New York, July 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nuclear Power Plant Equipment Market- Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05934713/?utm_source=GNW
Moreover, nuclear power remains as an important option for many countries to improve energy security, reduce the impact of volatile fossil fuel prices and mitigate the effects of climate change and air pollution. However, the lower cost of renewable inculcated with negligible emissions, and the difficulty associated in obtaining financing for the nuclear power plant project is expected to restrain the market growth.
- Pressurized Water Reactors (PWR) are expected to dominate the market in 2019 and register the highest growth rate, owing to the increasing number of projects in pipeline coupled with rising PWR investments.
- The Middle-East country\hjh as the United Arab Emirates have progressed in building their first nuclear power plants, in addition to several countries in Africa whicjh have also moved forward with their plans after hosting Integrated Nuclear Infrastructure Review (INIR) missions, creating ample opportunites for the market players.
- Asia-Pacific is the largest and the fastest growing market, with China expected to be the largest market in region owing to 48 operational and long-term shutdown nuclear power plants followed by Japan and India.
Key Market Trends
Pressurized Water Reactor to Dominate the Market
- Due to the increasing concern for the safety the nuclear power plants, operators prefers pressurized water reactor which is the safest of all the available types. Additionally, the PWR reactor prevents water from getting contaminated with the radioactive materials preventing environmental damages.
- As of December 2019, there were 443 operational reactors in the globe. Out of the which, there are 300 PWRs, with a capacity of 283.96 Gigawatts electric (GWe). United States has 64 PWRs with a capacity of 64.75 GWe, followed by France and China with 58, of 63.13 GWe and 45 PWR, of 44.14 GWe capacity, respectively.
- Since, PWR requires a sturdy piping and a heavy pressure vessel to ensure that the highly pressurized water remains at a liquid state when sustaining high temperatures, making the construction of the PWR costly. Therefore, growing demand for PWRs is expected to have a significant positive impact on the nuclear power plant equipment market during the forecast period.
- Moreover, the upcoming projects in Asia-Pacific region especially in China is expected to be dominated by the PWR, considering the fact that more than 90% of the upcoming plants will have the PWR type of reactor.
- Apart from under construction, several other PWRs are getting planned for construction, during 2019, hence driving the nuclear power plant equipment market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific region is expected to have the largest share in the nuclear power plant equipment market in 2019 also during the forecasted period. It is one of the emerging regions in the world where electricity generating capacity and specifically nuclear power are growing significantly. In Asia, there are about 130 operable nuclear power reactors, out of which 35 are under construction and counties planning to build an additional 70-80. Many more are proposed.
- The Chinese government is planning to achieve 58GW of nuclear capacity by 2020-21, and 150GW by 2030, and has planned new-build program for nuclear power, and the strong project pipeline strengthens the outlook for the nuclear power plant equipment market.
- The Indian government is dedicated to growing its nuclear power capacity as part of its huge infrastructure development program. The government expects nuclear capacity to reach about 22.5 GWe by the year 2031. At the end of 2019, seven reactors were under construction in India, with a combined capacity of 5.4 GWe.
- Moreover, the Indian government plans to source 25% of the country’s electricity from nuclear energy by 2050, up from the current level of 2.5%, therefore the project pipeline has strengthened in line with these targets and the market is expected to grow in the region.
- Also, Indonesia has also a better depth of experience and infrastructure in nuclear technology than any other country in Southeast Asia. Hence, Asia-Pacific is expected to be drive the nuclear power plant equipment market during the forecast period.
Competitive Landscape
The nuclear power plant equipment market is consolidated. Some of the major companies include JSC AEM-technology, Larsen & Toubro Ltd, JSC ATOMSTROYEXPORT, Doosan Corporation, and Dongfang Electric Corp Limited.
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Nuclear Power Plant Equipment Market- Growth, Trends, and Forecast (2020 - 2025)
The nuclear power plant equipment market is expected to grow at a CAGR of approximately 7. 81 % during the forecast period of 2020 – 2025. The major factors driving the market studied are increasing energy demand clubbed with international climate change goals, and growing nuclear investments in Asia-Pacific.
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