Nuclear Power Plant Equipment Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Nuclear Power Plant Equipment Market Analysis
The nuclear power plant equipment market is expected to register 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.
Nuclear Power Plant Equipment Market Trends
This section covers the major market trends shaping the Nuclear Power Plant Equipment Market according to our research experts:
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, the growing demand for PWRs is expected to significantly impact 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.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region has dominated the nuclear power plant equipment market in 2019 and is expected to continue its dominance during the forecasted period as well. It is one of the major regions in the world where electricity generating capacity and specifically nuclear power are growing significantly. As of September 2020, in Asia, there are about 135 operable nuclear power reactors, out of which 35 are under construction, and the major counties in the region are planning to build an additional 60-70 reactors in the coming years.
- The Chinese government is planning to achieve 58 GW of nuclear capacity by 2020-21 and 150 GW by 2030 and has planned a drive-build program for nuclear power, and the strong project pipeline strengthens the outlook for the nuclear power plant equipment market.
- The Indian government is dedicated to growing its nuclear power capacity as part of its huge infrastructure development program. The government expects nuclear capacity to reach about 22.5 GWe by the year 2031. At the end of 2019, seven reactors were under construction in India, with a combined capacity of 5.4 GWe.
- Moreover, the Indian government plans to source 25% of the country's electricity from nuclear energy by 2050, up from the current level of 2.5%. Therefore, the project pipeline has strengthened in line with these targets, and the market is expected to grow in the region.
- Also, Indonesia has a better depth of experience and infrastructure in nuclear technology than any other country in Southeast Asia. Hence, Asia-Pacific is expected to drive the nuclear power plant equipment market during the forecast period.
Nuclear Power Plant Equipment Industry Overview
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, and Dongfang Electric Corp Limited.
Nuclear Power Plant Equipment Market Leaders
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JSC AEM-technology
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Larsen & Toubro Ltd
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JSC ATOMSTROYEXPORT
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Doosan Corporation
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Dongfang Electric Corp Limited
*Disclaimer: Major Players sorted in no particular order
Nuclear Power Plant Equipment Market News
- In May 2020, Russia's Atommash shipped the first components for the Turkish Akkuyu nuclear power plant, which was being built by the state nuclear corporation Rosatom. Rosatom said it stepped up the training of staff for the Akkuyu project, and it is carrying out the exercise in conjunction with a nuclear utility, Rosenergoatom.
- On June 29, 2020, France's oldest nuclear power plant at Fessenheim was shut down with the closure of the 880MWe pressurized water reactor at unit 2. Fessenheim 1 was shut down in February. The two reactors at Fessenheim began operation in 1977 and 1978, and they were already three years beyond their projected 40-year life span.
- On June 30, 2020, Hungary's Paks II Ltd submitted a construction license application for new nuclear units at the Paks nuclear plant to the Hungarian Atomic Energy Authority (HAEA). The regulatory procedure started on July 1. HAEA has 12 months to reach a decision, although this can be extended by additional three months if needed.
Nuclear Power Plant Equipment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, until 2026
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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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
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5.2 Carrier Type
- 5.2.1 Island Equipment
- 5.2.2 Auxiliary Equipment
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Rest of North America
- 5.3.2 Asia-Pacific
- 5.3.2.1 China
- 5.3.2.2 India
- 5.3.2.3 Japan
- 5.3.2.4 South Korea
- 5.3.2.5 Rest of Asia-Pacific
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Russia
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 Middle-East and Africa
- 5.3.4.1 United Arab Emirates
- 5.3.4.2 Saudi Arabia
- 5.3.4.3 South Africa
- 5.3.4.4 Iran
- 5.3.4.5 Rest of Middle-East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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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
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Nuclear Power Plant Equipment Industry Segmentation
The nuclear power plant equipment market report includes:
| Product Type | Pressurized Water Reactor | |
| Pressurized Heavy Water Reactor | ||
| Boiling Water Reactor | ||
| High-temperature Gas Cooled Reactor | ||
| Liquid Metal Fast Breeder Reactor | ||
| Other Reactors | ||
| Carrier Type | Island Equipment | |
| Auxiliary Equipment | ||
| Geography | North America | United States |
| Canada | ||
| Rest of North America | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Russia | ||
| France | ||
| Rest of Europe | ||
| Geography | Middle-East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| South Africa | ||
| Iran | ||
| Rest of Middle-East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Nuclear Power Plant Equipment Market Research FAQs
What is the current Nuclear Power Plant Equipment Market size?
The Nuclear Power Plant Equipment Market is projected to register a CAGR of greater than 6.90% during the forecast period (2024-2029)
Who are the key players in Nuclear Power Plant Equipment Market?
JSC AEM-technology, Larsen & Toubro Ltd, JSC ATOMSTROYEXPORT, Doosan Corporation and Dongfang Electric Corp Limited are the major companies operating in the Nuclear Power Plant Equipment Market.
Which is the fastest growing region in Nuclear Power Plant Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Nuclear Power Plant Equipment Market?
In 2024, the Asia Pacific accounts for the largest market share in Nuclear Power Plant Equipment Market.
What years does this Nuclear Power Plant Equipment Market cover?
The report covers the Nuclear Power Plant Equipment Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Nuclear Power Plant Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Nuclear Power Plant Equipment Industry Report
Statistics for the 2024 Nuclear Power Plant Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nuclear Power Plant Equipment analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
