The global nuclear power plant and equipment market is estimated to exceed US$ 98.4 billion in 2023 to US$ 232.07 billion by 2032, growing at a compound annual growth rate (CAGR) of 10% during the forecast period from 2024 to 2032.
A nuclear power plant is a thermal power station that utilizes a nuclear reactor as its primary heat source. It operates as a thermal power plant by producing heat to power a steam turbine connected to a generator, which then produces electricity. Nuclear power plants incorporate a range of equipment such as reactors, generators, turbines, and steam generators. It may also utilize measuring instruments and radiation monitoring equipment for safety and control.
Growing Energy Demand and Generation of Clean Energy
The global nuclear power plant and equipment market is expected to expand in response to the rising energy demand and the increasing focus on clean electricity generation worldwide. Projections indicate a substantial surge in the global population, with estimates suggesting an increase to over 8.5 billion by 2030 and 9.7 billion by 2050. This exponential growth in the global population is anticipated to necessitate approximately twice the amount of energy currently produced.
According to the International Energy Agency (IEA), the high case projection foresees a significant increase in global nuclear energy capacity, with estimates indicating a rise from 390 GWe in 2021 to 479 GWe by 2030, 676 GWe by 2040, and 873 GWe by 2050. In this scenario, nuclear energy could contribute about 12% of global electricity by 2050, up from 11% in the previous high case projections for 2050.
The energy demand is expected to continue its upward trajectory, leading countries to seek clean and efficient energy production methods such as nuclear power. Furthermore, the increasing role of renewables is anticipated, with projections indicating that renewables are set to make up more than one-third of total electricity generation by early 2025, surpassing coal.
Additionally, nuclear power generation is forecast to reach an all-time high globally by 2025, driven by increased output from France, the reactivation of several plants in Japan, and the commencement of commercial operations for new reactors in various markets, including China, India, Korea, and Europe. The market growth for nuclear power is expected to be fueled by the need to meet the escalating energy demand and the global shift towards clean energy sources.
High Initial Setup Cost
Nuclear power remains a capital-intensive technology, posing affordability challenges for many countries. The cost of nuclear power is typically dissected into capital costs and operating costs. Notably, the capital costs associated with nuclear power plants are considerably higher than those for energy sources such as coal and natural gas. The annual expenses linked to repaying the initial investment substantially surpass the annual operating costs. This disparity may potentially impede the overall growth of the nuclear power market.
For instance, the construction cost of a nuclear power plant in Europe and the US ranges between USD 5,500/kW and USD 8000/kW, translating to approximately USD 6 billion to USD 9 billion for each 1,100 MW plant. In comparison, coal power plants require 1.88 cents to produce 1 kilowatt hour of energy, and the overall cost of building and operating a fossil fuel power plant is lower than that of a nuclear power plant.
The intricate design and construction process of a new nuclear power plant necessitates a multitude of highly qualified specialists and often spans several years, compounding financing costs significantly. Factors such as design modifications or legal disputes can lead to delays, further inflating the financing charges, which in some cases surpass the actual construction costs.
While the capital costs of a nuclear power plant typically constitute around 60% of the total cost, efforts should be directed toward reducing operating prices to alleviate the overall financial burden associated with nuclear power. This approach could play a crucial role in enhancing the competitiveness of nuclear power in the energy landscape.
Technology Advancement
Technological advancements in nuclear power generation and equipment have significantly bolstered the market, creating opportunities for growth. The emergence of advanced nuclear power reactors, such as Generation III and Generation III+, has driven market expansion in recent years. These innovative reactors integrate passive safety systems that leverage natural phenomena like gravity, convection, and reactivity.
For example, the Indian government recently revealed plans to collaborate with the private sector to develop small modular reactors, demonstrating a recognition of nuclear power's substantial role in the country's future energy landscape.
These advanced reactors not only enhance overall efficiency but also improve the performance of nuclear power plants. Additionally, advanced fuel designs such as accident-tolerant fuels (ATFs) offer enhanced fuel utilization and improved safety for nuclear power plants. Consequently, these technological advancements are expected to elevate the demand for specialized nuclear reactors, presenting lucrative opportunities for market growth.
By Reactor Type
In 2023, the pressurized water reactor (PWR) segment dominated the market in terms of revenue. This type of reactor is favored due to its safety features, as it produces less power as temperatures increase, making it easier to operate and providing stability. Additionally, the PWR's design ensures that the water in the secondary loop is not contaminated by radioactive materials, preventing environmental damage.
The construction of PWRs requires sturdy piping and a heavy-pressure vessel to maintain highly pressurized water in a liquid state under high temperatures, making it a costly endeavor. The increasing demand for PWRs is expected to have a significant impact on the nuclear power plant equipment market in the forecast period.
By Equipment Type
Island Equipment is poised to dominate the market share due to its critical role in upholding the resilience of nuclear power plants in isolated or islanded conditions. This specialized equipment enables plants to function independently from the external power grid, particularly during disruptions in grid supply worldwide.
The escalating demand for island equipment is primarily fueled by the proliferation of nuclear power plants in remote areas globally. These regions often grapple with limited and inconsistent grid connectivity, underscoring the imperative for islanded operations. As nations intensify efforts to bolster their energy security and expand nuclear power generation, the requirement for island equipment is anticipated to surge.
Regional Analysis
The Asia-Pacific region has been a dominant force in the nuclear power plant equipment market and is expected to maintain its dominance in the coming years. This region is witnessing significant growth in electricity generating capacity, particularly in the nuclear power sector. With over 50% of the global population and substantial economic development, the Asia-Pacific region is projected to experience a substantial rise in energy demand, with some areas expecting an 80% increase by 2040.
In India, the government has prioritized expanding its nuclear power capacity to support extensive infrastructure-building programs. The country aims to achieve a capacity of around 22.5 GW by 2031, with a target to increase the contribution of nuclear energy to 25% of the total electricity generation by 2050, representing a 2.5% increment from the existing proportion.
Similarly, the Chinese government has ambitious plans to achieve 58 GW of nuclear capacity by 2020-21 and 150 GW by 2030. This drive to build and expand nuclear power capacity in China is expected to significantly impact the market, with more than 90% of the upcoming plants projected to have pressurized water reactor (PWR) type of reactor.
The Asia-Pacific region is also witnessing a surge in the construction of nuclear power plants, with major nations planning to develop an additional 60 to 70 reactors over the next few years. This growth is driven by the increasing demand for energy, the need for electricity with minimal pollution, and the focus on energy security and supply.
Overall, the Asia-Pacific region's dominance in the nuclear power plant equipment market is underpinned by substantial growth in nuclear power capacity, ambitious government targets, and a strong project pipeline, all of which are expected to contribute to the industry's growth in the region.
Key Companies Operating in the Global Nuclear Power Plants and Equipment Market
Market Segmentation Outline
By Reactor Type
By Equipment Type
By Region
[ TABLE OF CONTENT ]
1 INTRODUCTION OF GLOBAL NUCLEAR POWER PLANT AND EQUIPMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: NUCLEAR POWER PLANT AND EQUIPMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL NUCLEAR POWER PLANT AND EQUIPMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL NUCLEAR POWER PLANT AND EQUIPMENT MARKET, BY REACTOR TYPE
5.1 OVERVIEW
5.2 PRESSURIZED WATER REACTOR (PWR)
5.3 PRESSURIZED HEAVY WATER REACTOR (PHWR)
5.4 BOILING WATER REACTOR (BWR)
5.5 LIGHT WATER GRAPHITE REACTOR (LWGR)
5.6 GAS-COOLED REACTOR (GCR)
5.7 OTHERS
6 GLOBAL NUCLEAR POWER PLANT AND EQUIPMENT MARKET, BY EQUIPMENT TYPE
6.1 OVERVIEW
6.2 ISLAND EQUIPMENT
6.3 AUXILIARY EQUIPMENT
7 GLOBAL NUCLEAR POWER PLANT AND EQUIPMENT MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL NUCLEAR POWER PLANT AND EQUIPMENT MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 SHANGHAI ELECTRIC GROUP CO., LIMITED
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 MITSUBISHI HEAVY INDUSTRIES, LIMITED
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 LARSEN & TOUBRO LIMITED
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 BWX TECHNOLOGIES, INCORPORATED
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 DONGFANG ELECTRIC CORP. LIMITED
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 ROSATOM (ROSATOM STATE ATOMIC ENERGY CORPORATION)
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 TOSHIBA
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 DOOSAN CORPORATION
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 KOREA ELECTRIC POWER CORPORATION
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 GENERAL ELECTRIC.
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 HITACHI, LIMITED
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 BABCOCK & WILCOX ENTERPRISES INCORPORATED
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 ORANO SA
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 KOREA HYDRO & NUCLEAR ENERGY
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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