Nuclear Power Plant Equipment Market - Segmented by Reactor Type, Equipment Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Owing to the development of new nuclear power plants and renovation of existing ones, the global nuclear power plant equipment market is likely to register growth over the forecast period. Moreover, the Middle Eastern countries have focused on the development of nuclear energy infrastructure, which is likely to offer significant business opportunities for the nuclear power equipment business. Nuclear power plants are capable of generating clean electricity and can maintain its regular supply. In the wake of the increasing energy demand and supportive policies in a few countries, these plants could replace traditional and old units. Post Fukushima incident, research is underway to assess the in-vessel melt retention strategies for existing and future reactors and technologies are being developed to increase in-vessel melt retention and their applications in existing nuclear power plants. Moreover, the development of next-generation reactor technologies is likely to drive the nuclear power equipment market.
Clean Energy Development Driving the Market
Nuclear energy offers the benefit of greenhouse gas-free power generation, which enables countries to adhere to increasingly stricter emission control regulations. Power generation from solar and wind are intermittent in nature, whereas, nuclear power is regular and highly reliable at the cheaper cost. Nuclear energy is presently the largest source of clean energy, capable of delivering round-the-clock electricity.
Asia-Pacific Accounts for the Largest Share
Owing to the robust development of nuclear power infrastructure in the region, Asia-Pacific accounts for the largest share in the global nuclear power equipment market. The demand for electricity in Asia-Pacific countries is increasing rapidly, which has augmented the regional power generation capacity. Nuclear power is a clean and reliable source of electricity, is witnessing a significant boost from the governments in Asia-Pacific countries.
China to Dominate the Market’s Growth
China is rapidly changing its overall supply of electrical energy, by means of nuclear plants. The country has planned to augment its nuclear power generation capacity from 32.4 GW in 2017 to 150 GW by the end of 2030. The Chinese government’s five-year plans that guide the country’s overall development have targeted nuclear power as an avenue for development for the next few decades.
Key Developments in the Market
December 2017: Hitachi-GE's advanced boiling water reactor (ABWR) designs have been cleared by the regulators in the United Kingdom, for its new build projects. The design assessment process has entailed detailed assessments and submissions across 20 topic work streams.
December 2017: France-based EDF announced that it has completed the acquisition of a 75.5% stake in Areva NP, the nuclear reactor construction unit of Areva Group.
Major Players: JSC AEM-technology, Areva SA, Babcock & Wilcox Company, Doosan Corporation, Dongfang Electric Corp Limited, GE-Hitachi Nuclear Energy, JSC ATOMSTROYEXPORT, Korea Electric Power Corporation (KEPCO), Larsen & Toubro Ltd, Mitsubishi Heavy Industries, Ltd and Westinghouse Electric Company LLC among others.
Reasons to Purchase this Report
Current and future nuclear power plant equipment market outlook in the developed and emerging markets.
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis.
The segment that is expected to dominate the market.
The regions that are expected to witness the fastest growth during the forecast period.
Identify the latest developments and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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