The South America nuclear power plant equipment market is expected to grow at a CAGR of more than 10% in the forecast period of 2020-2025. The significant contribution of nuclear energy in reducing GHG emissions, while fulfilling the increasing energy demands of a growing population and supporting sustainable development is driving the market. Upcoming projects in Brazil and Argentina are expected to create significant demand for different nuclear power plant equipment. On the other hand, non-acceptance of nuclear energy from the majority of the countries in the region and delay in planned projects is expected to restrain the market growth.
- Although the South American region has few nuclear reactors most of the existing and upcoming reactors are Pressurized Water Reactors. Due to this PWRs are expected to dominate the market.
- 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.
- Brazil is anticipated to dominate the market during the forecast period. With upgradation of existing projects and addition of new reactors, the nation is expected to witness significant growth.
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.
- Argentina has three operating nuclear reactors, and it is in the process of constructing a small-scale, and advanced pressurized water reactor (PWR) named Carem25. but due to unresponsive from the National Atomic Energy Commission of Argentina to solve the financial issues, the project is getting delayed.
- Argentina signed several agreements during 2015, but due to the economic crisis that prevailed in 2019, the country canceled projects like Atucha IV. Moreover, growth in the Argentine nuclear power sector is highly dependent on foreign funding and technical support from overseas countries
- The south American region witnessed a growth in nuclear energy. In 2019, Brazil and Argentina generated 24.6 TWh of electricity cumulatively from nuclear energy.
- 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.
Brazil to Dominate the Market
- As of May 2020, Brazil has two operating nuclear power plants. The nuclear power amounted to 3% of the total electricity generation in the country in 2019. As of June 2020, nuclear power operable capacity of Brazil is around 1.88 GWe
- The Brazilian nuclear power sector is expected to grow only after the completion of the Angra 3 nuclear power project, although with significant delays relative to its original schedule. The plant is currently 67.1% complete, in terms of civil works for the facility, and 58.4%, in terms of the overall project. The plant is expected to be completed between 2024-2026
- Brazil witnessed growth in electricity generation from nuclear energy. The country generated 16.2 TWh in 2019 in comparison to 15.7 TWh in 2018.
- On the other side, with no additional plans for the construction of a new nuclear power plant, the demand for nuclear equipment is likely to be restrained during the forecast period.
The South America nuclear power plant equipment market is consolidated. Some of the major companies include Rosatom State Atomic Energy Corporation, China National Nuclear Corporation, Westinghouse Electric Company LLC, Dongfang Electric Corporation Limited, Centrais Eletricas Brasileiras SA.
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Table of Contents
1.2 Market Definiton
1.3 Study Assumptions
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1.1 Pressurized Water Reactor
5.1.2 Pressurized Heavy Water Reactor
5.1.3 Other Reactor Types
5.2 Carrier Type
5.2.1 Island Equipment
5.2.2 Auxiliary Equipment
5.2.3 Research Reactor
5.3.3 Rest of South America
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Westinghouse Electric Company LLC
6.3.2 Doosan Corporation
6.3.3 Centrais Eletricas Brasileiras SA
6.3.4 China National Nuclear Corporation
6.3.5 Dongfang Electric Corp. Limited
6.3.6 Rosatom State Atomic Energy Corporation
6.3.7 Mitsubishi Heavy Industries Ltd