Nuclear power plants and equipment market expected to reach $58.4 billion by 2030

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Global market for nuclear power plants and equipment

Rising energy demand and innovative advancements in nuclear equipment are driving the global nuclear power plant and equipment market.

PORTLAND, OREGON, USA, April 4, 2022 /EINPresswire.com/ — The global nuclear power plant and equipment market size was valued at $41.1 billion in 2020 and is expected to reach $58.4 billion by By 2030, with global nuclear power plant and equipment market forecast to reach a CAGR of 3.5% from 2021 to 2030. Nuclear power plants are distinguished from fossil fuel power plants mainly by the heat source to convert the water into steam, which is then used to run the turbine and generate electricity. In addition, the heat source is nuclear fission (or fusion, in future fusion reactors), while in the latter it is the combustion of fossil fuels such as coal, oil or gas. Therefore, the structural materials chosen for nuclear reactors must also meet the requirements of fossil fuel power plants in terms of good creep resistance, oxidation resistance, low cycle fatigue resistance and thermal conductivity. Furthermore, the elements present in the structural materials must also have a low neutron absorption cross section, that is to say the probability that neutrons produced in the reactor will be absorbed by these elements is low.

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In addition, the properties of these materials must not degrade under the high levels of radiation that exist in nuclear reactors. Such degradation is generally referred to as radiation damage and includes radiation embrittlement, radiation creep and swelling, helium embrittlement. Additionally, nuclear power provides nearly 15% of the world’s electricity and according to the United States Energy Administration and Information, as of December 31, 2020, 94 nuclear reactors were operating at 56 nuclear power plants in 28 States. 32 factories have 2 reactors and 3 factories have 3 reactors. Nuclear power plants have supplied about 20% of the total annual electricity in the United States since 1990.

The growth in demand for low-carbon energy and long-lived power plants has led to an increase in demand for nuclear power plants, and the rapid expansion of nuclear power plants has created a number of opportunities for nuclear power plant equipment. .

The nuclear power plant and equipment market is segmented on the basis of reactor type, equipment type and region. On the basis of reactor type, the market is categorized into Pressurized Water Reactor (PWR), Heavy Pressurized Water Reactor (PHWR), Boiling Water Reactor (BWR), Light Water Graphite Reactor (LWGR), gas-cooled reactor (GCR), and others. Based on the type of equipment, it is segmented into island equipment and auxiliary equipment. Based on region, it is analyzed across North America, Europe, Asia Pacific and LAMEA.

The Global Nuclear Power Plants and Equipment Market analysis covers in-depth information about major industry players. Major players operating and profiled in the report are BWX Technologies, INC, Dongfang Electric Co., Ltd., Doosan Corporation, General Electric, Korea Electric Power Corporation, Larsen & Toubro Limited, Mitsubishi Heavy Industries, LTD., Shanghai ALSTOM SA, The National Atomic Energy Company (ROSATOM), Toshiba International Corporation.

The global nuclear power plant and equipment market is analyzed and estimated based on the impacts of drivers, restraints and opportunities. The period studied in this report is 2021-2030. The report includes the study of the market with respect to growth prospects and restraints based on regional analysis. The study includes Porter’s Five Forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

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Main results of the study

Based on reactor type, the pressurized water reactor (PWR) segment emerged as the global leader in 2020 and is expected to be the largest market during the forecast period.
Based on the type of equipment, auxiliary equipment segment emerged as the global leader in 2020 and is expected to be the largest market during the forecast period.
Based on region, Asia-Pacific recorded the highest market share and is expected to maintain it during the forecast period

Impact of Covid-19 on the global market for nuclear power plants and equipment

COVID-19 has impacted various industries due to shutdown of different industrial operations and supply chain disruption. A maximum of companies have stopped their activities due to a reduction in the workforce. However, there is a gradual decline in the equipment segment of the nuclear power plant and equipment market due to the impact of COVID-19.
The electrical industry accounted for a large share in terms of consumption during the global lockdown. Electricity consumption increased due to sharp declines in services and industry, which were only partially offset by increased household consumption, which increased demand for nuclear power plants and equipment .
The COVID-19 pandemic has impacted nuclear power and the nuclear fuel industry, both on the supply and demand side. In the short term, the impact is greatest on the uranium supply side, as various mines and nuclear fuel cycle facilities suspend operations due to health concerns. As a result, the price of uranium has increased by 33% from its lowest point recorded in mid-March 2020.
Demand for nuclear power is directly proportional to demand for nuclear fuel which has been heavily impacted by COVID-19, but not to the same extent as oil due to the nature of the underlying demand for electricity by relation to oil. The Energy Information Administration estimates that electricity demand in the United States fell by 3% in 2020. In France, where almost 75% of electricity production comes from nuclear energy, electricity demand is expected to fall by 15-20% in 2020. As a result, EDF in France has already downgraded its nuclear power generation outlook for 2020 and 2021 to 8-12% lower than its pre-pandemic forecast.

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David Correa
Allied Analytics LLP
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