Nuclear Power Plant Equipment Market worth $18.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 9, 2023 /PRNewswire/ -- Nuclear Power Plant Equipment Market is projected to reach USD 18.6 billion in 2027 from USD 15.7 billion in 2022 at a CAGR of 3.5% according to a new report by MarketsandMarkets™. The global Nuclear Power Plant Equipment Market is being pushed by increased demand for and generation of clean electricity around the world. As the demand for energy rises, governments seek clean and efficient energy sources such as nuclear power. Furthermore, technological developments in nuclear power equipment have supported market expansion. Nuclear reactors are used in nuclear power plants to generate electricity as well as in nuclear marine propulsion. The Nuclear Power Plant Equipment Market has promising growth potential due to the Electricity produced with less pollution. The global Nuclear Power Plant Equipment Market is driven by the growing demand of energy for high performance.

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Nuclear Power Plant Equipment Market Scope:

"The PWR segment, by reactor, is expected to be the largest and the fastest-growing market from 2023 to 2027"

Pressurized water reactor(PWR) segment holds the largest share of the Nuclear Power Plant Equipment Market. Pressurized Water Reactors (PWR) are anticipated to rule the industry due to their enormous fleet size. According to estimations, the PWR segment has a considerable market share. The following is a paraphrased version of the original article titled "The Paraphrased Furthermore, PWR reactors are easy to operate in terms of stability since they remain stable at high temperatures. There are 302 PWR reactors with a capacity of 287 GWe among the 442 operational reactors in the globe.

"The Island Equipment, by Equipment, is expected to be the fastest-growing market from 2023 to 2027"

The Nuclear Power Plant Equipment Market, by equipment, is divided into island and auxiliary, where in the island segment accounts for a largest share. island equipment type currently dominate the market and are expected to continue to do so during the forecast period due to their significant role in operational safety and a wide range of applications in nuclear power plants. In addition, these equipment are more expensive than oxidative equipment. 12.6% of nuclear power plant's total capital cost is made up of island equipment.

"From 2023 to 2027, Asia Pacific is predicted to be the largest and most rapidly increasing regional segment"

Asia Pacific dominated the Nuclear Power Plant Equipment Market in 2021 and is likely to continue its dominance during the forecasted period as well. It is one of the principal geographical areas in the world where nuclear power is expanding significantly. In Asia pacific, there are 140 operational nuclear power plants and 30-35 plants are under construction. The major nations in the region also have plans to develop an additional 60 to 70 reactors over the next few years. China is one of the fast growing countries in Asia Pacific, which is projected to register a CAGR of 4.3% during the forecast period. The Nuclear Power Plant Equipment Market is dominated by a few major players that have a wide regional presence.

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Nuclear Power Plant Equipment Market Dynamics:

Drivers:

1. Growing demand for clean energy
2.  Rising need for energy security

Restraints:

1. Long construction period and high cost of construction
2. Negative public perception toward nuclear energy

Opportunities:

1. Rising need for sustainability and decarbonization globally

Challenges:

1. High cost of storage, transportation, and disposal of used fuel

Key Market Players:

The leading players in the Nuclear Power Plant Equipment Market such as General Electric (US), Mitsubishi Heavy Industries (Japan), Toshiba Energy System & Solutions Corporation (Japan), Doosan Corporation (South Korea). Westinghouse Electric Company (US), Shanghai Electric (China).

Recent Developments:

• In February 2022, GE agreed to sell nuclear power activities part to Electricite de France. Nuclear power is the generation of electricity through nuclear reactions. Nuclear fission, nuclear decay, and nuclear fusion reactions can all produce power. Currently, the great majority of nuclear power electricity is generated through nuclear fission of uranium and plutonium in nuclear power plants.
• In June 2022, The US Department of Défense awarded BWX a contract to construct the nation's first cutting-edge nuclear microreactor.
• In November 2022, GE entered into an agreement to sell GE Steam Power's nuclear activities to EDF. EDF signs deal to acquire GE Steam Power's nuclear activities. The transaction also covers steam turbine technology such as the European pressurized reactors and compact modular reactors. The activities of GE Steam Power involve the production of conventional island equipment for the new nuclear power plants.
• In April 2021, The U.S. Naval Nuclear Propulsion Program awarded BWX a contract worth US$2.2 billion to produce the parts and fuel for naval nuclear reactors.
• In October 2021, A teaming agreement has been made between GE Hitachi Nuclear Energy (GEH) and BWXT Canada Ltd. (BWXT Canada) to work together on engineering and procurement to support the design, production, and commercialization of the BWRX-300 compact modular reactor.

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Small Modular Reactor Market - Global Forecast to 2030

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