The Global Nuclear Power Plant Equipment Market size was USD 31.72 billion in 2020. The market is projected to grow from USD 32.44 billion in 2021 to USD 38.82 billion in 2030, growing at a CAGR of 2.6% in the 2021-2030 period. The global market is expected to expand in the coming years as more countries move to cleaner energy generation methods. The beginning of the nuclear renaissance is expected to increase nuclear power generation capacity even higher. Nuclear power makes use of the energy generated when an atom is split during a fission reaction. Nuclear fission takes place in a controlled atmosphere in a nuclear power plant, and it creates a significant quantity of heat. The heat exchanger, which is used to create electricity, converts this heat into steam. A nuclear power plant's equipment list includes a variety of reactors, including pressurised water reactors (PWR), boiling water reactors (BWR), pressurised heavy water reactors (PHWR), fast breeder reactors (FBR), and others.
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This industry has been impacted by the unique COVID-19 epidemic. With the commissioning of new nuclear reactors in Belarus and the United Arab Emirates, the nuclear power plant equipment market has seen a minor increase. Due to imposed lockdowns, ongoing work at several sites in the United States and Bangladesh has seen delays and an increase in the overall cost of projects. Various plants were also shut down due to low electricity demand during the COVID-19 pandemic, which impacted nuclear power plant equipment installation. Furthermore, throughout the outbreak, limits on social and economic activity resulted in a persistent and extraordinary drop in electricity demand across countries compared to 2019.
Global Nuclear Power Plant Market Report Coverage
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||2.6%|
|2030 Value Projection:||USD 38.82 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||190|
|Tables, Charts & Figures:||117|
|Companies Covered:||Mitsubishi Heavy Industries Ltd., Alstom SA, Larsen & Toubro Ltd., Dongfang Electric Corporation Ltd, Alstom, Korea Hydro & Nuclear Energy, Hitachi-GE Nuclear Energy, Orano, Doosan Heavy Industries, Babcock and Wilcox.|
|Growth Drivers:||1) The island equipment segment is expected to dominate the market share 2) The pressurized water reactor (PWR) segment is expected to dominate the market share|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The island equipment segment is expected to dominate the market share in 2020 of global nuclear power plant market owing to its vital role in operation safety and numerous uses in a nuclear power plant, the island equipment segment dominates the market and is expected to hold a considerable position in the market. Furthermore, compared to auxiliary equipment, island equipment is more cost-effective. Island equipment accounts for roughly 12.6 percent of the entire capital cost of a nuclear power plant, according to the National Renewable Energy Laboratory (NREL) capacity to be developed, offering sufficient chances for large competitors.
The auxillary is anticipated to emerge as the fastest-growing region over the forecast period. Owing to the feature of auxiliary equipment to ensure reliability is ascribed to the increase, since the safety of nuclear power plants is increasing dramatically. They also ensure power plant radiation protection, nuclear power plant safety systems, and nuclear plant special water purification systems.
The pressurized water reactor (PWR) segment is expected to dominate the market share in 2020 of global nuclear power plant market owing to the increase is mostly due to an increase in the number of projects and investments in pressurised water reactors. Furthermore, PWR reactors are stable at high temperatures, making them simple to run from a stability standpoint. According to IAEA statistics from 2021, there are 442 active reactors worldwide, with 302 of them being PWRs with a capacity of 287 GWe. The United States has 63 PWRs, whereas France and China have 56 and 47, respectively.
The boiling water reactors (BWR) is anticipated to emerge as the fastest-growing region over the forecast period. Because there is no separate heat exchanger or steam generator, BWR has a higher overall thermal efficiency than PWR. The BWR, on the other hand, has a more complicated design, which necessitates a larger pressure vessel than the PWR due to the amount of steam that must be released in the event of an accident. The higher cost of the BWR is due to the larger pressure vessel. According to the IAEA's 2021 report, there are 63 BWRs around the world, with the United States having the most with 31 BWRs, followed by Japan with 17. Canada, on the other side, has the most PWR in the world, with 19, followed by India with 18.
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Asia Pacific dominated the global market owing to the because of rising capital income in both developed and developing countries. According to the IAEA's 2021 report, China has 50 operational reactors with a total capacity of 47.52 GW across the region. In addition, China's government plans to build 58 GW of nuclear power by the end of 2021 and 150 GW by 2030. The government has a nuclear power drive-build programme in the works, as well as a robust project pipeline, which bodes well for the market. On the other side, the Indian government is focusing on growing nuclear power capacity in the next years to support its massive infrastructure building programme. By the end of 2031, the government expects to reach a capacity of around 22.5 GW. In addition, by 2050, the Indian government wants nuclear energy to produce 25% of the country's electricity, a 2.5 percent increase over current levels.
North America is anticipated to emerge as the fastest-growing region over the forecast period. Owing to the increased investment in nuclear power facilities is the key driver of growth in the region. Furthermore, market expansion is likely to be aided by rising power consumption and increased awareness of renewable energy. Furthermore, it is expected that government investment for nuclear power projects in the region will increase the regional market. For example, the US Department of Energy announced USD 20 million in financing in October 2021 to demonstrate technology that will generate clean hydrogen energy from nuclear power. The technique will enable a clean version of hydrogen to be used as a zero-carbon electricity source, as well as a critical economic product for nuclear power plants.
Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. For example, in Oct 2021, EDF Nuclear Generation, one of the UK's top nuclear power plants, has extended Jacobs' Project Management Resources (PMR) arrangement. Support for seven advanced gas-cooled reactors (AGR) stations, a long-term operating programme for the Sizewell B pressurised water reactor, and the transition from generation to defueling are all included in the deal. For the period April 2022 to March 2024, the business believes the extension will cost roughly USD 44 million.
Market Segmentation of Global Nuclear Power Plant Market
By Equipment Type
- Island Equipment
- Auxiliary Equipment
By Reactor Type
- Pressurized Water Reactors (PWR)
- Boiling Water Reactors (BWR)
- Pressurized Heavy Water Reactors (PHWR)
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