Nuclear Power Plant Equipment Market - 2022 by Size, Share, Forecast to 2028 | by General Electric (U.S.), Alstom (France), Shanghai Electric (China)

New Jersey, United States - Analysis of Nuclear Power Plant Equipment Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The Nuclear Power Plant Equipment Market was valued at USD 31.72 billion. According to projections, the market will increase from USD 32.44 billion in 2021 to USD 38.82 billion in 2028, expanding at a CAGR of 2.6% over that time. The global effects of COVID-19 have been startling and unprecedented, with the epidemic having a detrimental effect on demand in every region. According to our study, the global market will increase by 1.21% less in 2020 than it did on average between 2022 and 2028. When the pandemic is finished, this market's growth and demand will resume to pre-pandemic levels, which will explain the increase in CAGR.

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The Nuclear Power Plant Equipment market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximately percent over the forecast period, according to our most recent report.

The global Nuclear Power Equipment market is anticipated to expand in the coming years as more countries move to cleaner methods of electricity generation. The beginning of the nuclear renaissance is expected to significantly increase the nuclear power generation capacity. By dividing an atom, nuclear energy captures the energy released during a fission event. An enormous amount of heat is produced during the controlled nuclear fission that takes place in a nuclear power plant.

The heat exchanger used to produce electricity further converts this heat into steam. A list of nuclear power plant equipment includes many types of reactors, including fast breeder reactors (FBR), pressurised heavy water reactors (PHWR), boiling water reactors (BWR), and pressurised water reactors (PWR). The Growth of the Nuclear Power Equipment Market Has Been Affected by the Delay in Nuclear Power Projects During COVID-19 Nearly every industry vertical was profoundly impacted by the global COVID-19 outbreak. Major industries suffered significant income losses as a result of the containment measures put in place to stop the COVID-19 epidemic from spreading.

Segment Analysis:

The market is largely divided into the island equipment and auxiliary equipment segments based on the kind of equipment. Due to its substantial significance in operation safety and wide range of applications in a nuclear power plant, the island equipment sector now dominates the market and is expected to continue holding a considerable share. In addition, island equipment is more affordable than auxiliary equipment. The National Renewable Energy Laboratory (NREL) estimates that the capital cost of a nuclear power plant's island equipment to be about 12.6% of the total.

The island equipment and auxiliary equipment segments make up the majority of the market's divisions based on the kind of equipment. Due to its substantial significance in operation safety and wide range of applications in a nuclear power plant, the island equipment sector now dominates the market and is predicted to continue holding a significant share. Furthermore, compared to auxiliary equipment, island equipment is more affordable. Island equipment makes for around 12.6% of a nuclear power plant's overall capital cost, according to the National Renewable Energy Laboratory (NREL).

Regional Analysis:

The market is predicted to grow in North America in a positive manner. The increasing investment in nuclear power facilities is the main factor fueling the region's economy. Additionally, it is anticipated that increased awareness of renewable energy and rising power demand would accelerate market expansion. Additionally, it is anticipated that government support for nuclear power reactors in the area will expand the local economy. For instance, the U.S. Department of Energy announced financing of USD 20 million in October 2021 to demonstrate technology that will produce clean hydrogen energy from nuclear power. The innovation will make it possible for nuclear power reactors to use a clean type of hydrogen as a carbon-free energy source.

Due to the presence of significant nuclear power industries across the continent, the market for nuclear power plant equipment is anticipated to grow at a high CAGR. During the projection period, it is expected that important industries like AREVA and Alstom will drive demand in the region. The largest market share belongs to France, which also controls the local market.

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The Nuclear Power Plant Equipment market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximately percent over the forecast period, according to our most recent report.

Competitive Analysis:

These companies have invested in technological developments and are expected to remain the market leaders during the forecast period. List of Key Companies Profiled: 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)

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