Increase in energy demand, prerequisite of cleaner generation of power, and innovative headways in nuclear power equipment drive the global nuclear power plant and equipment market.
PORTLAND, Ore., Feb. 28, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Nuclear Power Plant and Equipment Market 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." According to the report, the global nuclear power plant and equipment industry generated $41.1 billion in 2020, and is estimated to reach $58.4 billion by 2030, witnessing a CAGR of 3.5% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Increase in energy demand, prerequisite of cleaner generation of power, and innovative headways in nuclear power equipment drive the global nuclear power plant and equipment market. However, difficulties in the administration of atomic waste of nuclear waste hinder the market growth. On the other hand, surge in reliability on nuclear energy in the Asia-Pacific region creates new opportunities in the coming years.
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Covid-19 Scenario:
- The Covid-19 pandemic impacted the nuclear power and the nuclear fuel industry in terms of supply and demand. The major impact has been on the supply side for uranium as different mining and nuclear fuel cycle facilities suspended their operations due to health concerns. This led to increase in the uranium price by 33% from its lowest point.
- The demand for nuclear power is related to the demand for nuclear fuel. The demand for nuclear fuel impacted negatively due to the Covid-19 pandemic.
- Reactor construction schedules have also been impacted during the lockdown. New reactor projects were halted temporarily. Reactor construction activities in the U.S., United Arab Emirates, France, Bangladesh, and the U.K. were impacted negatively.
The pressurized water reactor (PWR) segment to continue its leadership status during the forecast period
Based on reactor type, the pressurized water reactor (PWR) segment accounted for the highest share in 2020, contributing to nearly three-fourths of the global nuclear power plant and equipment market, and is expected to continue its leadership status during the forecast period. This is due to its stability at high temperatures. However, the light water graphite reactor (LWGR) segment is expected to witness the highest CAGR of 4.4% from 2021 to 2030.
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The auxiliary equipment segment to continue its dominant share in terms of revenue by 2030
Based on equipment type, the auxiliary equipment segment held the highest share in 2020, accounting for more than three-fifths of the global nuclear power plant and equipment market, and is expected to continue its dominant share in terms of revenue during the forecast period. Moreover, this segment is expected to manifest the largest CAGR of 3.7% from 2021 to 2030. This is attributed to its vital role in ensuring safe operations in plants. The research also analyzes the island equipment segment.
Asia-Pacific, followed by Europe and North America, to continue its lead position by 2030
Asia-Pacific, followed by Europe and North America, contributed to the highest market share in 2020, holding nearly two-fifths of the global nuclear power plant and equipment market, and is expected to continue its lead position in terms of revenue by 2030. Moreover, this region is projected to portray the fastest CAGR of 4.0% during the forecast period. This is attributed to surge in reliability on nuclear energy and rise in demand for power.
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Leading Market Players
- BWX Technologies, Inc.
- Dongfang Electric Co., Ltd.
- Doosan Corporation
- General Electric
- Korea Electric Power Corporation
- Larsen & Toubro Limited
- Mitsubishi Heavy Industries, Ltd.
- Alstom SA
- State Atomic Energy Corporation (ROSATOM)
- Toshiba International Corporation
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