Market Research Future (MRFR) has published a cooked research report on the “Nuclear Power Plant Equipment Market” that contains information from 2018 to 2032. The Nuclear Power Plant Equipment Market is estimated to register a CAGR of 4.00% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Nuclear Power Plant Equipment Market— General Electric (U.S.), Alstom (France), Shanghai Electric (China), Toshiba Corporation (Japan), Korea Electric Power Corporation (South Korea), Larsen & Toubro Limited (India), Mitsubishi Heavy Industries, LTD. (Japan), Doosan Corporation (South Korea), Dongfang Electric Corp., Ltd. (China), The State Atomic Energy Corporation (India), BWX Technologies, Inc. (U.S.), AREVA (France)
The global Nuclear Power Plant Equipment Market is accounted to register a CAGR of 4.00% during the forecast period and is estimated to reach USD 21.63 billion by 2032.
The growing global demand for energy has prompted nations to seek cleaner and more efficient solutions like nuclear power for energy generation. Additionally, ongoing technological advancements in nuclear power equipment have played a pivotal role in driving the expansion of this market.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Nuclear Power Plant Equipment Market Outlook
The global nuclear power plant equipment market has been segmented based on equipment type, and reactor type.
Based on Equipment Type, the market is segmented into Island Equipment and Auxiliary Equipment. Auxiliary equipment is expected to be the largest segment during the forecast period. The increased capacity of auxiliary equipment for testing and evaluation can be attributed to the growing emphasis on nuclear power plant safety. These auxiliary systems play a crucial role in maintaining the safety and functionality of nuclear power plants, encompassing functions such as water treatment, safety systems, and radiation shielding.
Based on Reactor Type, the Nuclear Power Plant Equipment Market has been segmented into Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), Pressurized Heavy Water Reactors (PHWR), and Others. Pressurized Water Reactors (PWR) Reactor type is expected to be the largest segment during the forecast period. The pressurized water reactor (PWR) segment is poised for growth, primarily driven by the introduction of advanced high-temperature and boiling water reactors. Operators are increasingly favoring pressurized water reactors due to their superior safety features, particularly amid growing concerns regarding the safety of nuclear power facilities. PWR reactors are known for their ability to safeguard against radioactive material contamination of water, thus mitigating potential environmental hazards.
The global Nuclear Power Plant Equipment Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Nuclear Power Plant Equipment Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Nuclear Power Plant Equipment Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Nuclear Power Plant Equipment Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Nuclear Power Plant Equipment Market was maintained by the North American regional sector. In North America, government backing for nuclear power reactors is expected to stimulate economic growth in the region. An illustrative example is the U.S. Department of Energy's allocation of USD 20 million in October 2021 to showcase technology capable of generating clean hydrogen energy from nuclear power. This innovation has the potential to enable nuclear power reactors to harness clean hydrogen as a carbon-free energy resource, thereby promoting sustainable energy practices. According to the U.S. Energy Information Administration, As of August 1, 2023, the United States boasts a total of 93 operational commercial nuclear reactors distributed across 54 nuclear power facilities located in 28 different states. Notably, the United States has experienced its peak in terms of operational nuclear reactors, reaching a maximum of 112 in the past. These reactors collectively contribute a substantial net summer electricity generation capacity, amounting to 99,624 megawatts.
Moreover, the Europe market has been persistently growing over the forecast period. Key industries like Alstom and AREVA are projected to be significant drivers of demand in the European region throughout the forecast period. France, in particular, stands out as a dominant force in the regional market, holding the largest market share. According to the IAEA 2021 report, France boasts 56 operating reactors in the region, with a total capacity of 61.57 GW, underscoring its strong presence. Additionally, the region is poised to benefit from ongoing technological advancements in the industrial sector, coupled with the thriving automotive industry, both of which are expected to contribute positively to the market's growth prospects.
Asia Pacific stands as a pivotal global region experiencing substantial growth in electricity generating capacity, with a notable focus on nuclear power expansion. As of September 2020, Asia boasts approximately 135 operational nuclear power reactors, with an additional 35 reactors currently under construction. Significantly, major countries in the region have ambitious plans to erect an estimated 60-70 more reactors in the forthcoming years, further solidifying Asia's pivotal role in the nuclear power sector's global landscape.
Furthermore, the rest of the world's Nuclear Power Plant Equipment Market is divided into the Middle East, Africa, and Latin America. Several countries in this region are actively exploring and investing in nuclear power to diversify their energy mix and reduce dependence on fossil fuels. Governments are providing support through policies, regulations, and financial incentives to promote the development of nuclear power infrastructure.
Key Findings of the Study