Nuclear Power Plant and Equipment Market size was valued at USD 41.05 Bn. in 2022 and the total revenue is expected to grow by 4.31% from 2023 to 2029, reaching nearly USD 55.16 Bn. A nuclear power plant is a thermal power plant where the source of heat is a nuclear reactor. It is also a thermal power plant, which means that heat is produced there & utilised to power a steam turbine that is connected to a generator that produces electricity. Nuclear energy & the nuclear fuel sector have been impacted by the COVID-19 epidemic on both the supply and demand sides.To know about the Research Methodology :- Request Free Sample Report
Nuclear Power Plant and Equipment Market Dynamics:
The global market is expected to grow during the forecast period as more countries move to cleaner methods of electricity generation. The beginning of the nuclear renaissance is expected to significantly increase the nuclear power generation capacity. Nearly every industry vertical was profoundly impacted by the global COVID-19 outbreak. Major industries suffered significant income losses as a result of the containment measures put in place to stop the COVID-19 epidemic from spreading. The new COVID-19 pandemic has affected nuclear power plant and equipment industry. With the opening of new nuclear reactors in Belarus & the UAE, the market for nuclear power plant equipment has seen a slight growth. Lockdowns were imposed, which caused work to be delayed & project costs to increase at various locations in Bangladesh & the US. Additionally, a number of facilities were shut down during the COVID-19 pandemic as a result of low electrical usage, which damaged the nuclear power plant's equipment installation. In addition, compared to 2021, the global power demand experienced a persistent & extraordinary fall due to the outbreak's constraints on social and economic activity. Nuclear Power Reactor Technology Advances to Support Market Growth The urgent need to reduce greenhouse gas emissions is being acknowledged by governments all over the world; nuclear energy is expected to play an important role in the energy mix during the forecast period. It is expected that the market for nuclear power equipment will grow as a result of recent technological developments in nuclear power reactors across numerous industries. For instance, the U.K. government revealed in October 2021 that it was working on a new technology known as small modular reactors (SMRs) for its upcoming large-scale project. Compared to traditional large-scale reactors, SMR offers a significant cost-saving benefit. Additionally, the market growth is expected to be aided by the expanding industrialization occurring in both developed & developing nations, as well as nuclear power plant's ability to produce significant amounts of energy while emitting less greenhouse gas than thermal power plants. Key Players' expansion in Organic and Inorganic Way to Shape the Industry The industry picture is about to get better thanks to ongoing efforts by several key firms to increase their output efficiency globally. For instance, in October 2021. The EtaPRO business of G Strategies Corporation, one of the top global providers of workforce transformation solutions, has been acquired by Toshiba America Energy Systems Corporation (TAES), a subsidiary of Toshiba Energy Systems & Solutions Corporation (Toshiba ESS). The Wisconsin-based Toshiba America Energy Systems Corporation provides generator/turbine equipment & services to the energy sector, including hydroelectric, geothermal, thermal, & nuclear power plants. The company has a sizable manufacturing and service facility. The business will also increase the competitiveness of startup companies while looking for new business prospects in the future. Growing Energy Demand and Clean Electricity Production to Support Market Size It is expected that rising energy demand & the creation of clean electricity will improve market growth. Many countries throughout the world are searching for effective and environmentally friendly solutions to the energy demand that is promoting market growth, such as nuclear power plants. For instance, Abu Dhabi National Oil Co. (ADNOC) declared in the year 2021 that it would use solar & nuclear energy to power its operations and that it had signed a supply agreement with Emirates Water and Electricity Co. for the provision of clean electricity. After the contract, ADNOC's grid power will supply up to 100% of its energy needs from nuclear & solar. ADNOC claims to pump some of the least carbon-intensive crudes in the world & will be the first major oil & gas company to decarbonize its power following the agreement. Furthermore, by the end of 2050, nuclear energy is expected to supply 25% of the world's electricity, according to a goal set by the World Nuclear Association (WNA). This calls for the establishment of roughly 1000 GW of new nuclear capacity, opening up numerous options for large businesses. Significant Use of Large Equipment to Support Industry Growth Boiling water reactors (BWR), pressurized water reactors (PWR), & Canada Deuterium Uranium (CANDU) reactors, among other important pieces of big machinery, are exclusively used in nuclear power plants, which is expected to present several growth opportunities for market players. Nuclear reactors can be a profitable addition to the product lines of companies that provide the equipment for nuclear power plants because they are primarily fuelled by fuel assemblies. The need for fuel rods is expected to increase significantly as fuel assemblies are manufactured at a faster rate. The Fukushima Dalichi nuclear accident in Japan has raised concerns about the use of nuclear energy, making it more challenging to accept & put into service nuclear reactors. Despite the negative ideas about the catastrophe, opportunities may arise as a result of the decommissioning of the aging nuclear reactors.Nuclear Power Plant and Equipment Market Segment Insights:
The island equipment market segment is expected to grow significantly. Because of its Highest Rate of adoption. In addition to its substantial significance in operation safety & wide range of applications in a nuclear power plant, the island equipment sector now dominates the market & is expected to continue during the forecast period. Also, island equipment is more affordable than auxiliary equipment. The National Renewable Energy Laboratory (NREL) estimates that the capital cost of a nuclear power plant's island equipment is about 12.6% of the total. During the forecast period, the auxiliary equipment segment is expected to grow significantly. As the safety of nuclear power plants is increasing dramatically, the rise is related to the characteristic of auxiliary equipment to assure reliability. Additionally, they maintain the nuclear power plants' unique water purification systems, safety nuclear power plant systems, and radiation protection of power plants.Based on type, due to their large fleet size, Pressurized Water Reactors (PWR) are expected to dominate the market. According to estimates, the PWR segment commands a sizeable market share. The increase is mostly linked to the expansion of pressurized water reactor-related projects and investments. Additionally, PWR reactors are stable at high temperatures, making them simple to run from a stability perspective. There are 442 active reactors worldwide, 302 of which are PWR with a capacity of 287 GWe, according to MMR 2021 figures. Following the US with 63 PWRs are France & China with 56 and 47, respectively. Boiling water reactors (BWR) use steam that is immediately transferred from the reactor's internal boiling of water to a turbine generator to produce power. Because there is no separate heat exchanger or steam generator, BWR has a higher overall thermal efficiency than PWR. The sophisticated design of the BWR, however, necessitates a larger pressure vessel than the PWR due to the amount of steam that needs to be discharged in the event of an accident. The cost of the BWR also rises due to the larger pressure vessel. According to the MMR 2021 study, there are 63 BWRs worldwide, with the United States having the most with 31. Japan follows with 17. However, with 19 PHWR, Canada has the most in the world, followed by India with 18.
Nuclear Power Plant and Equipment Market Regional Insights:
Asia Pacific held the largest share in the market, with a value of USD 12.13 Bn. in 2021. China dominates the market & has the largest market share in the region. China is responsible for 50 operational reactors in the region, totaling 47.52 GW. In addition, the Chinese government hopes to have 58 GW of nuclear power installed by the end of 2022 and 150 GW by 2030. The government has a robust project pipeline & planned nuclear power drive-build program, which improves the prospects for the market. On the other hand, the Indian government is concentrating on expanding its nuclear power capacity in the coming years to support its massive infrastructure construction program. By the end of 2031, the government expects to reach a capacity of around 22.5 GW. Additionally, by 2050, the Indian government wants to increase its nuclear energy use by 2.5% to 25%6 of total electricity production. The market is expected to grow in North America positively. The increasing investment in nuclear power facilities is the main factor fueling the region's economy. Additionally, it is expected that increased awareness of renewable energy & rising power demand would accelerate market expansion. It is expected that government support for nuclear power reactors in the area will expand the local economy. For instance, the US Department of Energy announced USD 20 Mn. in financing in October 2021 to demonstrate technology that will produce clean hydrogen energy from nuclear power. The innovation will make it possible for nuclear power reactors to use a clean type of hydrogen as a carbon-free energy source. Due to the presence of significant nuclear power industries across the continent, the market for nuclear power plant equipment is expected to grow at a high CAGR. During the forecast period, it is expected that important industries like AREVA & Alstom will drive demand in the region. The largest market share belongs to France, which also controls the local market. France is responsible for 56 operational reactors with a combined capacity of 61.57 GW in the region. Additionally, the expansion of the automotive industry in the area together with recent technological developments in the industrial sector is expected to further improve the market outlook. Additionally, it is forecast that many current contracts with the French government would improve the regional market. For instance, the French president announced a switch to tiny modular nuclear reactors in October 2021. He unveiled a five-year strategic plan for EUR 30 Bn, or USD 34.20 Bn, to strengthen France's high-tech industries and develop the nation's nuclear power.Nuclear Power Plant and Equipment Market Scope: Inquiry Before Buying
Nuclear Power Plant and Equipment Market, by Region • North America • Europe • Asia Pacific • The Middle East and Africa • South America
Nuclear Power Plant and Equipment Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2017 to 2022 Market Size in 2022: US $ 41.05 Bn. Forecast Period 2023 to 2029 CAGR: 4.31% Market Size in 2029: US $ 55.16 Bn. Segments Covered: by Reactor • High Temperature Gas-Cooled Reactor (HTGR) • Pressurized Water Reactor (PWR) • Boiling Water Reactor (BWR) • Pressurized Heavy Water Reactor (PHWR) • Fast Breeder Reactor (FBR) • Others by Equipment • Island Equipment • Auxiliary Equipment by End Users • Military • Research • Others Nuclear Power Plant and Equipment Market Leaders are:
• Babcock and Wilcox Company (US) • BWX Technologies, Inc (US) • General Electric(US) • Westinghouse Electric Corporation (US) • Exelon Generation Co. LLC (US) • FirstEnergy Corp (US) • Entergy Corporation (US) • Cameco Corporation (Canada) • EDF-ELECTRICITE DE FRANCE (France) • Orano SA (France) • Engie SA (France) • ENI S.P.A. (Italy) • CEZ A. S (Czech Republic) • PGE POLSKA GRUPA ENERGETYCZNA (Poland) • Rosatom (Russia) • Korea Hydro and Nuclear Power Co. Ltd (South Korea) • Doosan Corporation (South Korea) • Mitsubishi Heavy Industries (Japan) • Hitachi-GE Nuclear energy Ltd (Japan) • Toshiba (Japan) • China General Nuclear Power Group (China) • Shanghai Electric Group Co., Ltd. (China) • Dongfang Electric Corp. Ltd. (China) • HUBEI ENERGY GROUP (China) • Larsen & Toubro Limited (India) FAQs: 1. What is the study period of the market? Ans. The Global Nuclear Power Plant and Equipment Market is studied from 2017-2029. 2. What is the growth rate of the Nuclear Power Plant and Equipment Market? Ans. The Nuclear Power Plant and Equipment Market is growing at a CAGR of 4.31% over the forecast period. 3. What is the market size of the Nuclear Power Plant and Equipment Market by 2029? Ans. The market size of the Nuclear Power Plant and Equipment Market by 2029 is expected to reach USD 55.16 Bn. 4. What is the forecast period for the Nuclear Power Plant and Equipment Market? Ans. The forecast period for the Nuclear Power Plant and Equipment Market is 2022-2029. 5. What was the market size of the Nuclear Power Plant and Equipment Market in 2022? Ans. The market size of the Nuclear Power Plant and Equipment Market in 2022 was valued at USD 41.05 Bn.
1. Global Nuclear Power Plant and Equipment Market: Research Methodology 2. Global Nuclear Power Plant and Equipment Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Nuclear Power Plant and Equipment Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Nuclear Power Plant and Equipment Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Nuclear Power Plant and Equipment Market Segmentation 4.1 Global Nuclear Power Plant and Equipment Market, by Reactor (2022-2029) • High Temperature Gas-Cooled Reactor (HTGR) • Pressurized Water Reactor (PWR) • Boiling Water Reactor (BWR) • Pressurized Heavy Water Reactor (PHWR) • Fast Breeder Reactor (FBR) • Others 4.2 Global Nuclear Power Plant and Equipment Market, by Equipment (2022-2029) • Island Equipment • Auxiliary Equipment 4.3 Global Nuclear Power Plant and Equipment Market, by End Users (2022-2029) • Military • Research • Others 5. North America Nuclear Power Plant and Equipment Market(2022-2029) 5.1 North America Nuclear Power Plant and Equipment Market, by Reactor (2022-2029) • High Temperature Gas-Cooled Reactor (HTGR) • Pressurized Water Reactor (PWR) • Boiling Water Reactor (BWR) • Pressurized Heavy Water Reactor (PHWR) • Fast Breeder Reactor (FBR) • Others 5.2 North America Nuclear Power Plant and Equipment Market, by Equipment (2022-2029) • Island Equipment • Auxiliary Equipment 5.3 North America Nuclear Power Plant and Equipment Market, by End Users (2022-2029) • Military • Research • Others 5.4 North America Nuclear Power Plant and Equipment Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Nuclear Power Plant and Equipment Market (2022-2029) 6.1. European Nuclear Power Plant and Equipment Market, by Reactor (2022-2029) 6.2. European Nuclear Power Plant and Equipment Market, by Equipment (2022-2029) 6.3. European Nuclear Power Plant and Equipment Market, by End Users (2022-2029) 6.4. European Nuclear Power Plant and Equipment Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Nuclear Power Plant and Equipment Market (2022-2029) 7.1. Asia Pacific Nuclear Power Plant and Equipment Market, by Reactor (2022-2029) 7.2. Asia Pacific Nuclear Power Plant and Equipment Market, by Equipment (2022-2029) 7.3. Asia Pacific Nuclear Power Plant and Equipment Market, by End Users (2022-2029) 7.4. Asia Pacific Nuclear Power Plant and Equipment Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Nuclear Power Plant and Equipment Market (2022-2029) 8.1 Middle East and Africa Nuclear Power Plant and Equipment Market, by Reactor (2022-2029) 8.2. Middle East and Africa Nuclear Power Plant and Equipment Market, by Equipment (2022-2029) 8.3. Middle East and Africa Nuclear Power Plant and Equipment Market, by End Users (2022-2029) 8.4. Middle East and Africa Nuclear Power Plant and Equipment Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Nuclear Power Plant and Equipment Market (2022-2029) 9.1. South America Nuclear Power Plant and Equipment Market, by Reactor (2022-2029) 9.2. South America Nuclear Power Plant and Equipment Market, by Equipment (2022-2029) 9.3. South America Nuclear Power Plant and Equipment Market, by End Users (2022-2029) 9.4 South America Nuclear Power Plant and Equipment Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Babcock and Wilcox Company (US) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 BWX Technologies, Inc (US) 10.3 General Electric(US) 10.4 Westinghouse Electric Corporation (US) 10.5 Exelon Generation Co. LLC (US) 10.6 FirstEnergy Corp (US) 10.7 Entergy Corporation (US) 10.8 Cameco Corporation (Canada) 10.9 EDF-ELECTRICITE DE FRANCE (France) 10.10 Orano SA (France) 10.11 Engie SA (France) 10.12 ENI S.P.A. (Italy) 10.13 CEZ A. S (Czech Republic) 10.14 PGE POLSKA GRUPA ENERGETYCZNA (Poland) 10.15 Rosatom (Russia) 10.16 Korea Hydro and Nuclear Power Co. Ltd (South Korea) 10.17 Doosan Corporation (South Korea) 10.18 Mitsubishi Heavy Industries (Japan) 10.19 Hitachi-GE Nuclear energy Ltd (Japan) 10.20 Toshiba (Japan) 10.21 China General Nuclear Power Group (China) 10.22 Shanghai Electric Group Co., Ltd. (China) 10.23 Dongfang Electric Corp. Ltd. (China) 10.24 HUBEI ENERGY GROUP (China) 10.25 Larsen & Toubro Limited (India)