Rising Global Power Consumption to Boost Nuclear Power Plant Equipment Market
Global Nuclear Power Plant Equipment Market was valued at USD 31.65 billion in 2021 and is expected to reach USD 35.57 billion by 2028. The market is expected to grow more at a CAGR of 2.65% over the forecast period (2022-2028).
Westford, USA, Jan. 06, 2023 (GLOBE NEWSWIRE) — Governments of several countries are looking for efficient and clean energy sources like nuclear power as the energy demand is continuously rising. The World Nuclear Association has set a goal of nuclear energy producing 25% of the world’s electricity in 2050. Such projects will require the development of around 1000 GW of new nuclear capacity, providing several opportunities for industry participants. Increasing global energy demand coupled with climate change goals are some of the influential factors that will positively influence the nuclear power plant equipment market.
As per SkyQuest’s market analysis, increasing investment for nuclear power projects in the major developed economies will positively drive the market. For instance, the US Department of Energy committed USD 20 million in funding in 2021 to show technologies that will produce clean hydrogen energy from nuclear power. The process will make it possible to produce clean hydrogen, which may be used in nuclear power plants and as a zero-carbon source of electricity.
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Adoption of Advanced Nuclear Technology to Boost Global Nuclear Energy Capacity
With 93 reactors located in close to 30 states and a total aggregate capacity of 96.5 GW, the United States operates the world’s largest fleet of nuclear power reactors. The most frequently used nuclear reactor design worldwide is the pressurized water reactor (PWR). Consequently, the United States is one of the biggest markets for nuclear power facilities with PWR reactors. The statistics project that 62 of the 93 active reactors in the nation are PWR reactors, making up about 65.7% of the country’s installed nuclear capacity.
In the Asia Pacific region, around 140 nuclear power stations are now in operation, and another 30 to 35 are under development. Over the coming years, the major economies in the region also intend to build an additional 60 to 70 reactors. According to SkyQuest’s market insights, the Chinese government has created a drive-build nuclear power program to reach 150 GW of nuclear capacity by 2030. The significant project pipeline improves the prospects for the nuclear power plant equipment market. In addition, China ingeniously created the CAP1400 and CAP1000 home reactors using cutting-edge nuclear technology, which are anticipated to open up lucrative opportunities in the upcoming years.
The latest in-depth research report on the nuclear power plant equipment market covers a detailed representation of all the significant development and advancements in the global industry. Such information is crucial for market participants to understand the market dynamics and plan their future strategies to stay competitive.
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Increased Commercial Use of Pressurized Water Reactor to Push its Global Sales
Operators primarily prefer pressurized water reactors (PWR) because they are the safest nuclear reactors now accessible due to growing safety concerns regarding nuclear power facilities. The PWR reactor also guards against radioactive material contamination of water, preventing environmental harm. At the global state, there were 442 operational reactors across by 2020. Out of these, there are 302 PWRs with a 287 Gigawatt electric capacity of those (GWe). China and France are next with 63.13 GWe capacity each, while the United States has 64 PWRs with a capacity of 64.75 GWe. A rise in the demand for PWRs is expected to significantly impact the nuclear power plant equipment market in the coming years.
SkyQuest’s insights featured in the market report are highly reliable for industry players to focus on specific segments and sub-segments likely to perform exceptionally soon. The statistics and other vital data provided in the report result from multi-level research by the research experts.
Noteworthy Developments in the Nuclear Power Plant Equipment Market
- GE (NYSE: GE) and EDF had signed an exclusive agreement to sell EDF a portion of GE Steam Power’s nuclear power operations. Combining GE’s nuclear steam turbine technology and services experience with EDF’s commitment to the nuclear power industry, the proposed transaction would create a market-leading global provider of steam turbine equipment and services inside the EDF Group.
- Atomstroyexport (ASE), a subsidiary of the nuclear company Rosatom in Russia, has subcontracted to Korea Hydro & Nuclear Power in South Korea for a deal worth KRW3 trillion (US$2.25 billion) to help with the construction of the four 1.2 GW reactors at the El Dabaa nuclear plant in Egypt. In Cairo, Korea Hydro & Nuclear Power and ASE signed a contract about building the nuclear plant’s turbines and equipment.
- BXWT Canada Ltd. and GE Hitachi Nuclear Energy (GEH) have officially signed a collaborative agreement. The agreement’s specifics aim to collaborate on engineering and procurement to support the BWRX-300 small modular reactor’s design, manufacture, and commercialization.
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Prominent Players in the Nuclear Power Plant Equipment Market
- AREVA SA (France)
- Babcock & Wilcox Company (Charlotte, NC)
- Alstom SA (France)
- Doosan Heavy Industries & Construction Co. Ltd. (South Korea)
- Dongfang Electric Corporation Ltd (China)
- Korea Hydro & Nuclear Power Co Ltd. (South Korea)
- Hitachi-GE Nuclear Energy Ltd. (Japan)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Larsen & Toubro Ltd (India)
- Toshiba International Corporation (Japan)
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