The market size of Global Nuclear Power Plant Equipment is projected to grow at a CAGR of 3.76% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market's expansion is attributed to the world's growing demand for reliable, sustainable energy sources as well as the rising power demand. Additionally, the government is stepping up its efforts to decarbonize the industrial sectors, which include transportation and heavy-duty, sea, and air transportation as well as industrial operations that require combustion. Thus, the need for nuclear power is being further fueled by governments in nations like the US, India, Vietnam, Brazil, and others to become carbon-neutral, or to cut carbon emissions in their nations by 2030. Nuclear power plants make a substantial contribution to baseload power generation, supplying the world's industrial, commercial, and residential sectors with the electricity they require.
In recent years, the introduction of technological advancement in the nuclear reactor has positively escalated the market growth. These new reactor designs mainly utilize natural forces such as gravity, convection, and reactivity to enhance safety measures. Moreover, these advanced reactors not only enhance overall efficiency but also improve the performance of nuclear power plants. Additionally, advanced fuel designs, including accident-tolerant fuels (ATFs), contribute to improved fuel utilization and enhanced safety in nuclear power plants.
Furthermore, countries such as the US, Germany, the UK, etc., have set various targets to reduce carbon emissions and combat climate change in the coming years. Renewable energy plays a key role in achieving these goals, however, it is not enough alone to meet the increasing electricity demand across the globe. Therefore, to achieve zero carbon neutrality, nuclear power plants, with their low-carbon footprint and ability to generate large-scale electricity, are considered an important part of the decarbonization strategy across regions such as Asia-Pacific, North America, etc. Thus, the increasing acceptance of clean energy globally is expected to increase the requirement for nuclear power plant equipment to support the transition to a low-carbon economy in the coming years, further states the research report, “Global Nuclear Power Plant Equipment Market Analysis, 2023.”
Pressurized Water Reactor (PWR) Segment to Hold Major Share in the Global Nuclear Power Plant Equipment Market
Based on the type of reactor segment, the market is further bifurcated into, Pressurized Water Reactor (PWR), Pressurized Heavy Water Reactor (PHWR), Boiling Water Reactor (BWR), others (Gas Cooled Reactor (GCR), Light Water Graphite Reactor (LWGR), etc.). Among them, the Pressurized Water Reactor (PWR) segment is anticipated to hold a significant share in the Global Nuclear Power Plant Equipment market in the foreseeable future. This could be attributed to the rising energy demand, clean electricity, and government policies related to pressurized water reactors globally. PWRs offer various advantages in terms of their stability at various temperatures, simplifying the operation of the reactor. Furthermore, emerging economies like China, India, and Russia are consistently investing in PWR technology to fulfill their increasing electricity requirements. Additionally, countries that traditionally relied on coal or fossil fuel-based power generation are actively seeking to transition to cleaner energy sources. PWRs are expected to play a significant role in facilitating this transition and driving market growth during 2023-2028.
Asia-Pacific Region is Expected to Hold a Major Market Share of the Market
In the forecast period, the Asia-Pacific region is anticipated to hold a significant share of the Global Nuclear Power Plant Equipment market. The factors responsible for market growth are the consistently growing population, rising rapid urbanization, and increasing industrialization in the region, which has led to a surge in energy demand. This further led to the increasing installation of nuclear power plants and a shift towards cleaner energy generation. In addition, government initiatives to reduce carbon emissions and promote cleaner energy sources are expected to drive the development of nuclear power plant equipment in the region from 2023 to 2028.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (General Electric, Shanghai Electric, Mitsubishi Heavy Industries, L&T Heavy Engineering, Toshiba Energy System & Solutions Corporation, Dongfang Electric Corporation, Doosan Corporation, BWX Technologies, Inc., Terrestrial Energy Inc., AREVA S.A., NuScale Power Corporation are the top players in the Global Nuclear Power Plant Equipment Market) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report