North America Renewable Electrical Maintenance Market Report and Forecast 2024-2032

North America Renewable Electrical Maintenance Market Outlook

The North America renewable electrical maintenance market size reached nearly USD 559.13 million in 2023. The market is projected to grow at a CAGR of 19.3% between 2024 and 2032 to reach around USD 2670.72 million by 2032.

Key Takeaways

• The abundance of natural resources in North America has made the region lucrative for renewable energy production.

• RESA Power, LLC, Shermco, and General Electric Company are a few of the major companies in the market.

• Canada’s renewable energy investment tax credit (ITC) introduced in the 2023 federal budget provides a 30% tax write-off for renewable technologies deployed until 2034 in Canada.

The increasing focus on sustainability has generated a higher need for renewable energy solutions like solar, wind, hydro, and geothermal power. The primary drivers behind the swift adoption of these energy systems include their cost-effectiveness, ability to enhance energy security, and their minimal or negligible environmental impact.

Some of the factors driving the North America renewable electrical maintenance market growth are the growing adoption of renewable energy sources and favourable government initiatives, such as the Build Back Better Act in the United States, actively promoting the installation of wind turbines and solar panels. Additionally, states like Arizona are setting ambitious targets, aiming to source 15% of their energy exclusively from renewable sources by 2025.

Figure: Sources of Electricity Generation in the USA, 2022

Key Trends and Developments

Rising adoption of renewable energy sources; technological advancements and innovations; the growing awareness regarding regular maintenance of renewable energy sources; and implementation of holistic data strategy are aiding the market growth.

August 2023

General Electric Company’s GE Vernova's Hydro Power division was chosen by Manitoba Hydro to carry out the replacement of the Unit-4 Kaplan runner at the 479 MW Grand Rapids Generating Station on the Saskatchewan River in Manitoba, Canada.

August 2023

National Renewable Energy Laboratory (NREL) initiated the implementation of a Strata Grid Distributed Energy Resource Management System (DERMS) at its Energy Systems Integration Facility (ESIF) to develop a versatile toolkit for various applications.

August 2023

Avangrid developed AI and machine learning-based systems for grid management. These systems, namely Predictive Health Analytics, GeoMesh, and HealthAI, leveraged existing data from Avangrid's electricity grids to forecast grid performance, assess equipment conditions, and identify areas requiring inspection.

June 2023

RESA Power completed the acquisition of Taifa Engineering to augment RESA Power's presence and expertise in Canada's electrical engineering sector, particularly in western Canada.

Adoption of renewable energy sources

The USA’s goals under the Climate Act aimed at achieving 70% renewably sourced electricity by 2030 and a zero-emission electric grid by 2040 are driving the adoption of renewable energy sources, fuelling the North America renewable electrical maintenance market development.

Increasing integration of advanced technologies in maintenance services

There is an increasing adoption of technological advancements, such as artificial intelligence and machine learning, to propel the automation in maintenance services. As a result, this trend is yielding increased effectiveness, decreased time and resource utilisation, and financial economies.

Rising investments in renewable energy projects

The United States government aims to achieve 80% renewable energy generation by 2030. As of 2021, 79% of the USA’s total energy production was from fossil fuel sources. As a result, the country is expected to significantly invest in in renewable energy projects to achieve these targets.

Implementation of a holistic strategy for data analysis

The collection of data points for the entire fleet, instead of focusing solely on individual turbines, opens up the potential to apply insights on a much broader scale.

Regular maintenance of renewable energy systems

Service providers are responsible for plant monitoring, performance management, and preventative and corrective maintenance of the assets. These long-term projects ensure a steady stream of revenue for maintenance companies.

North America Renewable Electrical Maintenance Market Trends

Canada is one of the largest per-capita consumers of energy, globally. To achieve the requirement of the United Nations Sustainable Development Goal 7 (SDG 7), Canada is transitioning to clean energy sources, including solar, wind, hydro, and geothermal. As part of SDG 7, Canada intends to achieve 90% of electricity from renewable and non-emitting resources by 2030. In July 2023, The Government of Canada, in partnership with Indigenous communities invested in nine solar power projects in Alberta. These projects in total are aimed at creating 163 MW of new solar generation and providing 48 MW of battery storage capacity.

Furthermore, innovations such as remote sensors and AI help substantially reduce maintenance expenses for operators, propelling the North America renewable electrical maintenance market expansion. For instance, a wind operator can detect a condition and opt to schedule a repair during a period of low wind. This early identification can minimise downtime and enable the wind operator to proactively plan.

Market Segmentation

North America Renewable Electrical Maintenance Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Solar Energy Services

• Wind Energy Services

• Hydro Energy Services

• Geo-Thermal Energy Services

Market Breakup by Component

• Transformer

• Battery and UPS System

• PV Module and Solar Cells

• Switchgear Assembly

Market Breakup by Service Type

• Preventive Field Services (Scheduled Maintenance)

• Preventive Engineering Services

• Emergency Services

• Thermographic Infrared Inspection of Photovoltaic Installation

• NETA Services

• Lookout Tagout (LOTO) Services

• Testing Services (Manual and Thermal Imaging)

• UPS Services

• Decommissioning 

• Others

Market Breakup by Deployment

• Onsite

• Offsite

Market Breakup by Country

• United States of America

• Canada

Solar energy services are expected to dominate the North America renewable electrical maintenance market share due to their easy installation and cost-effectiveness

Solar energy maintenance services usually consist of microinverter replacement, wiring repairs, trunk cable replacement, and critter nest removal. With use, solar systems' energy yield decreases, owing to single cells breaking down, and inverters not operating at their maximum efficiency. Panels may also experience warming and overheating due to parasitic currents, which can lead to fires. The use of thermal imaging can help operators detect these faults and take necessary actions.

Wind turbine maintenance is crucial to ensure uninterrupted operation and performance. As a result, operators need to regularly maintain wind turbines to identify and correct problems to prevent equipment failures, as well as to ensure maximum equipment lifespan and reliability.

As hydropower is North America’s largest source of renewable energy, the North America renewable electrical maintenance market expansion is witnessing an upward trajectory. The USA and Canada are among the top hydropower producers, globally, supporting the demand for timely maintenance services. Hydro energy services include commissioning support, in-place machining, welding, consulting, inspections, and assessments of hydro turbines. Service providers offer a range of critical plant support services, including technical support, emergency services, maintenance and repair, and diagnosis.

Besides, the USA is a significant producer of geothermal electricity, globally. In 2022, the country was home to geothermal power plants in seven states, producing around 17 billion kWh of power equal to around about 0.4% of the total utility-scale electricity generation in the country.

Competitive Landscape

Major players in the North America renewable electrical maintenance market are increasing their collaboration, partnership, and research and development activities to gain a competitive edge

RESA Power, LLC

RESA Power, LLC, founded in 2003, is headquartered in the United States. The company provides customised solutions by NETA Certified Technicians, encompassing system commissioning and continuous maintenance.

Shermco

Shermco, headquartered in the United States, was founded in 1974. The company provides a wide range of electrical power services, encompassing testing, maintenance, and repair, excelling in designing maintenance programmes.

General Electric Company

General Electric Company, headquartered in the United States, was founded in 1892. It delivers a spectrum of services, from remote monitoring to comprehensive plant maintenance and performance optimisation.

ABB Ltd.

ABB Ltd. was founded in 1988 and headquartered in Switzerland. The company offers solar solutions, covering everything from PV panel DC output to medium and high voltage grids.

Other key players in the North America renewable electrical maintenance market include Emerson Electric Co., RENEW, Canadian Solar Inc, Suntrek Industries, Inc.

North America Renewable Electrical Maintenance Market Analysis by Country

The United States of America accounts for a significant market share as it aims to achieve 70% renewably sourced electricity by 2030. Various government policies aid the growth of the renewable sector in the USA. The Inflation Reduction Act of 2022 includes tax provisions and grant and loan programmes to aid the deployment of commercially available clean energy technologies. As a result, solar energy adoption is rising across the USA, especially in California and Texas, as an appealing source of new power generation. This is positively influencing the North America renewable electrical maintenance market growth.

Hydroelectricity is a crucial form of renewable energy produced in Canada. The adoption of an emissions-free grid is expected to help Canada decarbonise its economy and achieve its net-zero emissions targets. Canada is home to over 19 GW of utility-scale wind and solar energy capacity, with more than 1.8 GW of new generation capacity added in 2022. Canadian wind, solar and energy storage sector grew by 10.5% in 2022.

Key Highlights of the Report

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North America Renewable Electrical Maintenance Market Report Snapshots

North America Renewable Electrical Maintenance Market Size

North America Renewable Electrical Maintenance Market Trends

North America Renewable Electrical Maintenance Manufacturers

North America Renewable Electrical Maintenance Market Regional Analysis