Market Trends of Europe Nuclear Reactor Construction Industry
This section covers the major market trends shaping the Europe Nuclear Reactor Construction Market according to our research experts:
Pressurized Water Reactor to Dominate the Market
- The pressurized water reactor (PWR) nuclear reactor sector has dominated the market in the past and is expected to do so in the forecast period too. The reactor is the most popular form of nuclear reactor due to its higher control and safety compared to other forms of reactors.
- PWR has some advantages over other reactors that make it the most used nuclear reactor in the globe. PWR reactors are low cost operating reactor, as both the coolant and the moderator used in the reactor is light water, which is cheaper than other kinds of coolant, like heavy water.
- With less fissile material in the core reactor, chances of additional fission reaction reduce, that makes the reactors to have only the required temperature and reduce the chances of facing any kind of unfavorable conditions, thus making the reactor safer and controllable. Lastly, PWR has separate loops for water and nuclear reaction. This reduces the chances of water contamination with radioactive material.
- In 2018-19 three pressurized water reactors were added to the grid in Russia. Aside from these, a number of pressurized water reactors are planned in the region.
- Therefore, the aforementioned factors are expected to drive the market in the forecast period.
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Russia to Witness Significant Growth
- Russia is expected to witness significant growth in the nuclear reactor construction market in the coming years. The country has been very active in the sector in recent years in a bid to increase the export of nuclear goods and services.
- In May 2018, Russia marked a significant breakthrough in the completion of the construction of its first floating nuclear power plant, Akademik Lomonosov, with the power ship leaving Saint Petersburg to be towed to Murmansk for fuelling. The plant was connected to the grid on 19th December 2019 at the Port of Pevek, where it was replacing the outgoing capacities of the Bilibino nuclear power plant and the Chaunskaya combined heat and power plant.
- In April 2018, Russia began building Turkey's first nuclear power plant, and in December 2018, Tianwan 4 was connected to the grid in China, the fourth Russian-designed reactor to be deployed in that country. In June 2018, contracts were signed with China for the construction of four further VVER units in the country. Russia has around 20-22 reactor planned and proposed for construction. Hence, the country is expected a high demand for nuclear reactor construction market during the forecast period.
- Moreover, it is estimated that nuclear power is likely to remain an integral part of the Russian energy policy, as the country tries to meet rising power demand, while also tackling emissions.
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