Market Size of Europe Nuclear Power Plant and Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Nuclear Power Plant and Equipment Market Analysis
The European nuclear power plant and equipment market is expected to witness a CAGR of around 2% during the forecast period. The COVID-19 pandemic adversely affected the nuclear power market due to crashed electricity demand. It was recorded that electricity generation from nuclear reactors reduced by 11% in the European Union (EU) countries in 2020 due to low power demand. The European nuclear power plant and equipment market is expected to grow in the near future due to its high proportion of the supply of baseload power in the continent and supportive EU policies to develop the nuclear power generation sector. However, the aggressive competition from other low-carbon electricity sources like renewables is expected to challenge the growth of the market substantially.
- The pressurized water reactor (PWR) type is expected to dominate the market during the forecast period due to its low operating cost.
- Many small countries in the European continent have less availability of land for the growth of renewable power systems, for example, the Netherlands and the Czech Republic. This amplifies the opportunities for other reliable power supply sources like nuclear power. The reactors, once installed, provide a long-term supply of electricity in such countries. The funding issues can be balanced by the support of the European Commission.
- Russia is expected to witness significant growth during the forecast period due to the upcoming nuclear power plants to be added to the installed capacity of the country.
