The rise in demand for low-cost energy, reliable, zero carbon emissions, and high energy density energy across the world led to an increase in the demand for nuclear energy. In addition, the increase in demand for electricity was caused in part by the increase in population, and by economic development also led to increase the demand of nuclear power plant and equipment. The global nuclear power plant and equipment market size was valued at $41.1 billion in 2020, and is projected to reach $58.4 billion by 2030, with global nuclear power plant and equipment market forecast expected at a CAGR of 3.5% from 2021 to 2030.
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Nuclear power plants differ from fossil power plants
mainly in the source of heat for converting water into steam, which is
subsequently used to run the turbine and produce electricity. In addition, the
source of heat is nuclear fission (or fusion, in future fusion reactors), while
in the latter, it is the combustion of the fossil fuels such as coal, oil, or
gas. Therefore, the structural materials chosen for nuclear reactors should
also meet the requirements of fossil power plants in terms of good creep
resistance, oxidation resistance, low-cycle fatigue strength, and thermal
conductivity. Moreover, the elements present in the structural materials should
also have a low neutron absorption cross-section, that is the probability of
neutrons produced in the reactor being absorbed by these elements should be
low. Furthermore, the properties of these materials should not degrade under
the high levels of radiation that exist in nuclear reactors. Such degradation
is generally referred to as radiation damage and includes irradiation
embrittlement, irradiation creep, and swelling, helium embrittlement. In
addition, nuclear power provides almost 15 %of the world’s electricity and
according to the U.S. energy information and administration, as of December 31,
2020, 94 nuclear reactors were operating at 56 nuclear power plants in 28
states. 32 of the plants have 2 reactors, and 3 plants have three reactors.
Nuclear power plants have supplied about 20% of total annual U.S. electricity
since 1990.
The growth in demand for low-carbon-emission energy and
long-life power plants led to an increase in demand for nuclear power plants,
and the fast expansion of nuclear power plants 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),
pressurized heavy water reactor (PHWR), boiling water reactor (BWR), light
water graphite reactor (LWGR), gas cooled reactor (GCR), and others. On the
basis of equipment type, it is segmented into island equipment and auxiliary
equipment. On the basis of region, it is analyzed across North America, Europe,
Asia-Pacific, and LAMEA.
The global nuclear power plant and equipment market analysis
covers in-depth information about the major industry participants. The key
players operating and profiled in the report include 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 State Atomic Energy Corporation
(ROSATOM), Toshiba International Corporation.
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The global nuclear power plant and equipment market is
analyzed and estimated in accordance with the impacts of the drivers,
restraints, and opportunities. The period studied in this report is 2021–2030.
The report includes the study of the market with respect to the growth
prospects and restraints based on the 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.
Impact Of Covid-19 On The Global Nuclear Power Plant And
Equipment Market
- COVID-19
has impacted various industries due to shut down of different industrial
operations and disrupted supply chain. Maximum companies halted their
operation due to less 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
electric industry accounted for significant share in terms of consumption
during global lockdown. Electricity consumption has grown due to large
decreases in services and industry, which have only been partially
compensated by rise in household use, which has raised demand for nuclear
power plants and equipment..
- The
COVID-19 pandemic has impacted nuclear power and the nuclear fuel industry
on both the supply and demand side. In the short term, the impact is
greatest on the supply side for uranium, as various mines and nuclear fuel
cycle facilities are suspending operations due to health concerns. As a
result, the uranium price increased 33% from its lowest point registered
in mid-March this 2020.
- Demand
for nuclear power is directly proportional to the demand for nuclear fuel
which was highly impacted due to COVID-19, but not nearly to the same
extent as oil due to the nature of underlying demand for electricity
versus oil. The Energy Information Administration estimates that the
demand for electricity in the U.S. was declined by 3% in 2020. In France,
where nearly 75% of electrical generation comes from nuclear energy,
electricity demand is projected to decline by 15-20% in 2020. As a result,
France’s EDF has already downgraded its nuclear power generation outlook
for both 2020 and 2021 by 8-12% less than its pre-pandemic forecasts.
- Reactor
construction schedules have also been impacted due to COVID-19 issues.
China, which accounts for much of the world’s new reactor build, some new
reactor projects have been halted temporarily. Reactor construction in the
U.S., France, the United Arab Emirates, Bangladesh, and the UK have also
been negatively impacted. These delays are a function of the reduction of
staff at the construction sites and disruptions in the supply chain.
- The
delay in reactor construction along with the drop in electricity demand
negatively affected the nuclear power output in the 2021, but the extent
of the impact is uncertain. In China, which has the largest new reactor
construction program, economic growth has suffered as a result of the
COVID-19 pandemic (due to developments on both of the sides of China) and
thus the need for new electricity generation has slowed.
- The
nuclear industry has been taking special measures to cope with the global
pandemic, and no country has reported the enforced shutdown of a nuclear
power reactor due to the effects of COVID-19 on the workforce or supply
chains. This is according to reports from operators and regulators
received through the IAEA’s COVID-19 Operational Experience Network (OPEX)
and International Reporting System for Operating Experience (IRS).
However, the abovementioned point shows that there is a sluggish decline
in the nuclear power plant and equipment market.
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Key findings of the study
- On the
basis of reactor type, the pressurized water reactor (PWR) segment emerged
as the global leader in 2020 and is anticipated to be the largest markets
during the forecast period.
- On the
basis of equipment type, the auxiliary equipment segment emerged as the
global leader in 2020 and is anticipated to be the largest markets during
the forecast period.
- On the
basis of region, the Asia-Pacific registered the highest market share and
is projected to maintain the same during the forecast period
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