| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 3.00% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Nuclear Power Plant Equipment Market Analysis by Mordor Intelligence
The North America Nuclear Power Plant Equipment Market is expected to register a CAGR of greater than 3% during the forecast period.
Although the market studied was affected by COVID-19 in 2020, it has recovered and reached pre-pandemic levels.
- Over the medium term, the significant contribution of nuclear energy in reducing GHG emissions while fulfilling the increasing energy demands and supporting sustainable development is expected to drive the market during the forecast period.
- On the other hand, increasing competition from natural gas and renewables in electricity generation is restraining market growth.
- Nevertheless, rising investments in small modular reactors are expected to be a significant growth opportunity for the market during the forecast period.
- The United States dominates the market, and it is expected to record the highest CAGR during the forecast period. This growth is attributed to the increasing investments and rising emphasis on nuclear energy.
North America Nuclear Power Plant Equipment Market Trends and Insights
Pressurized Water Reactors to Dominate the Market
- A typical commercial pressurized water reactor (PWR) design is such that the core inside the reactor vessel creates heat. The core of the reactor pressure vessel (RPV) contains nuclear fuel, moderator, control rods, and coolant that is cooled and moderated by high-pressure liquid water. PWR consists of a reactor vessel, steam generators, reactor coolant pumps, control roads, a pressurizer, and other elements.
- Canada's Darlington and Bruce nuclear units in Ontario are undergoing a multi-year, multi-million-dollar refurbishment, which will allow the nuclear plants to operate well beyond mid-century. The Darlington refurbishment project is expected to be completed by 2026, and the Bruce project by 2033.
- The United States is one of the largest markets for nuclear energy and PWR reactors. According to the World Nuclear Organization, as of November 2021, out of the 93 operational reactors in the country, 62 are PWR reactors, accounting for nearly 65.7% of the total installed nuclear capacity in the country.
- Additionally, the only two units under construction in the United States, the Vogtle 3 and 4 nuclear reactors with a gross installed capacity of 2500 MW, will be using Westinghouse AP1000 PWRs. In the future also, with additionally planned five PWRs, significant growth in the market of nuclear equipment is expected.
- With advantages like low operating costs and less fissile material in the core reactor, the pressurized water reactors are expected to dominate the market during the forecast period.
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The United States to Dominate the Market
- Despite a halt in the construction of new nuclear power plants for more than 30 years, the country's reliance on nuclear power has grown. Average nuclear generation costs came down from USD 42/MWh in 2012 to USD 30/MWh in 2019.
- The United States Nuclear Regulatory Commission (NRC), in 2017, approved 20-year license extensions for more than 75% of the fleet, enabling the operation for 60 years. Furthermore, the operators are planning to apply for a further 20-year extension in the lifecycle, allowing the total life cycle of a plant to be 80 years.
- As of December 2021, the country has 93 operating nuclear power reactors with a combined capacity of 95.52 GWe, generating 819 TWh of electricity. As demand for clean energy grows and new reactors are constructed, the amount of nuclear energy generation is expected to grow significantly, which is expected to drive the demand for island equipment during the forecast period.
- Factors, such as declining nuclear power generation costs, upcoming projects, coupled with supportive government initiatives and programs, such as Regional Greenhouse Gas Initiative, State initiatives, and zero-emission credits, are expected to drive the market during the forecast period.
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Competitive Landscape
The North American nuclear power plant equipment market is moderately consolidated. Some of the major players in the market (in no particular order) include AEM Technologies JSC, Framatome, Babcock & Wilcox Company, Doosan Corporation, and GE-Hitachi Nuclear Energy.
North America Nuclear Power Plant Equipment Industry Leaders
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Doosan Corporation
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Babcock & Wilcox Company
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GE-Hitachi Nuclear Energy
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Westinghouse Electric Company LLC
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Mitsubishi Heavy Industries Ltd
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- In December 2022, Georgia Power announced the completion of cold hydro testing for Vogtle Unit 4 at the nuclear expansion project near Waynesboro, Georgia. The only remaining major test, the hot functional testing, is projected to commence by the end of Q1 2023.
- In February 2022, GE and EDF announced that they had signed an exclusive agreement for EDF to acquire part of GE Steam Power's nuclear power activities, which includes GE's nuclear steam turbine technology and service businesses.
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North America Nuclear Power Plant Equipment Market Report Scope
A nuclear power plant is a facility that converts atomic energy into usable power. In a nuclear electric power plant, the heat produced by a reactor is generally used to drive a turbine which in turn drives an electric generator. Nuclear power plant equipment is defined as any equipment used in a nuclear power plant for the safe and consistent generation of nuclear energy.
The North America Nuclear Power Plant Equipment Market is segmented by Reactor Type (Pressurized Water Reactor, Pressurized Heavy Water Reactor, and Other Reactor Types), Carrier Type (Island Equipment, Auxiliary Equipment, and Research Reactor), and Geography (United States, Canada, and Rest of North America). The report offers the market size and forecasts for the market (value in USD billion) for all the above segments.
Reactor Type
| Pressurized Water Reactor |
| Pressurized Heavy Water Reactor |
| Other Reactor Types |
Carrier Type
| Island Equipment |
| Auxiliary Equipment |
| Research Reactor |
Geogrpahy
| United States |
| Canada |
| Rest of North America |
| Reactor Type | Pressurized Water Reactor |
| Pressurized Heavy Water Reactor | |
| Other Reactor Types | |
| Carrier Type | Island Equipment |
| Auxiliary Equipment | |
| Research Reactor | |
| Geogrpahy | United States |
| Canada | |
| Rest of North America |
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Key Questions Answered in the Report
What is the current North America Nuclear Power Plant Equipment Market size?
The North America Nuclear Power Plant Equipment Market is projected to register a CAGR of greater than 3% during the forecast period (2025-2030)
Who are the key players in North America Nuclear Power Plant Equipment Market?
Doosan Corporation, Babcock & Wilcox Company, GE-Hitachi Nuclear Energy, Westinghouse Electric Company LLC and Mitsubishi Heavy Industries Ltd are the major companies operating in the North America Nuclear Power Plant Equipment Market.
What years does this North America Nuclear Power Plant Equipment Market cover?
The report covers the North America Nuclear Power Plant Equipment Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America Nuclear Power Plant Equipment Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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North America Nuclear Power Plant Equipment Market Report
Statistics for the 2025 North America Nuclear Power Plant Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Nuclear Power Plant Equipment analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
