Nuclear Power Plant Equipment Market Anticipated to Witness Outstanding Growth by 2031 | General Electric, Toshiba Corporation, Doosan, Mitsubishi Heavy Industries

Nuclear Power Plant Equipment Market Overview and Growth Insights

The global nuclear power plant equipment market is on a stable growth path, fueled by increasing investments in clean energy alternatives and the growing emphasis on energy security. According to Persistence Market Research, the market is projected to expand from US$43 billion in 2024 to approximately US$53.5 billion by 2031, registering a CAGR of 3.5% over the forecast period. As nations strive to balance decarbonization with reliable baseload energy supply, nuclear power remains an integral component of future energy strategies.

Key growth drivers include rising electricity consumption, aging infrastructure requiring modernization, and governmental support for extending the operational life of existing nuclear plants. Among product types, island equipment, which comprises core components like reactor vessels and steam generators, holds the dominant share due to its critical function in power generation. By reactor type, pressurized water reactors (PWRs) lead the global market, owing to their widespread adoption and proven operational safety. Geographically, Europe emerges as the leading region, driven by strong policy backing, technological advancements, and investments in next-generation nuclear facilities, particularly in France, the UK, and Eastern European nations.

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✅Key Highlights from the Report

➤ The nuclear power plant equipment market is projected to reach US$53.5 billion by 2031.
➤ Island equipment is the leading segment due to its central role in nuclear power generation.
➤ Pressurized water reactors account for the highest market share among reactor types.
➤ Europe dominates the global market, followed closely by Asia due to rapid industrialization.
➤ A surge in plant modernization initiatives is driving auxiliary equipment demand.
➤ Governments are investing heavily in advanced reactor technologies and small modular reactors (SMRs).

✅Market Segmentation

The market is primarily segmented based on equipment type and reactor type, reflecting the technical diversity and complexity of nuclear infrastructure. Under the equipment category, island equipment comprises the most critical components like nuclear steam supply systems, pressure vessels, and heat exchangers, all essential to the core functioning of a nuclear plant. In contrast, auxiliary equipment includes turbines, pumps, control systems, and other peripheral but indispensable components that support plant operations. The growing need for safety upgrades, predictive maintenance, and control automation has made auxiliary systems a focal area of innovation and investment.

From a reactor standpoint, pressurized water reactors (PWRs) dominate due to their extensive deployment in over 60% of nuclear facilities worldwide. These systems offer high thermal efficiency, robust safety mechanisms, and decades of operational data, making them the preferred choice for both new builds and refurbishments. Boiling water reactors (BWRs) also hold a notable share, especially in the U.S. and Japan. Meanwhile, advanced reactors, including Generation IV designs and small modular reactors (SMRs), are attracting growing attention for their enhanced safety features, modular construction, and potential for off-grid applications. These segments are poised to reshape the market landscape over the next decade.

✅Regional Insights

Europe continues to lead the global nuclear power plant equipment market, driven by aggressive decarbonization policies and a strong tradition of nuclear expertise. Countries like France, which derives over 70% of its electricity from nuclear power, and the United Kingdom, which is investing in new builds like Hinkley Point C, are reinforcing the region's dominance. Moreover, Eastern European nations such as Poland, Hungary, and Czechia are ramping up their nuclear capabilities to reduce reliance on fossil fuels and Russian gas.

In Asia, the market is witnessing rapid expansion, particularly in China, India, and South Korea. China alone plans to become the largest nuclear power producer by 2030, with over 20 reactors currently under construction. India, too, is actively expanding its nuclear fleet as part of its long-term energy roadmap. The region's high electricity demand, favorable government policies, and domestic manufacturing capabilities make it a hotspot for equipment vendors and reactor developers alike.

✅Market Drivers

The transition towards low-carbon energy is a major driver of the nuclear power plant equipment market. As climate change pressures intensify, nuclear energy is increasingly viewed as a necessary complement to intermittent renewables like solar and wind. Another significant driver is the extension of existing plant lifespans, requiring extensive retrofitting and equipment replacement. Technological innovation-such as advanced materials, AI-powered diagnostics, and digital twins-is also pushing demand for more sophisticated equipment. Lastly, increasing adoption of small modular reactors (SMRs) is driving a fresh wave of interest and investment across both developed and emerging economies.

✅Market Restraints

Despite the upward trajectory, the market faces notable challenges. The high capital cost of nuclear infrastructure, including procurement and installation of equipment, often acts as a deterrent, particularly in developing economies. Lengthy regulatory approval processes and political sensitivities further delay project timelines. Additionally, public opposition and safety concerns, especially in post-Fukushima environments, have led to plant decommissioning in several countries. Complex global supply chains and reliance on a few specialized vendors for critical components also increase vulnerability to disruptions.

✅Market Opportunities

There is immense opportunity in the shift toward next-generation nuclear technologies, including Generation IV reactors and SMRs, which promise safer, more efficient, and faster-to-deploy solutions. These designs reduce the scale and risk associated with traditional nuclear plants, opening new markets and applications, including remote energy supply and industrial use. Digital transformation, with integration of IoT and predictive analytics, is also enabling smarter, more responsive equipment. Furthermore, international partnerships and growing interest in nuclear hydrogen production present new revenue streams for equipment manufacturers. Emerging markets in Africa and South Asia offer long-term potential due to rising energy needs and infrastructure development.

✅Frequently Asked Questions (FAQs)

➤ How Big is the Nuclear Power Plant Equipment Market in 2024?
➤ Who are the Key Players in the Global Nuclear Power Plant Equipment Market?
➤ What is the Projected Growth Rate of the Market?
➤ What is the Market Forecast for Nuclear Power Plant Equipment by 2031?
➤ Which Region is estimated to dominate the Nuclear Power Industry through the Forecast Period?

✅Company Insights

✦ General Electric
✦ Alstom
✦ Shanghai Electric
✦ Toshiba Corporation
✦ Korea Electric Power Corporation
✦ Larsen & Toubro Limited
✦ Mitsubishi Heavy Industries, LTD.
✦ Doosan Corporation
✦ Dongfang Electric Corp., Ltd.
✦ The State Atomic Energy Corporation (Rosatom)
✦ BWX Technologies, Inc.
✦ AREVA

✅Recent Developments

■ In December 2023, Mitsubishi Heavy Industries unveiled its new SMR-compatible steam generator technology, aimed at improving efficiency and reducing operational costs.
■ In February 2024, General Electric Hitachi Nuclear Energy announced a partnership with Ontario Power Generation to deploy BWRX-300 SMRs in Canada by 2028.

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This release was published on openPR.