The new report by Expert Market Research titled, ‘North America Hydropower Generator Repair and Maintenance Market Report and Forecast 2022-2027’, gives an in-depth analysis of the North America hydropower generator repair and maintenance market, assessing the market based on its segments like types, services, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 582.4 Million
• Forecast CAGR (2022-2027): 9.30%
• Forecast Market Size (2027): USD 976.1 Million
|Market Size in 2021||USD 582.4 Million|
|Revenue Forecast in 2027||USD 976.1 Million|
|Growth Rate CAGR||9.30%|
|Major Players||ABB Ltd., General Electric, Integrated Power Services, LLC, Renown Electric Motors & Repair Inc., Nidec Industrial Solution, and Toshiba Energy Systems & Solutions Corporation, among others.|
The increasing demand for electricity in the North American region owing to rapid industrialisation is leading to the expanding use of hydropower generators, which is leading to the rising maintenance and repair, thus propelling the industry. Hydroelectricity accounted for 7.3% of the total electricity generation in the United States of America.
In addition, the numerous benefits of hydropower generators, such as flood control, clean drinking water, low-cost operations, irrigation support, and extended durability are resulting in the utilisation of hydropower generators. The increased number of hydropower plants in the region, particularly in the United States of America, which has about 1,450 conventional and 40 pumped-storage hydropower plants, are also contributing to the industry’s steady growth.
Moreover, the rising maintenance of hydropower generators to avoid longer downtime, expensive repairs, and greater safety risks are invigorating the market.
North America Hydropower Generator Repair and Maintenance Industry Definition and Major Segments
The hydropower generator is used to generate electricity from fast running water in natural resources, like lakes and rivers. The hydropower generators are maintained and repaired on a timely basis to ensure safe and reliable operations. The maintenance of the hydropower generator will also provide details about the systems, service life, and operating conditions of the generator.
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The hydropower generator repair and maintenance industry, by type can be segmented into:
• General Repair
Based on service, the market is divided into:
• On-Site Service
• Off-Site Service
The regional markets for hydropower generator repair and maintenance include the United States of America and Canada.
North America Hydropower Generator Repair and Maintenance Market Trends
The environment-friendly characteristics of hydroelectricity and hydropower generators, such as renewability, fewer emissions of greenhouse gases, low operational costs, are prompting the government to take initiatives that are leading to the incremental growth of the hydropower generators repair and maintenance industry.
The increasing construction of hydropower plants in Canada, such as the 695 MW Keeyask Project in Manitoba, two new-generation units with a capacity of 640 MW at La Romaine, and the 824 MW Muskrat Falls project are also leading to the incremental development of the market. In addition, the better-quality hydropower generator maintenance services provided by industry players such as Toshiba also plays a critical role in augmenting the industry.
Moreover, technological advancements such as artificial intelligence and the investments made by the industry players and government are also expected to propel the hydropower generator repair and maintenance industry in the forecast period.
Key Market Players
The major players in the market are:
- ABB Ltd
- General Electric
- Integrated Power Services, LLC
- Renown Electric Motors & Repair Inc
- Nidec Industrial Solution
- Toshiba Energy Systems & Solutions Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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