Nuclear Power Plant Equipment Market is projected to grow USD 21.63 Billion exhibiting a CAGR of 4.00% during the forecast period 2023 – 2032

Nuclear Power Plant Equipment Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), Nuclear Power Plant Equipment Market Information by Equipment Type, Reactor Type, and By Region – Forecast till 2032 The nuclear power plant equipment market will surge from USD 15.80 Billion in 2023 to USD 21.63 Billion by 2032, with a CAGR of 4.00% between 2023 and 2032.

With the opening of nuclear reactors in the United Arab Emirates and Belarus, the nuclear power market had a minor expansion during the COVID-19 epidemic. Lockdowns were implemented, but as a result, work was delayed and project costs rose across a number of locations, including Bangladesh and the United States. On the other hand, as a result of the pandemic’s reduced electricity usage, a number of facilities were temporarily shut down, which had little impact on the market for the equipment used in nuclear power plants.

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Market Competitive Landscape:

• General Electric (U.S.)
• Alstom (France)
• Shanghai Electric (China)
• Toshiba Corporation (Japan)
• Korea Electric Power Corporation (South Korea)
• Larsen & Toubro Limited (India)
• Mitsubishi Heavy Industries, LTD. (Japan)
• Doosan Corporation (South Korea)
• Dongfang Electric Corp., Ltd. (China)
• The State Atomic Energy Corporation (India)
• BWX Technologies, Inc. (U.S.)
• AREVA (France)

Nuclear Power Plant Equipment Market Drivers:

The market outlook is set to improve in the coming years due to rising energy demand and clean electricity output. The need for energy is driving market expansion, and many countries throughout the world are looking for effective and environmentally friendly solutions, including nuclear power plants, to meet this demand. For instance, the Georgia power plant where the first brand-new nuclear reactor built in the United States in decades went into operation in October 2023 may offer prospects for the nuclear sector and investors. According to reports, Unit 3 of Plant Vogtle, a nuclear power plant southeast of Augusta, Georgia, has finished testing and is currently reliably supplying electricity to the grid, according to Georgia Power Co.

A further goal set by the World Nuclear Association (WNA) is for nuclear energy to supply 25% of the world’s electricity by 2050. There will be many of opportunities for large businesses as a result of the establishment of around 1000 GW of additional nuclear capacity.

Boiling water reactors (BWR), pressurized water reactors (PWR), and Canada Deuterium Uranium (CANDU) reactors are among the key pieces of machinery that are used in nuclear plants in an unusually large amount. This is expected to present a number of chances for market players. As nuclear reactors are primarily fueled by fuel assemblies, they can be a profitable addition to the product lines of companies that provide equipment for nuclear power plants.

The nuclear tragedy at Fukushima Daiichi in Japan has stoked anti-nuclear sentiment, which has made the adoption and operation of nuclear facilities a little more challenging. Even with the disaster’s dismal connotations, it is possible that changes will arise as a result of the decommissioning of the aging nuclear reactors.

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Nuclear Power Plant Equipment Market Restraints:

The difficulty involved with obtaining funding for nuclear power plant projects is one of the major market barriers to the market for equipment for nuclear power plants.  

Nuclear Power Plant Equipment Market Segmentation

Island Equipment and Auxiliary Equipment are included in the market segmentation for nuclear power plant equipment, in terms of the equipment type.

Depending on the reactor type, the Nuclear Power Plant Equipment Market is divided into Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), Pressurized Heavy Water Reactors (PHWR), and more.

Regional Insights

North America will be one of the most bankable markets in the following years. The primary engine of the region’s prosperity is rising investments in nuclear power plants. Increases in power usage and public awareness of sustainable energy are further factors that are projected to boost market expansion.  

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