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Global Nuclear Reactor Construction Market - Segmented by Reactor Type, Service, and Geography - Growth, Trends, and Forecast (2020 - 2025)

Global Nuclear Reactor Construction Market - Segmented by Reactor Type, Service, and Geography - Growth, Trends, and Forecast (2020 - 2025)

  • January 2020
  • 190 pages
  • ID: 5865914
  • Format: PDF
  • By Mordor Intelligence LLP

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The market for the nuclear reactor construction market is expected to grow with more than a CAGR of 1.95% during the forecast period of 2020 – 2025 because nuclear energy has the ability to generate electricity with lower carbon emissions, as compared to that of fossil fuels. Nuclear generation is among one of the most reliable ways of generating electricity along with reduced carbon emission. Additionally, it provides long term certainty over electricity costs.The nuclear reactor construction market is expected to register significant growth during the forecast period, primarily due to the uptake in the nuclear power plant construction projects from 2020. Moreover, globally there is a large number of reactors with age exceeding 30 years, which is likely to drive the market over the forecast period. However, the low initial cost of setting up and higher safety of renewable creates an additional demand for renewables to generate electricity which is likely to restrain the growth of the market during the forecast period.- The technological advancements have emerged as one of the major factors driving the growth of the nuclear reactor construction market, due to the techno-economic benefits associated with the nuclear reactor technology. The development of nuclear reactor technologies is expected to increase the influx of money in the nuclear reactor construction business in the near future.- With the growth in the economies of the Middle East And Africa (MENA), electricity demand is increasing. Major countries in the region accompanied by a few major companies are investing in the non-fossil fuel-based power generation technologies, especially in a small nuclear reactor. Saudi Arabia plans to achieve 30-50% of local content for its nuclear program before 2030. Similarly, Jordan and a few more countries are in the initial phase of nuclear power plant construction which is likely to provide an opportunity to grow the global nuclear reactor construction market in the region after the forecast period.- Asia-Pacific holds the fastest-growing region in the turbo-machinery market and is expected to fastly grow further during the forecast period. North America Holds the largest share in the global nuclear reactor construction market.Scope of the ReportThe nuclear reactor construction market report include:Key Market TrendsIncreasing Demand for Nuclear Reactor Construction to Replace Old And Out-Dated Reactors to Increase the Electricity Generation- In the wake of growing environmental concerns and surging demand for power, nuclear power generation has become the most dependable option that can cater to the requirements of electricity and offset greenhouse gas emissions. The nuclear power generation is a clean power technology, which can meet the increasing demand for electricity efficiently.- The technology advancement in the industry of nuclear reactor provides better fuel utilisation and increase life span up to 60 years which further can be increased. The new small nuclear turbine is being used in many countries for its low maintenance and guaranteed power supply features. - Furthermore, the nuclear reactors which have exceeded 30 years of age are generally not so cost-effective and generally equipped with outdated equipment. Therefore, the countries are trying to replace them with new constructs. Globally, there is a large number of reactors with age exceeding 30 years, which is likely to drive the market over the forecast period.North America to Dominate the Market- North America has a strong focus on nuclear power. The United States and Canada are focusing on nuclear power plant life extension while discovering the potential for small modular reactors. When looking at nuclear power in North America, the United States operates the largest fleet of nuclear power reactors in the world, with 98 units in almost 30 states generating almost 20% of the country’s electricity generation. - The United States is building two new Westinghouse AP1000 reactors at Vogtle in Georgia, which are scheduled to start operating in November 2021 and November 2022, respectively. Additionally, some small modular reactor (SMR) demonstration units are planned in the 2020s.- Furthermore, Canada has currently five plants in three provinces with 22 nuclear power reactors, and the country is planning to increase the number in the future for nuclear plants. In 2019, the Canadian Nuclear Safety Commission (CNSC) received an application for a new plant. Therefore, the nuclear reactor construction in the country is expected to be on the positive side. Similarly, the Mexican government is planning to expand the Laguna Verde plant’s capacity to 4,408 MW.- The government initiative for clean power from the nuclear power plant and high investment for the advancement of technologies are likely to drive the global nuclear reactor construction market and expected to be the largest market during the forecast period.Competitive LandscapeThe global nuclear reactor construction market is moderately concentrated due to few companies operating in the industry because of the complex technology. The key players in this market include GE-Hitachi Nuclear Energy, Inc., Westinghouse Electric Company LLC (Toshiba), KEPCO Engineering & Construction, SKODA JS a.s.,China National Nuclear Corporation, Bilfinger SE, Larsen & Toubro Limited, Doosan Heavy Industries & Construction Co. Ltd., Mitsubishi Heavy Industries Ltd, Dongfang Electric Corporation Limited, Shanghai Electric Group Company Limited, Rosatom. Reasons to Purchase this report:- The market estimate (ME) sheet in Excel format- Report customization as per the client’s requirements- 3 months of analyst support

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