Category: Energy & Power
Sub-Category: Power
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The Nuclear Power Plant Market is used for the generation of electricity through the energy released during a fission reaction splitting an atom. The electricity is generated through Uranium-235. The nuclear fission reaction is carried out in a controlled environment as during the reaction an enormous amount of energy is generated. This energy is converted into steam by heat exchanger which results in the generation of electricity. The concept of generating electricity from nuclear reaction is taken from the concept of nuclear bombs.
According to the World Nuclear Association as of March 2020, there are 440 power reactors for generating electricity across the globe. The operational and maintenance costs are less as compared to other plants that generate energy. The countries are looking for nuclear power as the future for supplying electricity which is expected to drive the nuclear power plant market growth.
The global nuclear power plant market is expected to grow from $69.4 billion in 2019 to $94.4 billion in 2027, at the CAGR of 3.9% from 2020 to 2027.
The major factors that have impacted the growth of the market are as follows:
Increasing Energy Demand:
The energy demand is continuously increasing which means to satisfy the demand the generation of energy has to be increased. The continuously rising demand for electricity, the nuclear power plant market is experiencing higher growth and opportunities. The rapidly increasing population coupled with increasing industrialization and urbanization has surged the demand for more energy. To fulfill the increasing demand the countries are looking for clean and efficient ways such as nuclear power to produce energy. The emerging economies such as India and China in Asia Pacific are experiencing a high demand for energy due to the increasing economic activities and improving lifestyle. Thus, it is anticipated to trigger the market growth.
Increasing Demand for Clean Electricity:
The increasing greenhouse gas emission and growing environmental hazards has influenced the governments across the globe to increase their efforts to develop and expand the production facilities for clean electricity generation. The greater need for secured green energy has surged the adoption of nuclear energy for electricity generation. Nuclear energy generates a large amount of electricity with less greenhouse gas emissions has made it preferable as a clean electricity generation source. The nuclear power plant is looked at as a future for energy generation as it reduces the impact of fossil fuel prices and mitigate the climate change and air pollution. The technological advancements and depleting fossil fuels are the key factors that may drive the market growth.
Key Insight in the report:
The Global Nuclear Power Plant market report covers Executive Summary, Market Dynamics, Trend Analysis, Market Size and Forecast, Competitive Intelligence, Market Positioning, Product Benchmarking, and Opportunity Analysis.
The report covers extensive competitive intelligence which includes following data points:
- Business Overview
- Business Model
- Financial Data
- Financial – Existing
- Financial – Funding
- Product Segment Analysis and specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Nuclear Power Plant Market is analyzed across below-mentioned different segments:
Reactor Type | Application |
---|---|
High Temperature Gas-Cooled Reactor | Island Equipment |
Pressurized Water Reactor | Auxiliary Equipment |
Boiling Water Reactor | |
Pressurized Heavy Water Reactor | |
Others |
Based on reactor type, pressurized water reactor is projected to dominate the market owing to its capabilities to withstand even at high temperature which makes the reactor to be easily operated from the stability standpoints. Moreover, it is safest of among all the types and it prevents water from getting contaminated with the radioactive materials preventing environmental damages. In the application segment the auxiliary equipment is expected to have lucrative growth owing to its operational safety and has numerous applications in a nuclear power plant.
Nuclear Power Plant Market is also analyzed across below-mentioned regions/countries
Asia-Pacific is estimated to witness higher growth in Nuclear Power Plant owing to the growing population and increasing urbanization which demands more energy. Moreover, the emerging economies such as India and China have increased their economic activities which is also anticipated to drive the market growth. Europe is anticipated to show lucrative growth in the Nuclear Power Plant market attributed to stringent regulations regarding reduction in emissions which has brought a shift in the energy mix and high investments in the industry.
Some of the key players in of nuclear power plant market include:
- Babcock & Wilcox Company
- JSC AEM-technology
- Alstom
- Larsen & Toubro Ltd
- AREVA SA
- Hitachi-GE Nuclear Energy Ltd.
- ATOMSTROYEXPORT
- Doosan Corporation
- Dongfang Electric Corporation Ltd
- Mitsubishi Heavy Industries Ltd.
Recent developments:
- In February 2020, Hitachi-GE Nuclear Energy Ltd. and ÄŒEZ teamed up for developing Small Modular Reactor Technology Collaboration in the Czech Republic.
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Nuclear Power Plant market historical market size for year 2019, and forecast from 2020 to 2027
- Vendor market share analysis at each product level
- Nuclear power plant competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.