Market Trends of Nuclear Steam Generator Industry
This section covers the major market trends shaping the Nuclear Steam Generator Market according to our research experts:
Pressurised Heavy Water Reactors are Expected to Drive the Market
- In the wake of rising environmental concerns and surging demand for power, nuclear power generation has become the most dependable option that can cater to the requirements of electricity and offset greenhouse gas emissions. The advantages that pressurized heavy water reactors (PHWR) offer over other types of reactors are expected to increase the installation of the PHWR type of reactors during the forecast period.
- The PHWR design requires thin-walled pressure tubes, as opposed to PWR nuclear plants. This allows the distribution of pressure boundaries through an insignificant number of small diameter pressure tubes. As a result, this design has a lesser chance of accidental rupture of a pressure boundary, compared to PWR designs. Therefore, PHWR is considered safer than PWR plants.
- As of January 2020, there were four under-construction PHWRs. All these PHWRs are being constructed by the Nuclear Power Corporation of India, with two in Kakrapar and two in Rajasthan. The estimated capacity of these reactors will be around 2.5 GWe.
- The growing awareness to mitigate carbon emissions is pushing various countries to construct nuclear power plants, which is anticipated to promote the increase in demand for nuclear steam generators during the forecast period.
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North America is Expected to Dominate the Market
- North America has a strong focus on nuclear power. The United States and Canada are focusing on nuclear power plant life extension while discovering the potential for small modular reactors. The United States operates the largest fleet of nuclear power plants (NPP) in the world, with 60 NPP in almost 30 states, generating almost 20% of the country's electricity. Moreover, the United States holds the largest installed nuclear electricity generation capacity, which is approximately 99.6 million kilowatts.
- In recent years, the United States has been building a few new NPPs. Two of them are new Westinghouse AP1000 reactors at Vogtle in Georgia, which are scheduled to start operating in November 2021 and November 2022, respectively. Additionally, some small modular reactor (SMR) demonstration units are planned in 2020.
- Furthermore, Canada has currently five power plants in three provinces with 22 nuclear power reactors, and the country is planning to increase the number in the future for nuclear plants. In 2019, the Canadian Nuclear Safety Commission (CNSC) received an application for a new plant.
- The government initiative for clean power from nuclear power plants is likely to drive the nuclear steam generator market in the region.
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