Market Overview
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.
