Rising demand for energy, the prerequisite for cleaner power generation, and innovative advancements in nuclear equipment are driving the global nuclear power plant and equipment market.
PORTLAND, Oregon., February 28, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Nuclear Power Plant and Equipment Market by Reactor Type (Pressurized Water Reactor (PWR), Pressurized Heavy Water Reactor (PHWR), Boiling Water Reactor (BWR), Light Water Graphite Reactor (LWGR), Gas Cooled (GCR) and Others) and Equipment Type (Island Equipment and Auxiliary Equipment): Global Opportunities Analysis and Industry Forecast 2021-2030.” According to the report, the global nuclear power plant and equipment industry generated $41.1 billion in 2020, and should reach $58.4 billion by 2030, with a CAGR of 3.5% from 2021 to 2030.
Drivers, constraints and opportunities
Rising demand for energy, the prerequisite for cleaner power generation, and innovative advancements in nuclear equipment are driving the global nuclear power plant and equipment market. However, difficulties in atomic waste administration of nuclear waste are hampering the growth of the market. On the other hand, the increasing reliability of nuclear energy in the Asia Pacific region creates new opportunities in the years to come.
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The Covid-19 pandemic has impacted nuclear energy and the nuclear fuel industry in terms of supply and demand. The major impact was on the uranium supply side, as various mining and nuclear fuel cycle facilities suspended operations due to health concerns. This led to a 33% increase in the price of uranium from its lowest point.
The demand for nuclear energy is linked to the demand for nuclear fuel. The demand for nuclear fuel has had a negative impact due to the Covid-19 pandemic.
Reactor construction schedules were also impacted during the lockdown. New reactor projects have been temporarily halted. reactor construction activities in the United States, United Arab Emirates, France, Bangladeshand the UK were negatively impacted.
The Pressurized Water Reactor (PWR) segment will continue its leadership during the forecast period
Based on reactor type, the pressurized water reactor (PWR) segment accounted for the highest share in 2020, contributing nearly three-quarters of the global nuclear power plant and equipment market, and is expected to maintain its leading status during the forecast period. This is due to its high temperature stability. However, the Light Water Graphite Reactor (LWGR) segment is expected to experience the highest CAGR of 4.4% from 2021 to 2030.
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The auxiliary equipment segment will maintain its dominant share in terms of revenue by 2030
Based on equipment type, the ancillary equipment segment held the highest share in 2020, accounting for more than three-fifths of the global nuclear power plant and equipment market, and is expected to maintain its dominant revenue share over the course of the forecast period. Moreover, this segment is expected to show the largest CAGR of 3.7% from 2021 to 2030. This is attributed to its vital role in ensuring safe operations in factories. The research also analyzes the island amenities segment.
Asia Pacificfollowed by Europe and North Americato maintain its leading position by 2030
Asia Pacificfollowed by Europe and North Americacontributed to the highest market share in 2020, holding nearly two-fifths of the global nuclear power plant and equipment market, and is expected to maintain its leading position in terms of revenue by 2030. Moreover, this region is expected to show the fastest CAGR of 4.0% during the forecast end point. This is attributed to the increasing reliability of nuclear power and the increased demand for electricity.
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Main market players
BWX Technologies, Inc.
Dongfang Electric Co., Ltd.
Korea Electric Power Company
Larsen & Toubro Limited
Mitsubishi Heavy Industries, Ltd.
National Atomic Energy Company (ROSATOM)
Toshiba International Corporation
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