New York, May 31, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the U.S. Energy Information Administration (EIA), total energy consumption in the United States constituted to 92.94 quadrillion Btu in 2020. Moreover, nuclear energy generation constituted to 20% of the total share of sources of electricity generation in the United States in the same year. Additionally, electricity generated from nuclear energy grew from 22 billion kilowatthours in 1970 to 790 billion kilowatthours in 2020.
Research Nester has recently added a report titled “U.S. Nuclear Plant Services Market – Demand Analysis & Opportunity Outlook 2019-2028” in its repository of market research reports. Further, the report consists of an in-depth analysis of the market size, forecast, trends, opportunities, challenges, and other factors that are associated with the growth of the market during 2019-2028.
Nuclear plant services are the solutions provided to nuclear power plants for its reliable and safe operations. The services also include building new nuclear plants or decommissioning existing plants. 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 market is thriving on account of the growing demand for electricity in the nation, as well as for the presence of numerous non-functional nuclear plants that require timely repair and maintenance. In the United States, there were close to 96 nuclear reactors that were functional until the year 2019. Most of these reactors were built between 1967 and 1990 and there had been no new construction of nuclear power plants until the year 2013. Besides this, the market is also anticipated to grow on account of the growing decommissioning of the existing nuclear-powered plants in the region. In other statistics titled “Annual Energy Outlook 2021 (AEO2021)” of the U.S. Energy Information Administration (EIA), close to 11 gigawatts of nuclear capacity is projected for decommissioning by the end of 2025. The market is further projected to attain a revenue 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 U.S. nuclear plant services market is segmented by plant type into pressured-, boiling-, pressurized heavy water plant, gas-cooled plant, and others. Out of these, the pressured water plant segment is estimated to register the largest market share in 2021 and cross revenue of USD 13570 Million. The segment is also anticipated to grow with the highest CAGR of 4.03% during the forecast period. 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, out of which, the plant commissioning segment is projected to record a revenue of USD 12596.20 Million by 2028. The segment is further projected to grow by a CAGR of 3.32% during the forecast period.
The U.S. nuclear plant services market is further sub-segmented on the basis of plant commissioning, operations management, safety & environmental services, emergency response services, and modernization, under the services segment.
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U.S. Nuclear Plant Services Market, Segmentation by Plant Commissioning
U.S. Nuclear Plant Services Market, Segmentation by Operations Management
U.S. Nuclear Plant Services Market, Segmentation by Safety & Environmental Services
U.S. Nuclear Plant Services Market, Segmentation by Emergency Response Services
U.S. Nuclear Plant Services Market, Segmentation by Modernization
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Impact of COVID-19 on U.S. Nuclear Plant Services Market
Due to the COVID-19 pandemic, the production of nuclear energy was largely hampered as several organizations in the nation had to operate at lower capacity, and for the mobility restrictions and limitations on nonessential travel, that greatly reduced the demand for energy in the transportation sector. Furthermore, the consumption of energy in commercial buildings also declined in 2020. In other statistics by the EIA, in 2020, the demand for energy in the end-use sectors comprising commercial, industrial, transportation, and residential decreased to 90% of its 2019 level. Moreover, the pandemic has also resulted in the delay in the construction of new nuclear reactor construction sites in the nation, which is anticipated to largely affect the market growth during the forecast period.
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Some of the prominent industry leaders mentioned in out report that are associated with the U.S. nuclear plant services market 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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