Enjoy complimentary customisation on priority with our Enterprise License!
The generator market for nuclear power size is estimated to grow at a CAGR of 3.52% between 2022 and 2027. The market size is forecast to increase by USD 1,663.98 million. The growth of the market depends on several factors such as the rising focus on clean energy, the increasing dependency on nuclear power, and the government incentives that support nuclear power generation. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by application (fast neutron nuclear reactors, molten-salt reactors, and others), technology (PWR, PHWR, WWER, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Generator Market for Nuclear Power Forecast 2023-2027
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
According to the World Nuclear Association, the 128 nuclear reactors operating in EU member states accounted for 28% of the EU's total electricity generation in 2021. Nuclear energy accounts for about 17% of electricity outside the EU, with 53 reactors in Russia, Ukraine, and Switzerland supplying other European countries.
Moreover, many countries in Europe are turning to clean energy sources, such as nuclear power, which produces clean energy without leading to the depletion of fossil fuels. Additionally, the generators used in nuclear reactors ensure continuous, uninterrupted power supply for several months. Hence, these factors are expected to drive the growth of the market during the forecast period.
Governments around the world are focusing on new developments and innovations in nuclear reactor projects through joint cooperation with other countries. For example, China, the European Union, India, Japan, South Korea, Russia, and the United States are cooperating in the construction and operation of the International Thermonuclear Experimental Reactor (ITER), an experimental device based on fusion technology.
Moreover, the success of this demonstration is expected to set a good precedent for the safe use of nuclear reactors based on fusion technology in the future. Thus, such cooperation regarding the use of nuclear fusion technology for power generation is expected to drive the growth of the market during the forecast period.
Renewable energy sources include geothermal energy, solar, wind, hydropower, and biomass. According to the IEA, in 2020 renewable energy and natural gas accounted for 28% and 24% of the world's total electricity generation, respectively, significantly increasing the popularity of renewable energy around the world. There is increasing focus on the use of clean energy sources for power generation. As a result, the demand for the use of renewable energy sources is rapidly increasing.
Additionally, the increased use of renewable energy is reducing the demand for nuclear power. Therefore, the increase in power generation from renewable energy sources such as geothermal, solar, wind, hydropower, and biomass is expected to hinder the growth of the nuclear industry and, in turn, hinder the adoption of generators for nuclear power generation, thereby negatively impacting the growth of the market during the forecast period.
The fast neutron nuclear reactors segment will account for a major share of the market's growth during the forecast period.? Fast neutron nuclear reactors have high power densities and are typically cooled by liquid metal, which has no moderating effect. They operate at or near atmospheric pressure and around 500 to 550 degrees Celsius. The growing global interest in fast neutron reactors has driven the demand for generators in this sector of the global nuclear power plant market as these reactors provide efficient, safe, and sustainable energy supply adoption.
Get a Customised Report as per your requirements for FREE!
The fast neutron nuclear reactors segment was valued at USD 7,743.05 million in 2017. Moreover, in addition to current fast neutron nuclear reactor construction projects, several countries around the world are conducting intensive research and development (R&D) programs to develop innovative fast neutron reactor concepts or fourth-generation fast reactor concepts. Therefore, given the growing interest in fast neutron reactor research and development and construction of new nuclear power plants, the focused fast neutron nuclear reactor market segment is expected to grow significantly during the forecast period.
Based on technology, the market has been segmented into PWR, PHWR, WWER, and others. The PWR?segment will account for the largest share of this segment.?Pressurized water reactors (PWR) have two separate circulation systems, one for the turbine and the other for the nuclear reactor, which are also known as the primary and secondary coolant circuits, respectively. The PWR segment is anticipated to see continued growth as many countries have plans to, or are building, new PWR reactors. According to the World Nuclear Association, about 30 countries are thinking, planning, or beginning nuclear power programs in the next five years. For instance, Taipingling 1 and Zhangzhou 2 in China. similarly, Kursk II-1 and 2 in Russia will go onstream. Thus, such developments are anticipated to propel the PWR segment growth, which will drive the growth of the market during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
Europe is estimated to contribute 35% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Western Europe will account for the largest market share in Europe due to the strong presence of established suppliers, increasing investment in nuclear energy, and support from governments to declare investments in nuclear power plants as environmentally friendly.
Additionally, the region is working to expand the production and use of nuclear energy to meet growing electricity demands. Also, treaties such as the Euratom Treaty encourage countries in the region to invest in nuclear reactors to meet the EU's 2050 carbon neutrality plan. Therefore, such factors are expected to boost the demand for nuclear reactor generators, which in turn is expected to lead to an increase in the demand for nuclear reactor generators and drive the growth of the regional market during the forecast period.
In 2020, the outbreak of the COVID-19 pandemic negatively affected the regional market. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of operations in many manufacturing industries. Furthermore, the focus of numerous regional governments on ramping up nuclear energy generation to fulfill the rising demand for electricity and meet clean energy targets, along with increasing investments, is anticipated to drive the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Ansaldo Energia Spa, AREVA SA, Babcock and Wilcox Enterprises Inc., Bharat Heavy Electricals Ltd., Bilfinger SE, BWX Technologies Inc., Cameco Corp., China National Nuclear Corp., Doosan Corp., General Electric Co., HD Hyundai Co. Ltd., Larsen and Toubro Ltd., Mitsubishi Heavy Industries Ltd., Rolls Royce Holdings Plc, Sandvik AB, State Atomic Energy Corp. Rosatom, The Japan Steel Works Ltd., Toshiba Corp., and Westinghouse Electric Co. LLC.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The generator market for nuclear power report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Generator Market For Nuclear Power Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.52% |
Market growth 2023-2027 |
USD 1,663.98 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.94 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 35% |
Key countries |
US, China, South Korea, France, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALSTOM SA, Ansaldo Energia Spa, AREVA SA, Babcock and Wilcox Enterprises Inc., Bharat Heavy Electricals Ltd., Bilfinger SE, BWX Technologies Inc., Cameco Corp., China National Nuclear Corp., Doosan Corp., General Electric Co., HD Hyundai Co. Ltd., Larsen and Toubro Ltd., Mitsubishi Heavy Industries Ltd., Rolls Royce Holdings Plc, Sandvik AB, State Atomic Energy Corp. Rosatom, The Japan Steel Works Ltd., Toshiba Corp., and Westinghouse Electric Co. LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.