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Fossil-Fired Power Plants Maintenance Provides Counterbalance to Downturn in New-Build Business
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Aging power plants generate high revenues for the power plant servicing marketThe power plant services market is growing rapidly as new generating capacities are being added to plants to cope with the rising demand for electricity. The US is the biggest market in this segment and is expected to retain this position until 2030 due to the presence of numerous old and maintenance-intensive power plants in the country. In the meantime, the markets of China, India and the Association of Southeast Asian Nations (ASEAN) are expanding rapidly, fuelled by escalating energy needs. This demand has spurred a massive expansion drive in the Asia-Pacific power sector, especially in China, which is investing heavily in gas-fired power plants. As these power plants require frequent maintenance, there will be substantial opportunities in the power plant services market in the coming years. Furthermore, with the growth of independent power producers (IPPS), the Chinese power industry has become extremely competitive which will, in turn, drive the power plant services market.
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