The Nuclear power plant equipment market is expected to grow from an estimated in USD 15.7 billion in 2022 to USD 18.6 billion by 2027, at a CAGR of 3.5%. The market for nuclear power plants and related equipment is divided into three categories: equipment, region, and reactor type. Reactor type, equipment type, and geographic location are used to segment the market for nuclear power plants and related equipment. The increasing demand for efficient and clean energy production is driving the demand for nuclear power plant equipment. The market has expanded as a result of technological developments in nuclear power machinery. However, the market expansion has been constrained by the challenges associated with managing nuclear waste, which includes radioactive waste. Future market expansion is anticipated to be profitable as a result of Asia-Pacific nations' growing reliance on nuclear energy.
A few major players that have a wide regional presence dominate the Nuclear power plant & Equipment market. The leading players in the nuclear power plant equipment market include General Electric (US), Mitsubishi Heavy Industries (Japan), Toshiba Energy System & Solutions Corporation (Japan), Doosan Corporation (South Korea)., Shanghai Electric (China).
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The major strategies adopted by these players include contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and investments were the two most commonly adopted strategy from 2023 to 2027.
GE Nuclear Energy (GE) is a global leader in advanced reactors, nuclear fuel, and nuclear services. GEH is a collaboration between GE and Hitachi to serve the global nuclear sector. The alliance combines GE's design expertise and global delivery history of reactors, fuels, and services with Hitachi's proven experience in advanced modular construction to provide customers around the world with the technological leadership needed to effectively improve reactor performance, power output, and safety. GE has been a key stakeholder in the Pressurized Water Reactor services industry, assisting new and existing clients to maximize outage execution. GE was the first company to connect a nuclear reactor in Vallecitos, California, to the industrial electrical grid in 1957. GE built more than 60 boiling water reactors (BWRs) as original equipment manufacturers (OEMs), and several of these BWRs are still in operation today. The company intends to implement sophisticated service solutions to increase PWR outage performance.
Westinghouse Electric Company LLC (Westinghouse Electric) provides utilities with nuclear plant goods and technologies. The corporation has activities in the Americas, Europe, and Asia Pacific. The firm provides instrumentation and control (I&C) solutions as well as related services for the operation of modern nuclear power plant designs. Westinghouse Electric consists of sophisticated I&C product development, design, assembly, and testing, as well as control system component services, outage support, and training. Westinghouse Electric provides nuclear power plants with fuel-related products and components such as pressurized water reactors (PWRs), boiling water reactors (BWRs), VVERs, and advanced gas-cooled reactors (AGRs). Its nuclear services include field services, engineering services, manufacturing operations, and installation and modification services for customers who own and operate nuclear power plants. Outage support, cutting-edge equipment, component services for nuclear power plants, and training are among the company's field services. Through plant evaluations and management programs, its engineering services help maintain regulatory compliance. The internals of reactor vessels, reactor coolant pumps, drive mechanisms for control elements, cranes, crane parts, and fuel-handling equipment are just a few examples of the precise stainless-steel components that Westinghouse Electric manufactures. Plant engineering, welding, machining, site installation, and decommissioning and dismantling (D&D) services are all included in the company's installation and modification services. Both the AP1000 PWR, which has sophisticated passive safety features, and the compact modular reactor, a 1,110 MWe integrated pressurized water reactor with all of its core components housed inside the reactor vessel, are new Westinghouse Electric plants. The company also sells parts for reactor vessels and internals, steam generators, valves, pressurizer/pressurizer heaters, permanent cavity seal rings, I&C control and protection systems, and heat exchangers.
Nuclear Power Plant Equipment Market by Reactor Type (Pressurized Water Reactor (PWR), Pressurized Heavy Water Reactor (PHWR), Boiling Water Reactor (BWR)), Equipment Type (Island Equipment, Auxiliary Equipment) Region - Global Forecast to 2027
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