Thermal Power Maintenance Market to 2020 – Rising Electricity Demand

March 2, 2012 - PRLog -- The global maintenance services market generated revenue of $15,552.5m in 2011, a 2.3% growth from the 2008 revenue of $14,623.1m. The coal fired power plant segment contributed the majority share of 62% to the total thermal power maintenance market with revenue from this segment amounting to $9,666.8m in 2011. The gas fired power plants segment contributed a share of 32% in 2011 with revenue contribution of $5,017.3m. The oil plants segment contributed the remaining share of 6% with a total revenue contribution of $868.1m in 2011. The maintenance services market is largely driven by electricity demand and the aging power infrastructure leading to increased demand for maintenance services.

The Asia-Pacific and Middle East regions are leading the global market with the highest growth rates of 7.1% and 7.9%, respectively, during the forecast period 2012-2020. Latin America constitutes only 0.5% of the total thermal power maintenance market, although it is expected to grow at a high CAGR of 7.5% during the forecast period.

The global thermal power maintenance services market is largely segmented into five regions: North America, Asia-Pacific, Europe, the Middle East and Latin America. The Asia-Pacific region contributes the major share to the thermal power maintenance market in the region. The thermal power maintenance services market in China generated revenue of $5,490m in 2011. During the forecast period 2012-2020, the market for thermal power maintenance services in China is expected to grow at a CAGR of 6.5% reaching revenue of $9,920m in 2020. The large base of thermal power plants in the country and the growing electricity demand is driving the market for maintenance services in Asia-Pacific region.

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The thermal power maintenance services market of India generated revenue of $901.2m in 2011. During the forecast period 2012-2020 the maintenance market in India is expected to grow at a CAGR of 10.9% to reach revenue of $2,526.1m in 2020

It is estimated that 42% of the aging installed base in the world is concentrated in North America and most of them have already passed their 30 years of design life. The old and aging power plants in the region are the single largest driving force for the maintenance services market. The aging power plants in the region have low efficiency levels and plant owners are increasingly investing in maintenance services to increase the efficiency levels of their plants. The large number of power plants reaching retirement age will continue to drive the market for servicing as utilities strive to replace components to maintain the current levels of installed capacity. The service providers are increasingly entering into contracts with plant owners to improve the output of the power plants. This factor is going to drive the growth of the maintenance market in the North American region in the near future.

GBI Research, a leading business intelligence provider, has released its latest research, “Thermal Power Maintenance Market to 2020 - Rising Electricity Demand and New Installations Stimulate Asia Pacific and Middle East Markets”. The report gives an in-depth analysis of the Global Thermal Power Maintenance market covering the five major geographies – North America, Europe, Asia-Pacific, Latin America and Middle East. The report gives market revenue from 2005- 2020 for major countries such as the US, Canada, Colombia, Peru, UK, Germany, Netherlands, Belgium, China, India, Malaysia, Australia, New Zealand, Saudi Arabia and UAE. The report provides market revenue by service type (O&M and MRO) and by fuel type (coal, oil and gas). It also provides countries analysis and competitive structure analysis (OEMs vs ISPs). The report covers company profiles of major market leaders such as Alstom, Siemens, GE, Babcock and Wilcox, Foster Wheeler and Mitsubishi.

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