Market Size of North America 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 | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Nuclear Power Plant & Equipment Market Analysis
The North American nuclear power plant and equipment market is expected to register a CAGR of more than 3% during the forecast period of 2022-2027. The COVID-19 pandemic impacted the nuclear power and nuclear fuel industries in terms of supply and demand. The major impact was on the supply side for uranium as mining and nuclear fuel cycle facilities suspended operations due to the lockdowns imposed in various nations. An increase in energy demand, specifically cleaner generation of power, and innovative headways in nuclear power equipment are expected to drive the North American nuclear power plant and equipment market. However, difficulties in handling the highly radioactive atomic waste generated from nuclear fuel are expected to hinder the market growth.
The pressurized water reactor (PWR) is the most widely used reactor in North America and dominates the nuclear power plant and equipment market.
The Office of Nuclear Energy in the United States is collaborating with various technological universities along with industrial and international partners like the International Atomic Energy Agency (IAEA) for developing 4th generation nuclear energy technologies like Next Generation Nuclear Plant (NGNP), Advanced Reactor Concepts (ARC), and Advanced Small Modular Reactor (ASMR), which are expected to create abundant opportunities for the North American nuclear power plant and equipment market.
The United States is the major contributor to nuclear power, and the country is highly active in increasing the number of nuclear reactors and implementing new policies and regulations supporting clean energy generation. Therefore, the United States is expected to dominate the nuclear power plant and equipment market in North America during the forecast period.
