the growth of the market.
- By region, Asia Pacific is expected to dominate the power plant services market, during the projected period. A large number of power plant setups in this region support the growth of the power plant services market in the Asia Pacific.
Key Industry Development
- In December 2020, KAWASAKI, Japan Toshiba Energy Systems & Solutions Corporation launched a subscription service related to virtual power plant technology that provides solar PV power generation and electricity demand forecasting as a service to electric utility companies and independent power producers in Japan.
- In January 2021, Fusebox introduces a new service in Lithuania. The Estonian start-up Fusebox, which offers “virtual power plant” services, looks to actively expand its services across all three Baltic States this year.
Power Plant Services Market Segmentation
- State-Owned Enterprises
- Private Enterprises
For this report, Introspective Market Research has segmented the Power Plant Services Market based on region
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM