High Cost of Storage, Transportation, and Disposal of Used Fuel Seen as Challenges to Nuclear Power
At a projected CAGR of 3.5% during the forecast period, the market for equipment for nuclear power plants is expected to grow from an estimated USD 15.7 billion in 2022 to USD 18.6 billion by 2030. A rise in the demand for clean electricity globally is driving the market for nuclear power plants and related equipment. Governments are looking for efficient and clean energy sources like nuclear power as the need for energy increases. Additionally, technological advancements in nuclear power machinery have aided industry expansion. Both nuclear propulsion for ships and nuclear power plants use nuclear reactors to produce electricity. Because less polluting electricity is produced by nuclear power plants, the market for their equipment has a hopeful future.
From 2023 to 2027, the PWR reactor is expected to be the largest segment in reactor types market
The market for nuclear power plant equipment is dominated by the pressurised water reactor (PWR) sector. Due to their vast fleet size, Pressurized Water Reactors (PWR) are predicted to dominate the industry. Estimates indicate that the PWR sector has a sizable market share. Since PWR reactors maintain their stability at high temperatures, they are simple to run in terms of stability. The 442 operable reactors around the world include 302 PWR reactors with a 287 GWe capacity.
The Island type equipment section is predicted to be the fastest expanding segment between 2023 and 2027
The market for nuclear power plant equipment is divided into two categories: island equipment and auxiliary equipment, with the island segment accounting for the biggest share. Island equipment types currently dominate the market and are anticipated to do so during the projection period due to their major contribution to operational safety and broad range of applications in nuclear power plants. In addition, island equipment makes up 12.6% of the entire capital cost of nuclear power plants, making it more expensive than oxidative equipment.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 - 65%, Tier 2 - 24%, and Tier 3 - 11%
- By Designation: C-Level - 30%, Director Level - 25%, and Others - 45%
- By Region: Asia Pacific - 33%, Middle East & Africa - 20%, Europe - 20%, and Americas - 27%
Note: Other designations include sales managers, engineers, and regional managers. The tiers of companies are defined based on their total revenue as of 2020;
Tier 1: revenue more than USD 1 billion, Tier 2: revenue between USD 500 million and USD 1 billion, and Tier 3: revenue lesser than USD 500 million.
The Nuclear power plant equipment market is dominated by a few major players that have a wide regional presence. The leading players in the Nuclear power plant equipment market such as General Electric (US), Mitsubishi Heavy Industries (Japan), Toshiba Energy System & Solutions Corporation (Japan), Doosan Corporation (South Korea). Westinghouse Electric Company (US), Shanghai Electric (China).
Study Coverage:
The report defines, describes, and forecasts the Nuclear power plant equipment market, by reactor type, Equipment type and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Nuclear power plant equipment market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for Nuclear power plant equipment market operations and services, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Table of Contents
1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Regional Scope
1.3.3 Years Considered
1.4 Currency Considered
1.5 Limitations
1.6 Stakeholders
1.7 Summary of Changes
2 Research Methodology
2.1 Research Data
Figure 1 Nuclear Power Plant Equipment Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
Figure 2 Key Industry Insights
2.1.2.2 Breakdown of Primaries
Figure 3 Breakdown of Primary Interviews: by Company Type, Designation, and Region
2.2 Data Triangulation
Figure 4 Data Triangulation
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
2.3.2 Top-Down Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
2.3.3 Demand-Side Analysis
Figure 7 Demand-Side Calculation
Figure 8 Metrics Considered for Analyzing and Assessing Demand for Nuclear Power Plant Equipment
2.3.3.1 Assumptions for Demand-Side Analysis
2.3.4 Forecast
2.4 Recession Impact
3 Executive Summary
Table 1 Nuclear Power Plant Equipment Market: Snapshot
Figure 9 Asia-Pacific Dominated Market in 2021
Figure 10 Pwr Segment to Account for Largest Share of Market, by Reactor Type, from 2023 to 2027
Figure 11 Island Equipment to Account for Larger Share of Market, by Equipment Type, from 2023 to 2027
4 Premium Insights
4.1 Attractive Opportunities for Nuclear Power Plant Equipment Market Players
Figure 12 Growing Number of Nuclear Power Plants to Drive Market During 2023-2027
4.2 Nuclear Power Plant Equipments Market, by Region
Figure 13 Market in Asia-Pacific to Grow at Highest CAGR During Forecast Period
4.3 Market, by Reactor Type
Figure 14 Pwr Segment to Account for Largest Market Share, by Reactor Type, in 2027
4.4 Market, by Equipment Type
Figure 15 Island Equipment Segment Accounted for Larger Market Share, by Equipment Type, in 2021
4.5 Market in Asia-Pacific, by Reactor Type and Country
Figure 16 Pwr and China Were the Largest Shareholders in the Market in Asia-Pacific in 2021
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 17 Nuclear Power Plant Equipment Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Growing Demand for Clean Energy
Figure 18 Global Energy Mix, by Source, 2020
5.2.1.2 Rising Need for Energy Security
5.2.2 Restraints
5.2.2.1 Long Construction Period and High Cost of Construction
5.2.2.2 Negative Public Perception Toward Nuclear Energy
5.2.3 Opportunities
5.2.3.1 Rising Need for Sustainability and Decarbonization Globally
5.2.4 Challenges
5.2.4.1 High Cost of Storage, Transportation, and Disposal of Used Fuel
5.3 COVID-19 Impact
5.4 Pricing Analysis
5.4.1 Capex of Nuclear Power Plant Equipment Projects, by Country
5.5 Supply Chain Analysis
Figure 19 Market: Supply Chain Analysis
5.5.1 Component Manufacturers
5.5.2 Reactor Manufacturers
5.5.3 Equipment Support Service Providers/Integrators
5.5.4 End-users
5.6 Key Conferences and Events, 2022-2023
Table 2 Market: List of Conferences and Events
5.7 Nuclear Power Plant Equipment Market: Regulations
5.7.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 3 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 4 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 5 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 6 Global: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.7.2 Standards and Regulations
Table 7 Market: Standards and Regulations
5.8 Porter's Five Forces Analysis
Figure 20 Porter's Five Forces Analysis for Market
Table 8 Nuclear Power Plant Equipment Market: Porter's Five Forces Analysis
5.8.1 Threat of Substitutes
5.8.2 Bargaining Power of Suppliers
5.8.3 Bargaining Power of Buyers
5.8.4 Threat of New Entrants
5.8.5 Intensity of Competitive Rivalry
5.9 Technology Analysis
5.10 Trade Analysis
5.10.1 Export Scenario
Table 9 Export Scenario for HS Code: 840110, by Country, 2017-2021 (USD Million)
Figure 21 Export Data for Top 5 Countries, 2017-2021 (USD Thousand)
5.10.2 Import Scenario
Table 10 Import Scenario for HS Code: 840110, by Country, 2017-2021 (USD Million)
Figure 22 Import Data for Top 5 Countries, 2017-2021 (USD Thousand)
5.11 Trends/Disruptions Impacting Customer Business
5.11.1 Revenue Shift and New Revenue Pockets for Market Players
Figure 23 Revenue Shift of Nuclear Power Plant Equipment Providers
5.12 Key Stakeholders and Buying Criteria
5.12.1 Key Stakeholders in Buying Process
Figure 24 Influence of Stakeholders on Buying Process for Equipment and Reactors
Table 11 Influence of Stakeholders on Buying Process for Equipment and Reactors (%)
5.12.2 Buying Criteria
Figure 25 Key Buying Criteria for Reactor Type and Equipment Type
Table 12 Key Buying Criteria for Equipment and Reactor Segment
5.13 Patent Analysis
6 Nuclear Power Plant Equipment Market, by Reactor Type
6.1 Introduction
Figure 26 Nuclear Power Plant Equipment Market Share, by Reactor Type (2021)
Table 13 Global: Market, by Reactor Type, 2019-2027 (USD Million)
6.2 Pwr
6.2.1 Pwr Accounted for Largest Market Share in 2021
Table 14 Pwr: Market, by Region, 2019-2027 (USD Million)
6.3 Phwr
6.3.1 Canada's Largest Operator of Phwr Reactors
Table 15 Phwr: Market, by Region, 2019-2027 (USD Million)
6.4 Bwr
6.4.1 Japan and US Have the Most Number of Bwrs Under Operations
Table 16 Bwr: Market, by Region, 2019-2027 (USD Million)
6.5 Others
6.5.1 Rbmk
6.5.2 Pbr
6.5.3 Aes 91, Aes 92, Aes 2006
Table 17 Others: Market, by Region, 2019-2027 (USD Million)
7 Nuclear Power Plant Equipment Market, by Equipment Type
7.1 Introduction
Figure 27 Island Equipment to Hold Larger Share of Market in 2027
Table 18 Global: Market, by Equipment Type, 2019-2027 (USD Million)
7.2 Island Equipment
7.2.1 Island Equipment to Account for Larger Market Share in 2027
7.2.2 Crdm
7.2.3 Reactor Vessel Internal
7.2.4 Steam Generator
Table 19 Island Equipment: Market, by Region, 2019-2027 (USD Million)
7.3 Auxiliary Equipment
7.3.1 Asia-Pacific to be the Largest Market for Auxiliary Equipment Globally in 2027
7.3.2 Pmc
7.3.3 Rhr
7.3.4 Rhm/Rvm
7.3.5 Nuclear Island Asp Condenser
7.3.6 Accumulation Tank
7.3.7 Normal Residual Heat Removal Heat Exchanger
Table 20 Auxiliary Equipment: Market, by Region, 2019-2027 (USD Million)
8 Nuclear Power Plant Equipment Market, by Region
8.1 Introduction
Figure 28 Asia-Pacific to be Fastest-Growing Market During Forecast Period
Table 21 Market, by Region, 2019-2027 (USD Million)
8.2 Asia-Pacific
8.2.1 Impact of Recession on Asia-Pacific
Figure 29 Asia-Pacific: Nuclear Power Plant Equipment Market Snapshot
Table 22 Asia-Pacific: Market, by Country, 2019-2027 (USD Million)
Table 23 Asia-Pacific: Market, by Reactor Type, 2019-2027 (USD Million)
Table 24 Asia-Pacific: Market, by Equipment Type, 2019-2027 (USD Million)
8.2.2 China
8.2.2.1 China to Install Largest Nuclear Power Capacity in Coming Years
Table 25 China: Market, by Reactor Type, 2019-2027 (USD Million)
8.2.3 Japan
8.2.3.1 Japan Has Set Target for Nuclear Power to Account for 20-22% of Its Electricity Supply by 2030
Table 26 Japan: Market, by Reactor Type, 2019-2027 (USD Million)
8.2.4 India
8.2.4.1 India to Build 63 Gw of Nuclear Power Plants by 2032
Table 27 India: Market, by Reactor Type, 2019-2027 (USD Million)
8.2.5 South Korea
8.2.5.1 South Korea's One-Third of Electricity Comes from Nuclear Power
Table 28 South Korea: Market, by Reactor Type, 2019-2027 (USD Million)
8.2.6 Rest of Asia-Pacific
Table 29 Rest of Asia-Pacific: Market, by Reactor Type, 2019-2027 (USD Million)
8.3 Europe
8.3.1 Impact of Recession on Europe
Figure 30 Europe: Nuclear Power Plant Equipment Market Snapshot
Table 30 Europe: Market, by Country, 2019-2027 (USD Million)
Table 31 Europe: Market, by Reactor Type, 2019-2027 (USD Million)
Table 32 Europe: Market, by Equipment Type, 2019-2027 (USD Million)
8.3.2 UK
8.3.2.1 UK to Set Up More Than 3 Gw of Nuclear Power Plants in Coming Years
Table 33 UK: Market, by Reactor Type, 2019-2027 (USD Million)
8.3.3 France
8.3.3.1 France to be Largest Producer of Nuclear Power in Europe in Coming Years
Table 34 France: Market, by Reactor Type, 2019-2027 (USD Million)
8.3.4 Russia
8.3.4.1 Russia to Develop Three Pwr and One Fbr Reactor for Nuclear Power Plants in Coming Years
Table 35 Russia: Market, by Reactor Type, 2019-2027 (USD Million)
8.3.5 Rest of Europe
Table 36 Rest of Europe: Market, by Reactor Type, 2019-2027 (USD Million)
8.4 Americas
8.4.1 Impact of Recession on Americas
Figure 31 Americas: Nuclear Power Plant Equipment Market Snapshot
Table 37 Americas: Market, by Country, 2019-2027 (USD Million)
Table 38 Americas: Market, by Reactor Type, 2019-2027 (USD Million)
Table 39 Americas: Market, by Equipment Type, 2019-2027 (USD Million)
8.4.2 US
8.4.2.1 US to Hold Largest Market Share in Americas in 2027
Table 40 US: Market, by Reactor Type, 2019-2027 (USD Million)
8.4.3 Brazil
8.4.3.1 Brazil Projected to Install 1370 Mw of Nuclear Power
Table 41 Brazil: Market, by Reactor Type, 2019-2027 (USD Million)
8.4.4 Rest of Americas
Table 42 Rest of Americas: Market, by Reactor Type, 2019-2027 (USD Million)
8.5 Middle East & Africa
8.5.1 Impact of Recession on Middle East & Africa
Table 43 Middle East & Africa: Nuclear Power Plant Equipment Market, by Country, 2019-2027 (USD Million)
Table 44 Middle East & Africa: Market, by Reactor Type, 2019-2027 (USD Million)
Table 45 Middle East & Africa: Market, by Equipment Type, 2019-2027 (USD Million)
8.5.2 UAE
8.5.2.1 UAE to be the Largest Market for Nuclear Power Plant Equipment in 2027
Table 46 UAE: Market, by Reactor Type, 2019-2027 (USD Million)
8.5.3 Turkey
8.5.3.1 Turkey to Install Three Pwr Nuclear Reactors During Forecast Period
Table 47 Turkey: Market, by Reactor Type, 2019-2027 (USD Million)
8.5.4 Rest of Middle East & Africa
Table 48 Rest of Middle East & Africa: Market, by Reactor Type, 2019-2027 (USD Million)
9 Competitive Landscape
9.1 Overview
Table 49 Key Developments in Market, 2019 to 2022
9.2 Ranking Analysis of Key Players in the Nuclear Power Plant Equipment Market
Figure 32 Ranking of Top Five Market Players
9.3 Market Evaluation Framework
Table 50 Market Evaluation Framework, 2019-2022
9.4 Recent Developments
9.4.1 Deals
Table 51 Market: Deals, 2018-2022
9.4.2 Others
Table 52 Nuclear Power Plant & Equipment Market: Others, 2019-2022
9.5 Competitive Leadership and Mapping
9.5.1 Stars
9.5.2 Emerging Leaders
9.5.3 Pervasive Players
9.5.4 Participants
Figure 33 Market: Competitive Leadership Mapping, 2021
Table 53 Company Reactor Type Footprint
Table 54 Company Region Footprint
10 Company Profiles
10.1 Key Players
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and Analyst's View)*
10.1.1 General Electric
Table 55 General Electric: Company Overview
Figure 34 General Electric: Company Snapshot
Table 56 General Electric: Product Offerings
Table 57 General Electric: Deals
10.1.2 Shanghai Electric
Table 58 Shanghai Electric: Company Overview
Figure 35 Shanghai Electric: Company Snapshot
Table 59 Shanghai Electric: Product Offerings
10.1.3 Toshiba Energy Systems & Solutions Corporation
Table 60 Toshiba Energy Systems & Solutions Corporation: Company Overview
Figure 36 Toshiba Energy Systems & Solutions Corporation: Company Snapshot
Table 61 Toshiba Energy Systems & Solutions Corporation: Product Offerings
Table 62 Toshiba Energy Systems & Solutions Corporation: Product Launches
Table 63 Toshiba Energy Systems & Solutions Corporation: Deals
10.1.4 Mitsubishi Heavy Industries, Ltd.
Table 64 Mitsubishi Heavy Industries, Ltd.: Company Overview
Figure 37 Mitsubishi Heavy Industries, Ltd.: Company Snapshot
Table 65 Mitsubishi Heavy Industries, Ltd.: Product Offerings
Table 66 Mitsubishi Heavy Industries, Ltd.: Product Launches
10.1.5 Larsen & Toubro Limited
Table 67 Larsen & Toubro: Company Overview
Figure 38 Larsen& Toubro Limited: Company Snapshot
Table 68 Larsen & Toubro Limited: Product Offerings
10.1.6 Dongfang Electric Corporation
Table 69 Dongfang Electric Corporation: Company Overview
10.1.7 Doosan Corporation
Table 70 Doosan Corporation: Company Overview
Figure 39 Doosan Corporation: Company Snapshot
Table 71 Doosan Corporation: Product Offerings
10.1.8 Terrestrial Energy Inc.
Table 72 Terrestrial Energy Inc.: Business Overview
Table 73 Terrestrial Energy Inc.: Products Offered
Table 74 Terrestrial Energy Inc.: Deals
Table 75 Terrestrial Energy Inc.: Others
10.1.9 Bwx Technologies, Inc.
Table 76 Bwx Technologies, Inc.: Company Overview
Figure 40 Bwx Corporation, Inc.: Company Snapshot
Table 77 Bwx Corporation: Recent Developments
10.1.10 Nuscale Power, LLC.
Table 78 Nuscale Power, LLC.: Business Overview
Table 79 Nuscale Power, LLC.: Products Offered
Table 80 Nuscale Power, LLC.: Deals
Table 81 Nuscale Power, LLC.: Others
* Business Overview, Products/Solutions/Services Offered, Recent Developments, and Analyst's View Might Not be Captured in Case of Unlisted Companies.
10.2 Other Players
10.2.1 Babcock & Wilcox
10.2.2 Areva SA
10.2.3 Hitachi-GE Nuclear Energy, Ltd.
10.2.4 Westinghouse Electric Corporation
10.2.5 The State Atomic Energy Corporation (Rosatom)
10.2.6 Edf
10.2.7 Atomstroyexport Jsc
10.2.8 Aem-Technology
10.2.9 China General Nuclear Power Group
10.2.10 Exelon Corporation
11 Appendix
11.1 Insights of Industry Experts
11.2 Discussion Guide
Executive Summary
Companies Mentioned
- Aem-Technology
- Areva SA
- Atomstroyexport Jsc
- Babcock & Wilcox
- BWX Technologies, Inc.
- China General Nuclear Power Group
- Dongfang Electric Corporation
- Doosan Corporation
- EDF
- Exelon Corporation
- General Electric
- Hitachi-GE Nuclear Energy, Ltd.
- Larsen & Toubro Limited
- Mitsubishi Heavy Industries, Ltd.
- Nuscale Power, LLC.
- Shanghai Electric
- Terrestrial Energy Inc.
- The State Atomic Energy Corporation (Rosatom)
- Toshiba Energy Systems & Solutions Corporation
- Westinghouse Electric Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 152 |
| Published | February 2023 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value ( USD | $ 15.7 Billion |
| Forecasted Market Value ( USD | $ 18.6 Billion |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
