Nuclear power equipment is Expected to Dominate the Global Nuclear Power Plant Equipment Market.
The
global market is projected to grow in the upcoming years as various nations are
switching to cleaner techniques for generating power.
According
to TechSci Research report, “Global Nuclear Power Plant Equipment Market -
By Country, Competition, Forecast & Opportunities, 2028”. The Global Nuclear Power Plant
Equipment is anticipated to project robust growth in the forecast period with a
CAGR of 2.8% through 2028. Increasing
energy demand and the production of clean electricity are expected to enhance
the market outlook. Various nations across the globe are looking for efficient
and clean ways, such as nuclear power stations, to overcome the energy demand
that is fueling the market growth. For instance, in October 2021, Abu Dhabi
National Oil Co. (ADNOC) announced the utilization of solar and nuclear energy
to completely power its operations, declaring a supply contract with Emirates
Water and Electricity Co. for clean electricity supply. ADNOC’s grid power will
meet up to 100 % of its power requirements from nuclear and solar after the
contract. After the agreement, ADNOC will become the first prime oil and gas
company to decarbonize its power, according to the firm, and also claims to
pump some of the least carbon-intensive crudes globally. Furthermore, according
to a target by World Nuclear Association (WNA), 25% of the global electricity
is to be provided by nuclear energy by 2050. This requires around 1000 GW of
new nuclear capacity to be established, creating ample opportunities for major
players.
These
new technologies could make Nuclear Power Plant Equipment more competitive with
other forms of energy. Nuclear Power Plant Equipment is used not only to
generate electricity, but also for a variety of other applications, such as
nuclear medicine, materials research, and food irradiation. The demand for
these applications is growing, which is also helping to drive the Nuclear Power
Plant Equipment market. The Nuclear Power Plant Equipment market is facing a
number of challenges, such as high upfront costs, long construction times, and
safety concerns. However, the drivers listed above are expected to outweigh
these challenges and lead to significant growth in the Nuclear Power Plant
Equipment market in the coming years. The Nuclear Power Plant Equipment market
is expected to grow significantly in the coming years, driven by a number of
factors, including increasing global energy demand, rising concerns about
climate change, the need to reduce reliance on fossil fuels, government
support, and the development of new reactor technologies. The Nuclear Power
Plant Equipment industry is working to overcome the challenges it faces, and if
these challenges can be overcome, Nuclear Power Plant Equipment can play a
major role in meeting the world's growing energy needs and reducing greenhouse
gas emissions.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on " Global Nuclear Power Plant Equipment Market.”
Based
on the equipment type, the market is primarily bifurcated into the island
equipment and auxiliary equipment segments. The island equipment segment
dominates the market and is projected to hold a significant share in the
market, owing to its significant role in operation safety and has various
applications in a nuclear power plant. Besides, island equipment is
cost-effective as compared to auxiliary equipment. According to National
Renewable Energy Laboratory (NREL), island equipment holds around 12.6% of the
total capital cost of a nuclear power plant.The auxiliary equipment segment is
expected to grow at a significant rate during the forecast period. The growth
is attributed to the feature of auxiliary equipment to ensure reliability, as
the safety of nuclear power plants is rising significantly. In addition, they
ensure the radiation protection of power plants, safety nuclear power plant
systems, and special water purification systems of nuclear plants.
Based
on the reactor type, the global nuclear power equipment market is segmented
into Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Pressurized
Heavy Water Reactor (PHWR), and others. The PWR segment dominates the market
and is estimated to hold a major market share. The growth is majorly attributed
to the rising number of projects and increasing investments related to
pressurized water reactors. Also, PWR has stability at high temperatures, which
makes them easy to operate the reactors from the stability standpoint.
According to IAEA 2021 statistics, there are 442 operational reactors across
the globe, of which 302 are PWR with a capacity of 287 GWe. The U.S. has 63
PWRs, followed by France and China with 56 and 47 respectively.
Key
market players in the Global Nuclear Power Plant Equipment Market are
following:-
- GE-Hitachi Nuclear Energy
- KEPCO Engineering & Construction
- China National Nuclear Corporation
- Westinghouse Electric Company LLC
- SKODA JS AS
- ALSTOM SA
- BWX Technologies, Inc.
- Dongfang Electric Co., Ltd.
- DOOSAN CORPORATION
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“The
unrepeatable and substantial usage of major equipment such as boiling water
reactors (BWR), pressurized water reactors (PWR), and Canada Deuterium Uranium
(CANDU) reactors in nuclear plants is predicted to offer ample opportunities
for market players. As nuclear reactors are majorly powered by fuel assemblies,
they can be a profit-making addition to the portfolio of nuclear power plant
equipment manufacturers. With the increase in fuel assemblies, the demand for
fuel rods is expected to rise substantially. Japan’s Fukushima Daiichi nuclear
disaster has created negativity related to the employment of nuclear energy,
thus making the adoption and commission of nuclear plants a bit difficult.
Despite the pessimistic notions related to the disaster, there are permissible
opportunities anticipated to grow on the back of the decommissioning of the old
nuclear plants.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management
consulting firm.
Nuclear Power
Plant Equipment Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Equipment Type (Island Equipment and Auxiliary Equipment),
By Reactor Type (Pressurized Water Reactors , Boiling Water Reactors, Pressurized
Heavy Water Reactors , and Others)By Region, Competition 2018-2028 has
evaluated the future growth potential of Global Nuclear Power Plant Equipment Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Nuclear
Power Plant Equipment Market.
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