Hydro Turbines Maintenance Market - Industry Report, 2030
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Hydro Turbines Maintenance Market
- Hydropower is a prominent source of renewable energy, which helps decarbonization across the globe. The hydropower sector has doubled in size from 625 GW in 1995 to more than 1,300 GW in 2019.
- Maintenance of hydro turbines is highly essential, as they play a key role in the operation of the hydropower plant. Timely maintenance increases the life and efficiency of these turbines.
- Rise in demand and investments in generation of hydroelectricity has increased the demand for maintenance of hydro turbines. Turbines play a vital role in the generation of hydroelectric power.
- Maintenance of hydro turbines could be predictive, preventive, or planned. Predictive maintenance reduces the maintenance cost, as compared to that incurred by preventive maintenance, as it prevents excess wear & tear of turbine parts. 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 Hydro Turbines Maintenance Market
- Demand for hydro turbines maintenance is expected to increase in the near future owing to a rise in globalization and urbanization globally. Demand for electricity is rising owing to an increase in population.
- Increased investment for generation of hydroelectric power is anticipated to boost the global hydro turbines maintenance market in the near future
COVID-19 Impact on Global Hydro Turbines Maintenance Market
- Rapid spread of the COVID-19 pandemic has had an impact on the global power generation market. The pandemic halted the installation of several power projects owing to disturbance in supply of equipment, raw material, and labor. Maintenance schedules of various hydropower plants are highly disturbed.
- On May 9, 2020, 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.
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Asia Pacific to Hold Major Share of Global Hydro Turbines Maintenance Market
- Based on region, the global hydro turbines maintenance market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global hydro turbines maintenance market in 2019. The market in the region is highly attractive during the forecast period, as the region has highest installed base of hydroelectric power plant. In Asia Pacific, China, Japan, India, and South Korea has significantly high number of installed bases.
- North America is anticipated to account for a notable share of the global hydro turbines maintenance market during the forecast period. The U.S. has around 22.9 GW of installed hydroelectric power plants.
- 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 hydroelectric plants in Europe is anticipated to boost the hydro turbines maintenance market in the region.
- Middle East & Africa is likely to account for a relatively minor share of the market in the near future as the hydroelectricity generation market is still in the nascent phase in the region
- Latin America is anticipated to hold a moderate share of the global market during the forecast period. The market in the region is expected to expand at healthy pace in the near future as the investment in generation of hydropower is estimated to rise in the near future. Brazil installed 4919 MW of hydropower in 2019.
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Key Players Operating in Market
Major players operating in the global hydro turbines maintenance market are:
- Renewables First
- BHI Energy
- GENERAL ELECTRIC
- Kiser Hydro, LLC
- Enel Spa
- Hydro Tech Inc.
Global Hydro Turbines Maintenance Market: Research Scope
Global Hydro Turbines Maintenance Market, by Technology
Global Hydro Turbines Maintenance Market, by Testing Method
Global Hydro Turbines Maintenance Market, by Maintenance Type
Global Hydro Turbines Maintenance Market, by Capacity
- Small (Up to 10MW)
- Medium (11MW - 100MW)
- Large (Above 100MW)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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- Hydro Turbines Maintenance Market
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