Nuclear Steam Generator Market Size (2024 - 2029)

The nuclear steam generator market is anticipated to experience growth, driven by the construction of nuclear power plants, particularly those utilizing pressurized heavy water reactors. Despite challenges posed by the lower initial costs and safety perceptions of renewable energy sources, technological advancements in nuclear reactor design are expected to attract investment and expand the market. The increasing electricity demand in the Middle-East and Africa, coupled with investments in non-fossil fuel power generation, presents further opportunities for market expansion. Asia-Pacific is projected to be the fastest-growing region in this sector during the forecast period.

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Market Size of Nuclear Steam Generator Industry

nuclear steam generator market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 1.50 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

nuclear steam generator market size

*Disclaimer: Major Players sorted in no particular order

Nuclear Steam Generator Market Analysis

The nuclear steam generator market is expected to register a CAGR of less than 1.5%. Nuclear generation is among one of the most reliable ways of generating electricity, along with reduced carbon emission. Additionally, it provides long-term certainty over electricity costs. The nuclear steam generator market is expected to register significant growth during the forecast period, primarily due to the uptake of the nuclear power plant construction with pressurized heavy water reactors. However, the low initial costs and fewer safety risks associated with renewables are likely to restrain the growth of the market during the forecast period.

  • Technological advancements have emerged as one of the major factors driving the growth of the nuclear steam generator market. The development of nuclear reactor design technologies, majorly vertical steam generator and pressurized heavy water reactor, is expected to increase the influx of money into the nuclear steam generator business in the near future.
  • With the growth in the economies of Middle-East and Africa, electricity demand is increasing. Various countries in the region are investing in non-fossil fuel-based power generation technologies, especially in a small nuclear reactor. Saudi Arabia plans to achieve 30-50% of local content for its nuclear program before 2030. Similarly, Jordan and a few more countries are in the initial phase of nuclear power plant construction, which is likely to provide an opportunity for the nuclear steam generator market over the forecast period.
  • Asia-Pacific is expected to be the fastest-growing region in the nuclear steam generator market during the forecast period.

Nuclear Steam Generator Industry Segmentation

The nuclear steam generator market report includes:

Design
Horizontal
Vertical
Reactor Type
Pressurized Water Reactor
Pressurized Heavy Water Reactor
Boiling Water Reactor
Advanced Pressurized Water Reactor
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Nuclear Steam Generator Market Size Summary

The nuclear steam generator market is poised for growth, driven by the increasing construction of nuclear power plants, particularly those utilizing pressurized heavy water reactors (PHWR). This growth is supported by the reliability of nuclear power in electricity generation and its potential to reduce carbon emissions, offering long-term cost certainty. Technological advancements in reactor design, such as vertical steam generators and PHWRs, are expected to attract significant investment into the sector. Despite the advantages of nuclear power, the market faces challenges from the lower initial costs and reduced safety risks associated with renewable energy sources. The Middle-East and Africa are emerging as key regions for market expansion, with countries like Saudi Arabia and Jordan investing in nuclear power to meet rising electricity demand.

In North America, the focus on nuclear power remains strong, with the United States and Canada exploring life extension for existing plants and the potential of small modular reactors. The U.S. operates the largest fleet of nuclear power plants globally, contributing significantly to its electricity generation. Recent developments include the construction of new Westinghouse AP1000 reactors in Georgia and plans for small modular reactor demonstration units. Canada's commitment to increasing its nuclear capacity further supports market growth. The nuclear steam generator market is moderately fragmented, with key players such as GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, and China National Nuclear Corporation leading the industry.

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Nuclear Steam Generator Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Import-export Analysis

    5. 1.5 Investment Opportunities

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Design

      1. 2.1.1 Horizontal

      2. 2.1.2 Vertical

    2. 2.2 Reactor Type

      1. 2.2.1 Pressurized Water Reactor

      2. 2.2.2 Pressurized Heavy Water Reactor

      3. 2.2.3 Boiling Water Reactor

      4. 2.2.4 Advanced Pressurized Water Reactor

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Asia-Pacific

      3. 2.3.3 Europe

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Nuclear Steam Generator Market Size FAQs

The Nuclear Steam Generator Market is projected to register a CAGR of less than 1.5% during the forecast period (2024-2029)

GE-Hitachi Nuclear Energy , Westinghouse Electric Company LLC (Toshiba) , Bilfinger SE , Babcock & Wilcox Enterprises Inc. and China National Nuclear Corporation are the major companies operating in the Nuclear Steam Generator Market.

Nuclear Steam Generator Report Snapshots

Nuclear Steam Generator Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)