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3. Nuclear Power Plant Equipment Market Size & Share - Future Growth Expectations

The global nuclear power plant equipment market size is projected to reach USD 18.6 billion by 2027 from an estimated USD 15.7 billion in 2022, at a CAGR of 3.5% during the forecast period. The major factors driving the growth of this market include the growing demand of energy for high performance.

The nuclear power plant equipment market has been expanding as a result of numerous important aspects.

• Global Energy Demand
• Decarbonization and Climate Goals
• Energy Security and Independence
• Life Extension and Modernization
• New Build Projects
• Advanced Reactor Technologies

To know about the assumptions considered for the study download the pdf brochure

Global Energy Demand:

• Nuclear power continues to play a major role in the energy mix in many nations due to the growing demand for electricity globally. Since nuclear power plants can reliably generate baseload electricity, they are vital for supplying the increasing demand for energy, particularly in highly populated areas and developing nations.

Decarbonization and Climate Goals:

• Since nuclear power emits very little greenhouse gas when in operation, it is regarded as a low-carbon energy source. In addition to intermittent renewable energy sources, nuclear power plants are essential for producing clean, sustainable electricity as nations work to minimize carbon emissions and prevent climate change.

Energy Security and Independence:

• By supplying a steady and uninterrupted flow of electricity, nuclear power plants lessen reliance on imported fossil fuels and unstable energy markets. Nuclear energy is seen as a strategic asset for achieving energy independence and lowering vulnerability to energy disruptions by nations with limited natural resources or geopolitical restrictions.

Life Extension and Modernization:

• A lot of nuclear power plants that are now in operation are nearing the end of their useful lives. To maintain safe and dependable operation, these plants need to upgrade their equipment and undergo refurbishments. The market for suppliers and service providers of nuclear power plant equipment is growing as a result of investments in plant modernization, safety improvements, and equipment replacement.

New Build Projects:

• To fulfill growing energy demand and replace outdated infrastructure, some countries are exploring the construction of new nuclear power plants, despite obstacles such finance limits, regulatory impediments, and public perception issues. Demand for a variety of nuclear power plant equipment, such as reactor components, steam generators, turbines, and control systems, is increased by new construction projects.

Advanced Reactor Technologies:

• New developments in nuclear reactor design, including Generation IV reactor concepts, advanced reactors, and small modular reactors (SMRs), present prospects for market expansion and innovation in the nuclear power plant equipment industry. The enhanced safety features, lower construction costs, and increased fuel economy of these next-generation reactors are expected to stimulate interest in and investment in advanced nuclear technologies.

The nuclear power plant equipment market is anticipated to increase further as long as nuclear energy continues to play a major role in the world's energy mix. This growth will be fueled by things like the need to reduce carbon emissions, worries about energy security, new construction projects, and technology breakthroughs. The market for nuclear power plant equipment will continue to increase in response to public acceptance, regulatory support, and ongoing investment in nuclear infrastructure.

Nuclear Power Plant Equipment Market Share - Global Industry Landscape

The nuclear power plant equipment market is characterized by the presence of several key players competing for market share. Some of the leading companies in the nuclear power plant equipment industry include:

• General Electric (US)
• Westinghouse Electric Company (US)
• Mitsubishi Heavy Industries (Japan)
• Toshiba Energy System & Solutions Corporation (Japan)

These companies contribute to the global market for nuclear power plant equipment, as do other suppliers, contractors, and service providers. The nuclear power plant equipment market share is subject to fluctuations due to several causes, including but not limited to new construction projects, reactor retirements, regulatory changes, and technological improvements in nuclear energy.

General Electric (US)

• 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 (US)

• 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.

Mitsubishi Heavy Industries (Japan)

• Mitsubishi Heavy Industries is a Japanese multinational corporation specializing in shipbuilding, transportation systems, commercial aircraft, and power systems. The company offered its products and services to various end-use industries, such as energy, marine, automotive, defense, transportation, environment, and aerospace. MHI is a diversified engineering and manufacturing company that supplies equipment and services for nuclear power plants, including pressurized water reactors (PWR), boiling water reactors (BWR), steam turbines, generators, and reactor vessel internals.

Toshiba Energy System & Solutions Corporation (Japan)

• Toshiba ESS offers a wide range of nuclear power plant equipment, including pressurized water reactors (PWR), reactor coolant pumps, steam turbines, generators, and instrumentation and control systems.

Related Reports:

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