The "Nuclear Power Plant Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The nuclear power plant equipment market is expected to grow at a CAGR of more than 6.9% during the forecast period of 2021?- 2026, reaching a market size of USD 13 billion in 2026 up from USD 8 billion in 2019.
Amid the COVID-19 pandemic, the nuclear power market witnessed a slight growth with the commissioning of the nuclear reactors in the United Arab Emirates and Belarus. However, due to imposed lockdowns, construction work at multiple sites like Bangladesh and the United States witnessed delays in work and an increase in the cost of overall projects.
On the other hand, with reduced consumption of electricity, several plants were put on halt temporarily amid the pandemic, which affected the nuclear power plant equipment market up to a small extent. Despite Covid-19, the major factors driving the market studied are increasing energy demand clubbed with international climate change goals and growing investments in nuclear power plants globally.
Moreover, nuclear power remains an essential option for many countries to improve energy security, reduce the impact of volatile fossil fuel prices, and mitigate climate change and air pollution. However, the lower cost of renewable inculcated with negligible emissions and the difficulty associated with obtaining financing for the nuclear power plant projects is expected to restrain the market growth during the forecast period.
Pressurized Water Reactors (PWR) are expected to dominate the market and register the highest growth rate, owing to the increasing number of projects in the pipeline and rising investments related to pressurized water reactors.
The World Nuclear Association has set a target of 25% of global electricity in 2050, which is expected to be provided by nuclear energy. This requires roughly 1000 GW of new nuclear capacity to be constructed, creating ample opportunities for market players.
Asia-Pacific is the largest and fastest-growing market. China is expected to be the largest market in the 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 concerns for the safety of nuclear power plants, operators prefer pressurized water reactor which is the safest of all the available types of nuclear reactors. Additionally, the PWR reactor prevents water from getting contaminated with radioactive materials preventing environmental damages.
As of 2020, there were 442 operational reactors across the world. Out of which, there are 302 PWRs, with a capacity of 287 Gigawatts electric (GWe). The 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 the Asia-Pacific region especially in China are expected to be dominated by the PWR, because more than 90% of the upcoming plants are going to have the PWR type of reactor.
Apart from the projects that are under construction, several other PWRs are getting planned for construction, in the coming years, hence driving the nuclear power plant equipment market during the forecast period.
The nuclear power plant equipment market is moderately consolidated. Some of the major players operating in the market include JSC AEM-technology, Larsen & Toubro Ltd, JSC ATOMSTROYEXPORT, Doosan Corporation, Dongfang Electric Corp Limited, and others.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, until 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply-Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Pressurized Water Reactor
5.1.2 Pressurized Heavy Water Reactor
5.1.3 Boiling Water Reactor
5.1.4 High-temperature Gas Cooled Reactor
5.1.5 Liquid Metal Fast Breeder Reactor
5.1.6 Other Reactors
5.2 Carrier Type
5.2.1 Island Equipment
5.2.2 Auxiliary Equipment
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 JSC AEM-technology
6.3.2 Areva SA
6.3.3 Babcock & Wilcox Company
6.3.4 Doosan Corporation
6.3.5 Dongfang Electric Corp Limited
6.3.6 GE-Hitachi Nuclear Energy
6.3.7 JSC ATOMSTROYEXPORT
6.3.8 Korea Electric Power Corporation (KEPCO)
6.3.9 Larsen & Toubro Ltd
6.3.10 Mitsubishi Heavy Industries, Ltd
6.3.11 Westinghouse Electric Company LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/9glcny
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005393/en/
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