New York, May 31, 2021 (GLOBE NEWSWIRE) – According to the US Energy Information Administration (EIA), total energy consumption in the US in 2020 was 92.94 trillion Btu. In addition, nuclear power generation accounted for 20% of the total share of electricity generating sources in the United States in the same year. In addition, electricity generated from nuclear power increased from 22 billion kilowatt hours in 1970 to 790 billion kilowatt hours in 2020.
Research Nester recently added a report entitled “US Market for Nuclear Power Plant Services – Demand Analysis and Opportunity Outlook 2019-2028” in its repository of market research reports. Additionally, the report consists of an in-depth analysis of the market size, forecast, trends, opportunities, challenges, and other factors related to the growth of the market over the 2019-2028 period.
Nuclear power plant services are the solutions for nuclear power plants for their reliable and safe operation. The services also include the construction of new nuclear power plants or the decommissioning of existing plants. The US market for nuclear power plant services is expected to grow at a CAGR of 3.65% over the forecast period, i.e. 2021-2028. The market is thriving due to the growing demand for electricity in the nation, as well as the presence of numerous inoperable nuclear power plants that require timely repair and maintenance. There were nearly 96 nuclear reactors in the United States that were operational as of 2019. Most of these reactors were built between 1967 and 1990, and no new nuclear power plants were built until 2013. The market is also expected to grow due to the increasing decommissioning of existing nuclear power plants in the region. In other statistics entitled “Annual Energy Outlook 2021 (AEO2021)” by the US Energy Information Administration (EIA), core capacity of almost 11 gigawatts is forecast for the decommissioning by the end of 2025. The market is expected to achieve additional revenues of USD 26,630.5 million by 2028 from USD 19,776.4 million in 2019.
“The final report will cover the impact analysis of COVID-19 on this industry.”
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The US market for nuclear power plant services is divided into pressurized, boiling, pressurized heavy water systems, gas-cooled systems, and others according to system types. Of these, it is estimated that the pressurized water systems segment will have the largest market share and cross-sales of USD 13,570 million in 2021. The segment is also expected to grow with the highest CAGR of 4.03% over the forecast period. The market is also segmented on the basis of services into plant commissioning, operations management, laboratory management, safety and environmental services, emergency services, modernization, decontamination and decommissioning, quality management, and others, of which the plant commissioning segment is projected to have sales of 12596, in 2028, $ 20 million forecast. For the forecast period, further growth of the segment of 3.32% is forecast.
The US nuclear power plant services market is further subdivided on the basis of facility commissioning, operations management, safety and environmental services, emergency services, and service modernization.
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US Nuclear Plant Services Market, segmentation after plant commissioning
- Engineering and procurement
- construction
- Integrated EPC software
- instrumentation
- Licensing
- Other
US Nuclear Plant Services Market, Segmentation By Operations Management
- Cleaning, decontaminating and tearing down
- Hot cells
- Nuclear processing equipment
- Other
- Garbage disposal
- Waste management in the infrastructure
- Soil waste management
- Re-convey group water
- Other
US Nuclear Plant Services Market segmentation by security and environmental services
- Chemical treatment of the soil
- Closure of high-risk wells
- Extraction and treatment of groundwater
- Other
US Nuclear Plant Services Market Segmentation By Emergency Response Services
- Repairs and maintenance of the infrastructure
- Power transmission and distribution lines
- Other
US Nuclear Plant Services Market segmentation after modernization
- Upgrading of instruments
- Modernization of control systems and control room
- Automation of work processes
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Impact of COVID-19 on the US Nuclear Equipment Market
Due to the COVID-19 pandemic, the generation of nuclear energy has been largely hampered as several organizations across the nation have had to operate at lower capacity, and the need for energy in the transport sector has plummeted due to mobility restrictions and restrictions on unnecessary travel. In addition, energy consumption in commercial buildings also decreased in 2020. In other EIA statistics, the energy demand in the end-consumption sectors of commerce, industry, transport and residential decreased in 2020 to 90% of the 2019 level. In addition, the pandemic has also resulted in a delay in the construction of new nuclear reactor construction sites in the nation, which is expected to have a major impact on market growth over the forecast period.
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Some of the leading industry leaders associated with the U.S. nuclear power plant services market mentioned in our report include GE Hitachi Nuclear Energy (GEH), AECOM, Bechtel Corporation, BHI Energy, Westinghouse Electric Company LLC, EnergySolutions, and Mitsubishi Nuclear Energy Systems , Inc., and others.
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