The Europe nuclear power plant equipment market is expected to grow at a CAGR of more than 3.5% in the forecast period of 2020-2025. The significant contribution of nuclear energy in reducing GHG emissions across the region, while fulfilling the increasing energy demands of a growing population and supporting sustainable development is driving the market. With upcoming projects in Russia and a huge dependency of France on nuclear energy are expected to create significant demand for different nuclear power plant equipment in the coming years. On the other hand, premature decommissioning of several plants and nuclear plants phaseout in countries such as Germany is restraining the growth of the market in the forecast period.
Key Highlights
- With a significant share of pressurized water reactors, they are expected to dominate the reactor segment in the forecast period.
- The World Nuclear Association has set a target of 25% of global electricity in 2050, which is expected to be provided by nuclear energy. This requires roughly 1000 GW of new nuclear capacity to be constructed, creating ample opportunities for market players.
- Russia is anticipated to dominate the market in the upcoming period. With new projects, the demand for nuclear power plant equipment is expected to grow significantly.
Key Market Trends
Pressurized Water Reactors to Dominate the Market
- A typical design of a commercial PWR is such that the core inside the reactor vessel creates heat. The core of the reactor pressure vessel (RPV) contains nuclear fuel, moderator, control rods, and coolant that is cooled and moderated by high-pressure liquid water. PWR consists of a reactor vessel, steam generators, reactor coolant pumps, control roads, a pressurizer, and other elements.
- In 2019, Russia added three new pressurized water reactors. Moreover, Russia is planning to add 21 new PWRs in the forecast period. Apart from this, six other PWRs are also expected to come online in Hungary (2), Finland (2), and Ukraine (2).
- France is leading in terms of Pressurized Water Reactors in the European region. With 58 PWRs, France reported a capacity of 61.370 GWe in 2020.
- Nuclear energy held a significant share of electricity generation in Europe. With 1137 TWh of electricity in 2019, the share of nuclear power is expected to grow in the forecast period. But with the decommissioning of several plants, the share is likely to decrease in the longer run.
- With advantages like low operating costs and less fissile material in the core reactor, the pressurized water reactors are expected to dominate the market in the future.
Russia to Dominate the Market
- As of 2019, Russia has four nuclear power reactors under construction, 24 reactors under planned, and 22 units under the proposed stage. In addition to this, as of 2019, more than 20 Russian nuclear power reactors are confirmed or planned for export construction with foreign orders amounting to about USD 133 billion.
- In 2020, Russia reported two Liquid metal fast breeder reactors with 1380-megawatt electricity (MWe) capacity. The country is aiming to add three new LMFBRs in the future with a cumulative capacity of 2740 MWe.
- There are nearly 220 active research reactors present in 53 countries. Russia is one of the leading countries to have the highest number of research reactors. As of February 2020, there are nearly 52 research reactors in Russia, followed by the United States with around 50 such reactors.
- In 2019, nuclear power plants in Russia generated around 209 TWh of electricity, representing almost 18.5% of the total electricity generation in the country in that year. As of April 2020, the country has 38 operating nuclear reactors with a combined capacity of 29 GWe.
- In December 2019, Russia had officially commissioned the world’s first floating nuclear power plant (NPP)-Akademic Lomonosov. The Akademic Lomonosov started delivering electricity to the isolated grid of the Chaun-Bilibino energy center of Chukotka. The plant has generated more than 47.3 million kWh of electricity since being linked to the grid.
- Factors, such as declining nuclear power generation costs, upcoming projects, coupled with supportive government initiatives and programs, are expected to drive the market during the forecast period.
Competitive Landscape
The Europe nuclear power plant equipment market is moderately consolidated. Some of the major companies include AEM Technologies JSC, Framatome, MITSUBISHI HEAVY INDUSTRIES, Doosan Corporation, Rosatom State Atomic Energy Corporation.
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