Global Nuclear Reactor Construction Market - Growth, Trends and Forecasts (2018 - 2023)
In the wake of growing environmental concerns and surging demand for power, nuclear power generation has become the most dependable option that can cater to the requirements of electricity and offset greenhouse gases emissions. The nuclear power generation is a clean power technology, which can meet the increasing demand for electricity efficiently. In addition, nuclear power plants are designed for a lifespan of sixty years, which can be further expanded. The expansion of operational life of nuclear plants is one of the major factors driving the nuclear reactor construction market.
Moreover, the spent nuclear fuel can be reprocessed, which can be recovered up to 95%. The recovery of fuel from spent nuclear fuel is expected to reduce the cost of power generation from nuclear power plants, which is a huge factor influencing the growth of nuclear reactor construction market.
Technological Advancements – Major Driver for Growth
The technological advancements have emerged as one of the major factors driving the growth of nuclear reactor construction market, due to the techno-economic benefits associated with the nuclear reactor technology. There are various advanced reactors, which are in various stages of the development process, and include upgraded versions of the pressurized water reactor (PWR), boiling water reactor (BWR), and pressurized heavy-water reactor (PHWR). The development of these reactor technologies is expected to increase the influx of money in the nuclear reactor construction business in the near future. Apart from conventional reactor technology, breeder reactors, which can recover nuclear fuel from the spent fuel are being widely adopted in countries, such as China and South Korea, to reap maximum benefits of nuclear power sources.
The Fukushima nuclear disaster in Japan gave rise to safety concerns, which has led to countries investing in advanced technology, such as Generation III nuclear reactors. This is expected to further impact the market growth, tremendously.
Asia-Pacific – Most Attractive Market
According to International Energy Agency (IEA), nuclear capacity is projected to grow by more than 25% from around 404 GW in 2015 to approximately 516 GW in 2040. Governments across the globe envisage a total nuclear-generating capacity of 11,960 GW by 2040, heavily concentrating on Asia, with particularly China contributing to about 33% of the total capacity. In addition, most of the nuclear reactors that are currently planned are in the Asia-Pacific region, due to rapidly increasing demand for electricity and fast-growing economies.
Key Developments in the market