U.S. Nuclear Plant Services Market Highlights 2019-2028
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.
Growth Drivers and Challenges Impacting the Growth of the U.S. Nuclear Plant Services Market
Growth Drivers
- Rising Demand for Electricity in the United States
- Growing Decommissioning Activities of Nuclear Plants in the Nation
Challenges
- Increasing Costs Associated with the Construction of Nuclear Plants
- Lack of Waste Management System for Nuclear Plants
U.S. Nuclear Plant Services Market Segmentation Synopsis
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.
Top Featured Companies Dominating the Market
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.
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