Press Release

North America Hydropower Generator Repair and Maintenance Market to Grow at a CAGR of 9.10% During 2024-2032, Driven by the Growing Shift Towards Renewable Energy Sources

North America Hydropower Generator Repair and Maintenance Market

According to a new report by EMR titled, ‘North America Hydropower Generator Repair and Maintenance Market Report and Forecast 2024-2032’, the North America hydropower generator repair and maintenance market attained a value of about USD 695.76 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 9.10% to reach nearly USD 1,522.63 million by 2032.

The North America market for hydropower generator repair and maintenance is being driven by the shift towards renewable and cleaner sources of energy. As a result of depleting fossil fuels and increasing GHG and carbon emissions, the adoption of hydroelectricity is boosting the demand for regular repairs and maintenance of hydropower generators. Hence, many companies established in the region are offering services such as preventive and predictive maintenance to ensure constant equipment operability of hydropower generators. Further, regular maintenance services and small repairs are commonly preferred to be done on-site with the help of skilled professionals to reduce travelling and handling costs. The market is also being led by several technological integrations to detect and carry out effective repair activities.

 

GE Electric (NYSE: GE), a leading player in the North America market for hydropower generator repair and maintenance, in January 2022, announced its plan to modernise four generator units at its Long Lake hydropower plant in Washington, US. Under a service contract with Avista Utilities, the company would effectively meet the growing requirements of the energy imbalance market. The plan is directed at maintaining the overall plant equipment reliability, along with increasing the efficiency and performance of the plant. The facility, after competition of the refurbishment project, would have an installed capacity exceeding 100MW. Such developments by leading market players are expected to strengthen the market growth in the forecast period.

 

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Market Analysis by Type, Service, and Region:

  • Based on type, the market can be divided into general repair and overhaul.
  • On the basis of service, the market can be classified into on-site service and off-site service.
  • The major regional markets for the product include the United States and Canada.

 

Key Findings of the Report:

  • Hydropower is a significant source of electricity in the United States and Canada, owing to which the growing demand for hydropower generator repair and maintenance is driving the market growth.
  • The market growth can be associated with technological integrations into the maintenance and repair processes, such as the use of AI to conduct spectrum and vibration analysis.
  • Regular maintenance of hydropower generators reduces the risk of large damages and aids in avoiding heavy costs in the future, thereby promoting the market growth.
  • As hydropower generators are subjected to corrosive moisture, extreme temperatures, and extreme pressure frequently, the demand for timely repair to keep the flow of hydropower is positively influencing the growth of the market.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the North America market for hydropower generator repair and maintenance for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) markets for types, services, and major regions of hydropower generator repair and maintenance in North America.
  • The report analyses market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces Model.

 

The major players in the North America hydropower generator repair and maintenance market are 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 comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

 

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

 

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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