Nuclear Power Plant Equipment Market Trends

Statistics for the 2023 & 2024 Nuclear Power Plant Equipment market trends, created by Mordor Intelligence™ Industry Reports. Nuclear Power Plant Equipment trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of Nuclear Power Plant Equipment Industry

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.
Nuclear Power Plant Equipment Market Share

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 Market Growth Rate By Region

Nuclear Power Plant Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)