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2022

Nuclear Power Plant And Equipment Market

Nuclear Power Plant and Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report by Reactor Type (Pressurized Water Reactor (PWR), Pressurized Heavy Water Reactor (PHWR), Boiling Water Reactor (BWR), Light Water Graphite Reactor (LWGR), Gas Cooled Reactor (GCR), and Others) and Equipment Type (Island Equipment and Auxiliary Equipment): Global Opportunity Analysis and Industry Forecast 2021-2030

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Author's: Mohd Arbaaz | Eswara Prasad
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Nuclear Power Plant And Equipment Market Outlook - 2030

The global nuclear power plant and equipment market size was valued at $41.1 billion in 2020, and is projected to reach $58.4 billion by 2030, growing at a CAGR of 3.5% from 2021 to 2030. A nuclear power plant is a thermal power station in which a nuclear reactor is the heat source. Furthermore, it is a thermal power plant, where heat is generated and used to drive a steam turbine, which is connected to a generator that generates electricity.

Nuclear energy is derived from the energy produced during a fission reaction induced by the splitting of an atom. The technique was derived from the nuclear weapon created during World War II. Nuclear fission in a nuclear power plant is carried out in a controlled environment, which generates tremendous amount of heat. This heat is then converted into steam by the heat exchanger used to produce electricity. There are various types of reactors used in a nuclear power plant.

Nuclear-Power-Plant-and-Equipment,-2021-2030

The global nuclear power plant and equipment market is driven by increase in energy demand and generation of clean electricity across the globe. As the demand for energy continues to increase, countries look for clean and efficient ways such as nuclear power to produce energy. Furthermore, technological advancements in nuclear power equipment have fueled the growth of the market. However, difficulty in management of nuclear waste that includes radioactive waste has restrained the market growth. Increase in reliability on nuclear energy by the countries in Asia-Pacific is expected to create lucrative opportunities for the growth of the market in future.

The nuclear power plant and equipment market is segmented on the basis of reactor type, equipment type, and region. On the basis of reactor type, the market is categorized into pressurized water reactor (PWR), pressurized heavy water reactor (PHWR), boiling water reactor (BWR), light water graphite reactor (LWGR), gas-cooled reactor (GCR), and others. On the basis of equipment type, it is divided into island equipment and auxiliary equipment. On the basis of region,  it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global nuclear power plant and equipment market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include BWX Technologies, INC, Dongfang Electric Co., Ltd., Doosan Corporation, General Electric, Korea Electric Power Corporation, Larsen & Toubro Limited, Mitsubishi Heavy Industries, LTD., Alstom SA, the State Atomic Energy Corporation (ROSATOM), and Toshiba International Corporation.

The other players in the value chain (not included in the report) include Hitachi, Ltd., Babcock and Wilcox, Orano, and Korea Hydro & Nuclear Energy.

Nuclear Power Plant and Equipment Market
By Reactor Type
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PWR ( Pressurized Water Reactor ) segment is projected as the most lucrative segment.

Global Nuclear Power Plant And Equipment Market, By Reactor Type

The pressurized Water Reactor (PWR) reactor type is projected to be the most lucrative segment, owing to its stability at high temperatures. This makes it easy to operate the reactor from the stability standpoint

Nuclear Power Plant and Equipment Market
By Equipment Type
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Auxiliary Equipment is projected as the most lucrative segment.

Global Nuclear Power Plant And Equipment Market, By Equipment Type

The auxiliary equipment segment is estimated to grow at the highest CAGR 4.0% during the forecast period, since it plays a crucial role in operation safety and has numerous applications in a nuclear power plant.

Nuclear Power Plant and Equipment Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

Global Nuclear Power Plant And Equipment Market, By Region

By region, Asia-Pacific dominated the global nuclear power plant and equipment market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rapid increase in the demand for power in this region. Furthermore, power shortages and chronic smog in countries such as India and China, are attributed to the growth of clean energy such as nuclear energy.

Key Benefits For Stakeholders

  • The report provides an in-depth analysis of the global nuclear power plant and equipment market trends along with the current and future market forecast.
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
  • Porter’s Five Forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global nuclear power plant and equipment market for strategy building.
  • A comprehensive global nuclear power plant and equipment market analysis covers factors that drive and restrain the market growth.
  • The qualitative data in this report aims on market dynamics, trends, and developments.

Impact Of Covid-19 On The Global Nuclear Power Plant And Equipment Market

  • COVID-19 has impacted various industries due to shut down of different industrial operations and disrupted supply chain. Maximum companies halted their operation due to less workforce. However, there is a gradual decline in the equipment segment of the nuclear power plant and equipment market due to the impact of COVID-19. 
  • The electric industry accounted for significant share in terms of consumption during global lockdown. Electricity consumption has grown due to large decreases in services and industry, which have only been partially compensated by rise in household use, which has raised demand for nuclear power plants and equipment.
  • The COVID-19 pandemic has impacted nuclear power and the nuclear fuel industry on both the supply and demand side. In the short term, the impact is greatest on the supply side for uranium, as various mines and nuclear fuel cycle facilities are suspending operations due to health concerns. As a result, the uranium price increased 33% from its lowest point registered in mid-March this 2020.
  • Demand for nuclear power is directly proportional to the demand for nuclear fuel which was highly impacted due to COVID-19, but not nearly to the same extent as oil due to the nature of underlying demand for electricity versus oil. The Energy Information Administration estimates that the demand for electricity in the U.S. was declined by 3% in 2020. In France, where nearly 75% of electrical generation comes from nuclear energy, electricity demand is projected to decline by 15-20% in 2020. As a result, France’s EDF has already downgraded its nuclear power generation outlook for both 2020 and 2021 by 8-12% less than its pre-pandemic forecasts.
  • Reactor construction schedules have also been impacted due to COVID-19 issues. China, which accounts for much of the world’s new reactor build, some new reactor projects have been halted temporarily. Reactor construction in the U.S., France, the United Arab Emirates, Bangladesh, and the UK have also been negatively impacted. These delays are a function of the reduction of staff at the construction sites and disruptions in the supply chain.
  • The delay in reactor construction along with the drop in electricity demand negatively affected the nuclear power output in the 2021, but the extent of the impact is uncertain. In China, which has the largest new reactor construction program, economic growth has suffered as a result of the COVID-19 pandemic (due to developments on both of the sides of China) and thus the need for new electricity generation has slowed. 
  • The nuclear industry has been taking special measures to cope with the global pandemic, and no country has reported the enforced shutdown of a nuclear power reactor due to the effects of COVID-19 on the workforce or supply chains. This is according to reports from operators and regulators received through the IAEA’s COVID-19 Operational Experience Network (OPEX) and International Reporting System for Operating Experience (IRS). However, the abovementioned point shows that there is a sluggish decline in the nuclear power plant and equipment market.

Nuclear Power Plant and Equipment Market Report Highlights

Aspects Details
Nuclear Power Plant and Equipment Market By Reactor Type
By Reactor Type
  • Pressurized Water Reactor (PWR)
  • Pressurized Heavy Water Reactor (PHWR)
  • Boiling Water Reactor (BWR)
  • Light Water Graphite Reactor (LWGR)
  • Gas-Cooled Reactor (GCR)
  • Others
Nuclear Power Plant and Equipment Market By Equipment Type
By Equipment Type
  • Island Equipment
  • Auxiliary Equipment
Nuclear Power Plant and Equipment Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Russia, Spain, U.K., Rest of Europe)
  • Asia-Pacific  (Japan, China, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, U.A.E., South Africa, Rest of LAMEA)

Analyst Review

The global nuclear power plant and equipment market registered a dynamic growth over the past few years, owing to drastic growth in electricity generation. In addition, huge investment plans of government of every nation with respect to nuclear power & energy generation boosted the nuclear power plant and equipment market across the globe. Moreover, nuclear power plants are used more often because they requires less maintenance and are designed to operate for longer stretches before refueling (typically every 1.5 or 2 years). According to the  report of the U.S. Department of Energy, the nuclear energy has by far the highest capacity factor of any other energy source. This means nuclear power plants are producing maximum power more than 93% of the time in 2021. It is about 1.5 to 2 times more as natural gas and coal units, and 2.5 to 3.5 times more reliable than wind and solar plants. Furthermore, nuclear power plant and equipment can operate in the long term and are energy-efficient as they use heat to generate steam that drives a steam turbine connected to a generator that produces electricity. However, growth in infrastructure development also boost the demand for nuclear power plant and equipment system. In addition, developing nations such as India, China, and & Japan plans to increase the urbanization and launched new projects such as smart cities which led to increase in the demand for electricity which, in turn, increase the demand for nuclear power plant & equipment market which may create wide opportunities.

Author Name(s) : Mohd Arbaaz | Eswara Prasad
Frequently Asked Questions?

Power producers, warship and nuclear submarine manufacturers are the potential customers of Nuclear Power Plant and Equipment industry.

Pressurized water reactor segment holds the maximum share of the Nuclear Power Plant and Equipment market.

To get latest version of nuclear power plant and equipment market report can be obtained on demand from the website.

Asia-Pacific will provide more business opportunities for Nuclear Power Plant and Equipment in future, owing to rapid increase in the demand for power in this region.

Energy source for destroyers, warships, submarines and the need for un-interrupted power supply for the rockets are key applications expected to drive the adoption of Nuclear Power Plant and Equipment.

The top ten market players are selected based on two key attributes - competitive strength and market positioning

Rapid industrialization and technological advancements especially as electricity as energy source; led to rise in energy demand and generation of clean electricity across the globe. Countries investment for clean and efficient ways such as nuclear power to produce is a major driving factors and opportunities in the Nuclear Power Plant and Equipment market.

Agreement, joint venture, innovation, and product launch are the key growth strategy for Nuclear Power Plant and Equipment market players in order to attract the end users.

Alstom SA, BWX Technologies, Inc., Dongfang Electric Co., Ltd., Doosan Corporation, General Electric, Korea Electric Power Corporation, Larsen & Toubro Limited, Mitsubishi Heavy Industries, LTD, Toshiba Corporation, and The State Atomic Energy Corporation (ROSATOM).

Increase in investment in the development of energy resources due to depletion of conventional resources and innovation of safe nuclear fission power reactors such as small modular reactors; is a major influencing factor for the growth of the market in the coming years.

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Nuclear Power Plant And Equipment Market

Global Opportunity Analysis and Industry Forecast 2021-2030