Pune, India, Feb. 25, 2022 (GLOBE NEWSWIRE) -- The global nuclear power plant equipment market size is anticipated to reach USD 38.82 billion by 2028 and exhibit a CAGR of 2.6% during the forecast period. The increasing energy demand and clean electricity production are expected to be the key factors driving the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Nuclear Power Plant Equipment Market, 2021-2028”. The market size stood at USD 31.72 billion in 2020 and USD 32.44 billion in 2021.
Furthermore, the rising inorganic and organic expansions by major players to amplify their output efficiency are likely to offer lucrative growth opportunities for the market.
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Companies Profiled in the Nuclear Power Plant Equipment Market:
- General Electric (U.S.)
- Alstom (France)
- Shanghai Electric (China)
- Toshiba Corporation (Japan)
- Korea Electric Power Corporation (South Korea
- Larsen & Toubro Limited (India)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Doosan Corporation (South Korea)
- Dongfang Electric Corp., Ltd. (China)
- The State Atomic Energy Corporation (India)
- BWX Technologies, Inc. (U.S.)
- AREVA (France)
COVID-19 Impact-
Delay in Nuclear Power Projects has Harmed the Nuclear Power Equipment Market Growth Amid COVID-19
The market has suffered a detrimental impact due to the unparalleled spread of the coronavirus pandemic. The project delays led to a rise in overall costs of projects, which has negatively impacted the market. The imposition of strict curfews and lockdowns across the world led to restricted economic and social activities, which aggravated the situation. The low electricity consumption harmed nuclear power equipment. Nonetheless, the market is recovering due to swift vaccination processes being carried out in nations globally. The market is expected to exhibit growth in the forthcoming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 CAGR | 2.6% |
| 2028 Value Projection | USD 38.82 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 31.72 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | Equipment Type, Reactor Type, Region |
| Growth Drivers | Substantial Usage of Major Equipment to Propel Industry Growth |
| Major Organic and Inorganic Expansions Across Key Players to Shape the Industry | |
| Technological Advancement in Nuclear Power Reactors to Enhance the Market Growth | |
| Pitfalls & Challenges | Rising Energy Demand and Production of Clean Electricity to Foster the Market Size |
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Segmentation-
On the basis of equipment type, the market is segmented into auxiliary equipment and island equipment. On the basis of reactor type, the market is categorized into Pressurized Heavy Water Reactor (PWR), Boiling Water Reactor (BWR), Pressurized Water Reactor (PWR), and others. Geographically, the market is classified into Europe, Asia Pacific, North America, and the Rest of the World.
Report Coverage-
- It provides a comprehensive market analysis.
- It assesses the various growth strategies adopted by major market players.
- It highlights the impact of the COVID-19 pandemic.
- It includes the latest industry developments.
- It covers a detailed analysis of the various market segments: equipment type, reactor type, and others.
Drivers & Restraints-
Soaring Energy Demand to Boost Market Growth
Nuclear power plants emit lesser greenhouse gasses and high amount of energy than thermal power plants. The escalating energy demand and clean electricity production are expected to be the key factors driving the market growth. The increasing government efforts to reduce greenhouse gas emissions are boosting technological advancements in nuclear power reactors. This is likely to bolster the global nuclear power equipment market growth. Moreover, the growing industrialization across developing and developed nations are anticipated to boost market growth.
The rising inorganic and organic expansions by major players to amplify their output efficiency are likely to offer lucrative growth opportunities for the market. For instance, Gp Strategies Corporation’s EtaPRO® was acquired by Toshiba America Energy Systems (TAES) in October 2021. The company aims to fortify its expansion with this expansion.
However, the obstacles in nuclear power plant fundings may hinder the market growth.
Regional Insights-
Increasing Government Investments to Amplify Market Growth in the Asia Pacific
Asia Pacific is projected to dominate the market with the largest nuclear power plant equipment market shares. China leads the regional market. It comprises over 50 operating reactors, as reported in the IAEA 2021 report. The Chinese Government plans to achieve a 150 GW nuclear capacity by 2030. Moreover, the Indian Government is also emphasizing amplifying its nuclear power generation capacity by achieving a 22.5 GW nuclear capacity by 2031’s end.
North America is expected to exhibit remarkable growth in the coming years. The growing awareness for clean energy and escalating energy demand are expected to bolster the region’s market growth. Additionally, increasing government funding for nuclear power plants are likely to complement the market growth.
Europe is estimated to witness substantial growth in the forthcoming years. The key players present in the region, including AREVA and Alstom, are expected to boost the region’s market growth.
Competitive Landscape-
Key Players Emphasize Technological Advancements to Boost Market Positions
The market is highly fragmented and comprises several key players competing for neck-to-neck in the highly competitive marketplace. Larsen & Toubro, Alstom, Mitsubishi Heavy Industries, and Toshiba Corporation occupy the largest portion of the market by providing nuclear power plant equipment. The companies emphasize technological advancements, partnerships, contracts, agreements, collaborations, and others to retain the top market positions. For instance, in October 2021, a supply agreement for Engineering, Procurement, and Construction (EPC) activities was secured by EDF, along with the Polish Government. The agreement for four to six EPR reactors in Poland, with an installed total capacity of 6.6 GW to 9.9 GW.
Industry Developments-
- October 2021: Westing Electric Company and Exelon Generation signed an Instrumentation and Control (I&C) modernization contract for its BWR units at its Limerick-based Generating Station. The upgrades will fortify system reliability, optimize surveillance, and improve the plant’s operation ability.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Nuclear Power Plant Equipment Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Nuclear Power Plant Equipment Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Equipment Type
- Island Equipment
- Auxiliary Equipment
- Market Analysis, Insights and Forecast – By Reactor Type
- Pressurized Water Reactor (PWR)
- Boiling Water Reactor (BWR)
- Pressurized Heavy Water Reactor (PHWR)
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Nuclear Power Plant Equipment Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
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