Nuclear Power Plant and Equipment Market Outlook 2031
The global nuclear power plant and equipment market size was valued at USD 9.77 billion in 2022 and is projected to reach USD 17.81 billion by 2031, expanding at a CAGR of 6.9% during the forecast period, 2023-2031. Growth of the market is attributed to rising energy demand combined with international climate change goals and increased global investment in nuclear power plants.
Nuclear energy is derived from the energy released during the splitting of an atom. Nuclear fission in a nuclear power plant occurs in a controlled environment, generating enormous amounts of heat. The heat exchanger converts this heat into steam. In a nuclear power plant, several reactors are used. The global nuclear power plant and equipment market is being driven by increasing global energy demand and the generation of clean electricity.
As the demand for energy rises, countries look for clean and efficient ways to produce energy, such as nuclear power. Furthermore, technological advancements in nuclear power equipment have fueled the market.
Nuclear Power Plant and Equipment Market Trends, Drivers, Restraints, and Opportunities
- Increasing initiatives and support from government is projected to drive the market.
- Increase in cleaner electricity has encouraged the adoption of nuclear energy; this in turn fuels the market.
- High cost of installation and timely maintenance is estimated to hinder the market growth.
- Development of new energy efficient technology is anticipated to create immense opportunities for the market players.
Scope of Nuclear Power Plant and Equipment Market Report
The report on the global nuclear power plant and equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Nuclear Power Plant and Equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Reactors (High Temperature Gas-Cooled Reactor (HTGR), Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Pressurized Heavy Water Reactor (PHWR), Fast Breeder Reactor (FBR))
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
JSC AEM-technology, Larsen & Toubro Ltd, JSC Atom stroy export, Doosan Corporation, and Dongfang Electric Corp Limited
Nuclear Power Plant and Equipment Market Segment Insights
The PWR segment is anticipated to expand during the forecast period
On the basis of reactors, the nuclear power plant and equipment market is segregated into high temperature gas-cooled reactor (HTGR), pressurized water reactor (PWR), boiling water reactor (BWR), pressurized heavy water reactor (PHWR), and fast breeder reactor (FBR). The PWR segment is expected to expand at a CAGR of 1.6% during the forecast period.
Due to growing concerns about the safety of nuclear power plants, operators prefer pressurized water reactors, which are the safest of all nuclear reactor types. Furthermore, the PWR reactor keeps water from becoming contaminated with radioactive materials, thereby preventing environmental damage, as PWR requires strong piping and a heavy pressure vessel to ensure that the highly pressurized water remains liquid while sustaining high temperatures.
As a result, rising demand for PWRs is expected to have a significant impact on the nuclear power plant equipment market over the forecast period.
The market in Asia Pacific is projected to hold a major market share
In terms of regions, the global nuclear power plant and equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia-Pacific held major market share in 2019 and is expected to maintain its dominance throughout the forecasted period.
As of September 2020, Asia has approximately 135 operable nuclear power reactors, 35 of which are under construction, and the region's major countries plan to build additional 60-70 reactors in the coming years. The Chinese government intends to build 58 GW of nuclear capacity by 2020-21 and 150 GW by 2030 through a drive-build program, and the strong project pipeline bodes well for the nuclear power plant equipment market.
As part of massive infrastructure development program, the Indian government is committed to increasing nuclear power capacity. The government anticipates that nuclear capacity will reach approximately 22.5 GWe by 2031. As a result, during the forecast period, Asia-Pacific is expected to drive the nuclear power plant equipment market.
The global nuclear power plant and equipment market is segmented on the basis of
- High Temperature Gas-cooled Reactor (HTGR)
- Pressurized Water Reactor (PWR)
- Boiling Water Reactor (BWR)
- Pressurized Heavy Water Reactor (PHWR)
- Fast Breeder Reactor (FBR)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The major players in the nuclear power plant and equipment market include JSC AEM-technology, Larsen & Toubro Ltd, JSC Atom stroy export, Doosan Corporation, and Dongfang Electric Corp Limited.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.