The Global Nuclear Power Plant Equipment Market Size was USD 32.44 billion in 2021. The market is growing from USD 38.82 billion in 2030 growing at a CAGR of 2.6% as per the latest research report by Spherical Insights & Consulting.
Governments all around the world are recognising the urgent need to reduce greenhouse gas emissions, and nuclear energy is set to become a major factor in the energy mix of the future. New technological breakthroughs in nuclear power reactors are expected to boost the market for nuclear power equipment in numerous industries. For example, the United Kingdom’s government revealed in October 2021 that it was developing a new technology called small modular reactors (SMRs) for its new large-scale plant. SMR has a significant cost advantage over traditional large-scale reactors. Furthermore, increased industrialization in both developed and developing countries, as well as nuclear power plants’ ability to generate significant amounts of energy while emitting fewer greenhouse gases than thermal power plants, are predicted to drive the market. The market outlook is projected to improve as energy demand rises and clean electricity is produced. Various countries around the world are looking for efficient and clean energy sources, such as nuclear power plants, to meet the growing energy demand. For example, in October 2021, Abu Dhabi National Oil Co. (ADNOC) stated that solar and nuclear energy would be used to totally power its activities, signing a clean electricity supply contract with Emirates Water and Electricity Co. After the contract, ADNOC’s grid power will fulfil up to 100% of its power needs from nuclear and solar. ADNOC claims that as a result of the arrangement, it will be the first major oil and gas corporation to decarbonize its power.
The island equipment segment is expected to dominate the market share in 2020 of global nuclear power plant market owing to its vital role in operation safety and numerous uses in a nuclear power plant, the island equipment segment dominates the market and is expected to hold a considerable position in the market. The pressurized water reactor (PWR) segment is expected to dominate the market share in 2020 of global nuclear power plant market owing to the the increase is mostly due to an increase in the number of projects and investments in pressurised water reactors. Asia Pacific dominated the global market owing to the because of rising capital income in both developed and developing countries. According to the IAEA’s 2021 report, China has 50 operational reactors with a total capacity of 47.52 GW across the region. In addition, China’s government plans to build 58 GW of nuclear power by the end of 2021 and 150 GW by 2030. The government has a nuclear power drive-build programme in the works, as well as a robust project pipeline, which bodes well for the market. On the other side, the Indian government is focusing on growing nuclear power capacity in the next years to support its massive infrastructure building programme. By the end of 2031, the government expects to reach a capacity of around 22.5 GW. In addition, by 2050, the Indian government wants nuclear energy to produce 25% of the country’s electricity, a 2.5 percent increase over current levels.
Mitsubishi Heavy Industries Ltd., Alstom SA, Larsen & Toubro Ltd., Dongfang Electric Corporation Ltd, Alstom, Korea Hydro & Nuclear Energy, Hitachi-GE Nuclear Energy, Orano, Doosan Heavy Industries, Babcock and Wilcox.
Browse key industry insights spread across 190 pages with 117 market data tables and figures & charts from the report “Global Nuclear Power Plant Market By Equipment Type (Island Equipment & Auxiliary Equipment); By Reactor Type (Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), Pressurized Heavy Water Reactors (PHWR) & Others); By Region (U.S., Canada, Mexico, Rest Of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest Of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest Of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest Of Middle East & Africa, Brazil, Argentina, Rest Of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2021-2030” in detail along with the table of contents
Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. Key companies Mitsubishi Heavy Industries Ltd., Alstom SA, Larsen & Toubro Ltd., Dongfang Electric Corporation Ltd, Alstom, Korea Hydro & Nuclear Energy, Hitachi-GE Nuclear Energy, Orano, Doosan Heavy Industries, Babcock and Wilcox.
News Source: Globe Newswire