In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The U.S. nuclear plant services market is anticipated to grow with a CAGR of 3.65% during the forecast period, i.e., 2021-2028. The growth of the market in the nation can be attributed to the rising demand for electricity in the United States, backed by the increasing population and urbanization, along with the growing decommissioning activities of nuclear power plants in the nation. The nation had around 96 commercial nuclear reactors operating by the end of 2019, along with close to 60 nuclear power plants in its twenty-nine states. Further, the nation produced approximately 19% of electricity via the nuclear power plants in 2019. This production is further stated to grow by about 8% by the end of 2030. The prime benefit of producing electricity from nuclear power plants is to lower the carbon dioxide emissions, which usually is higher when electricity is produced from coal or gas. On the other hand, the nation recorded to have around 40 reactors which are completely shut down and require maintenance. Further, by 2040, close to 90 nuclear facilities are anticipated to be decommissioned, raising the need for maintenance of these facilities. Such factors are anticipated to drive the growth of the market during the forecast period. The U.S. nuclear plant services market recorded a value of USD 19,776.4 Million in the year 2019 and is further projected to touch USD 26,630.5 Million by the end of 2028.
The U.S. nuclear plant services market is segmented by plant type into pressured water plant, boiling water plant, pressurized heavy water plant, gas-cooled plant, and others. Among these segments, the pressured water plant segment registered the largest market share in the year 2019 and is projected to attain a value of USD 13577.06 Million by the end of 2021. Pressured water plants have a major advantage over other plant-types. These plants require less power and is comparatively easy to operate. The core of the reactor contains less fissile material, which further decreases the probability of any additional nuclear fission. As a result, these plants are safer and can be easily controlled. Till date, the nation has around 69 pressurized water nuclear reactor plants that are licensed by the regulatory commission.CLICK TO DOWNLOAD SAMPLE REPORT
The market is also segmented on the basis of service into plant commissioning, operations management, laboratory management, safety & environmental services, emergency response services, modernization, decontamination & decommissioning, quality management, and others. Among these segments, the plant commissioning segment recorded the largest market share of 48.65% in the year 2019. Alternatively, the decontamination & decommissioning segment is projected to grow with the highest CAGR of 4.85% throughout the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the U.S. nuclear plant services market that are included in our report are GE Hitachi Nuclear Energy (GEH), AECOM, Bechtel Corporation, BHI Energy, Westinghouse Electric Company LLC, EnergySolutions, Mitsubishi Nuclear Energy Systems, Inc., and others.
Ans: Growing demand for electricity in the nation, along with the increasing number of decommissioning activities of nuclear plants, are some of the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 3.65% over the forecast period, i.e., 2021-2029.
Ans: Rising costs for the construction of nuclear plants and the unavailability of waste management systems for these types of plants are some of the major factors estimated to act as barriers to the growth of the market.
Ans: The major companies in the market are GE Hitachi Nuclear Energy (GEH), AECOM, Bechtel Corporation, BHI Energy, Westinghouse Electric Company LLC, EnergySolutions, Mitsubishi Nuclear Energy Systems, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The U.S. nuclear plant services market is segmented by plant type, and by services.
Ans: The pressured water plant segment is projected to hold the largest market share by the end of 2028. The segment is further anticipated to attain a value of USD 13577.06 Million by the end of 2021.