Market Size of Nuclear Steam Generator Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | < 1.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nuclear Steam Generator Market Analysis
The nuclear steam generator market is expected to register a CAGR of less than 1.5%. Nuclear generation is among one of the most reliable ways of generating electricity, along with reduced carbon emission. Additionally, it provides long-term certainty over electricity costs. The nuclear steam generator market is expected to register significant growth during the forecast period, primarily due to the uptake of the nuclear power plant construction with pressurized heavy water reactors. However, the low initial costs and fewer safety risks associated with renewables are likely to restrain the growth of the market during the forecast period.
- Technological advancements have emerged as one of the major factors driving the growth of the nuclear steam generator market. The development of nuclear reactor design technologies, majorly vertical steam generator and pressurized heavy water reactor, is expected to increase the influx of money into the nuclear steam generator business in the near future.
- With the growth in the economies of Middle-East and Africa, electricity demand is increasing. Various countries in the region are investing in non-fossil fuel-based power generation technologies, especially in a small nuclear reactor. Saudi Arabia plans to achieve 30-50% of local content for its nuclear program before 2030. Similarly, Jordan and a few more countries are in the initial phase of nuclear power plant construction, which is likely to provide an opportunity for the nuclear steam generator market over the forecast period.
- Asia-Pacific is expected to be the fastest-growing region in the nuclear steam generator market during the forecast period.
