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 |
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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.
