Nuclear Plant Services Market size is expected to reach USD 54 Billion by the end of 2036, growing at a CAGR of 3.8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the nuclear plant services was USD 34 Billion. The growth of the market is due to the advanced technologies made to be introduced in the market. According to the International Atomic Energy, fast reactors such as thorium reactors can provide novel fuel cycle solutions. Agency, The Nuclear power plants are now having advanced reactor technologies that have been developed and are now being implemented with next-generation reactors, that too with inherent safety features.
Furthermore, Government sectors are actively participating and looking to promote nuclear power plant setup by providing loan approvals, and subsidies and making it cost-efficient. The regulations are being maintained by the government organizations that focus on the construction of the plant and its safety and security measures to be taken. They are helping newcomers with improved safety features and waste management to plan a better and safer future.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 3.8% |
|
Base Year Market Size (2023) |
~ USD 34 Billion |
|
Forecast Year Market Size (2036) |
~ USD 54 Billion |
|
Regional Scope |
|
Reactor Type (Pressurized water reactor, pressurized heavy water reactor, boiling water reactor)
Pressurized water reactor (PWR) segment is predicted to account for of 42% share of the global nuclear plant services market during the forecast period owing to significantly fewer emissions as compared to several other types of energy, such as fossil fuels. According to a report by the Energy Transitions Commission, about 80% of fossil-related emissions are a result of the combustion of the fossil fuels in use, which shows the necessity to lower the demand and supply of these fossil fuels.
Furthermore, this shows that they produce a more stable energy and comparatively cause a lesser environmental impact, which acts as a highly significant environmental advantage for Pressurized Water Reactors, this can drive the demand for Pressurized Water Reactors and would create a favorable market environment for nuclear plant services industry. PWRs have several safety features, which include containment buildings, coolant systems, along emergency cooling systems. This increases the safety of such nuclear reactors and would help to reassure customers and the public of their reliability.
Equipment Type (Inland, Auxiliary)
The Inland segment is set to garner a notable share shortly and is likely to remain the second largest segment in the equipment type of the nuclear plant services market as it provides improved safety to the operators working inside the reactor island. This helps to improve the overall safety of these plants and also for the staff that are working inside the reactor inland, this increased safety can highly boost the customers' confidence and trust in the plant, which helps in creating a supportive environment for this market growth.
Moreover, the availability of island equipment can make it easier to expand the capacity of a nuclear power plant, as there is already a pre-selected space and infrastructure available for the expansion. This can drive the market growth of new nuclear power plants, as well as existing plants.
Service (Operation management, Plant commissioning, Laboratory management, Safety & Environment, Emergency response, Modernization, Decontamination & Decommissioning)
The operation segment is estimated to hold a noteworthy share as it provides a platform for the efficient utilization of human resources along with the training procedure. This can help to improve several skills and capabilities of the plant staff, which can create opportunities for them to advance in their careers. This can help to create a positive work environment and increase the likelihood of retaining and attracting skilled and talented workers, which helps to support the growth of the market.
Our in-depth analysis of the global market includes the following segments:
|
Reactor |
|
|
Equipment |
|
|
Service |
|
APAC Market Statistics
The nuclear plant services market in the Asia Pacific region is estimated to have the largest share of approximately 41% in 2023, driven by high energy demand and the rapid growth observed in the economy of countries like China and India. According to a report by the International Atomic Energy Agency, the Government in these regions is actively supporting and promoting nuclear energy by providing financial incentives for new plant construction or making the approval process a bit simpler.
Moreover, safety is also a major concern and hence creates demand for advanced reactor usage, better safety technologies, and strict rules and regulations. These factors are expected to fuel the demand for Nuclear Plant Services in the region.
North American Market Forecast
The North American nuclear plant services market is estimated to be the second largest, during the forecast timeframe led by their renewed interest in this sector, for clean energy sources having low-carbon emissions, which is why they are looking forward to new nuclear plant construction, and hence the related services would be in demand soon. The deployment of small modular reactors (SMRs) provides new opportunities, instead of those aging traditional.
Author Credits: Payel Roy, Dhruv Bhatia
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?