Market Size of Nuclear Power Plant Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nuclear Power Plant Equipment Market Analysis
The nuclear power plant equipment market is expected to register a CAGR of more than 6.9 % during the forecast period of 2021 - 2026, reaching a market size of USD 13 billion in 2026, up from USD 8 billion in 2019. Amid the COVID-19 pandemic, the nuclear power market witnessed a slight growth with the commissioning of the nuclear reactors in the United Arab Emirates and Belarus. However, due to imposed lockdowns, construction work at multiple sites like Bangladesh and the United States witnessed delays in work and an increase in the cost of overall projects. On the other hand, with reduced consumption of electricity, several plants were put on halt temporarily amid the pandemic, which affected the nuclear power plant equipment market up to a small extent. Despite COVID-19, the major factors driving the market studied are increasing energy demand clubbed with international climate change goals and growing investments in nuclear power plants globally. Moreover, nuclear power remains an essential option for many countries to improve energy security, reduce the impact of volatile fossil fuel prices, and mitigate climate change and air pollution. However, the lower cost of renewable inculcated with negligible emissions and the difficulty associated with obtaining financing for the nuclear power plant projects is expected to restrain the market growth during the forecast period.
- Pressurized water reactors (PWR) are expected to dominate the market and register the highest growth rate, owing to the increasing number of projects in the pipeline and rising investments related to pressurized water reactors.
- 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.
- Asia-Pacific is the largest and fastest-growing market. China is expected to be the largest market in the region owing to 48 operational and long-term shutdown nuclear power plants, followed by Japan and India.
Nuclear Power Plant Equipment Industry Segmentation
The nuclear power plant equipment market report includes:
| Product Type | |
| Pressurized Water Reactor | |
| Pressurized Heavy Water Reactor | |
| Boiling Water Reactor | |
| High-temperature Gas Cooled Reactor | |
| Liquid Metal Fast Breeder Reactor | |
| Other Reactors |
| Carrier Type | |
| Island Equipment | |
| Auxiliary Equipment |
| Geography | |||||||
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Nuclear Power Plant Equipment Market Size Summary
The nuclear power plant equipment market is poised for significant growth, driven by increasing global energy demand and the need to meet international climate change goals. Despite challenges posed by the COVID-19 pandemic, such as project delays and temporary halts in plant operations, the market has shown resilience. The demand for nuclear power is bolstered by its role in enhancing energy security and reducing reliance on volatile fossil fuel prices. However, the market faces constraints due to the lower costs and negligible emissions of renewable energy sources, along with difficulties in securing financing for nuclear projects. Pressurized water reactors (PWRs) are expected to lead the market growth, supported by their safety features and the substantial investments in upcoming projects, particularly in the Asia-Pacific region.
The Asia-Pacific region is the largest and fastest-growing market for nuclear power plant equipment, with China, Japan, and India at the forefront. China's ambitious plans to expand its nuclear capacity, along with India's commitment to increasing its nuclear power share, underscore the region's dominance. The region's growth is further supported by a robust pipeline of projects, with a significant number of PWRs planned for construction. The market is moderately consolidated, with key players like JSC AEM-technology and Larsen & Toubro Ltd actively participating in the sector. Recent developments, such as the shipment of components for the Turkish Akkuyu nuclear power plant, highlight ongoing international collaborations and investments in nuclear infrastructure.
Nuclear Power Plant Equipment Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, until 2026
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Pressurized Water Reactor
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2.1.2 Pressurized Heavy Water Reactor
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2.1.3 Boiling Water Reactor
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2.1.4 High-temperature Gas Cooled Reactor
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2.1.5 Liquid Metal Fast Breeder Reactor
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2.1.6 Other Reactors
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2.2 Carrier Type
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2.2.1 Island Equipment
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2.2.2 Auxiliary Equipment
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Asia-Pacific
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2.3.2.1 China
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2.3.2.2 India
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2.3.2.3 Japan
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2.3.2.4 South Korea
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2.3.2.5 Rest of Asia-Pacific
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Russia
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 Middle-East and Africa
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2.3.4.1 United Arab Emirates
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2.3.4.2 Saudi Arabia
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2.3.4.3 South Africa
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2.3.4.4 Iran
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2.3.4.5 Rest of Middle-East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Nuclear Power Plant Equipment Market Size FAQs
What is the current Nuclear Power Plant Equipment Market size?
The Nuclear Power Plant Equipment Market is projected to register a CAGR of greater than 6.90% during the forecast period (2024-2029)
Who are the key players in Nuclear Power Plant Equipment Market?
JSC AEM-technology, Larsen & Toubro Ltd, JSC ATOMSTROYEXPORT, Doosan Corporation and Dongfang Electric Corp Limited are the major companies operating in the Nuclear Power Plant Equipment Market.
