PORTLAND, Oregon, October 5, 2018 /PRNewswire/ --
Increased adoption of cleaner alternatives for energy production coupled with rising demand for electricity in developing countries is expected to boost the growth of the global nuclear power plant and equipment market.
Allied Market Research recently published a report, titled, Nuclear Power Plant And Equipment Market by Reactor Type (PWR, PHWR, BWR, HTGR, FBR, and Others) and Equipment Type (Island Equipment and Auxiliary Equipment): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers an in-depth analysis of the global nuclear power plant and equipment market by monitoring the current market trends; dynamic factors such as drivers, restraints, and opportunities; market landscape; market player positioning; and top investment pockets. As per the report, the global nuclear power plant and equipment market was pegged at $36.48 billion in 2017 and is expected to reach $49.04 billion by 2025, registering a CAGR of 3.7% from 2018 to 2025.
Increased demand for nuclear power plants in developing countries and rise in need to produce clean energy have boosted the growth of the global nuclear power plant and equipment market. However, high initial cost of nuclear power equipment hampers the market growth. On the contrary, countries in the Middle East have been focusing on developing the nuclear energy infrastructure, which in turn would offer lucrative opportunities for the market players in future.
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PWR reactor type to manifest highest demand
The PWR reactor type segment held the largest market share in 2017, contributing more than two-thirds of the total market. Moreover, the segment is expected to register the fastest CAGR of 4.0% during the forecast period, as these reactors are stable even at higher temperature and are easy to operate. The report also discusses several reactor types such as PHWR, BWR, HTGR, FBR, and others.
Auxiliary equipment to witness fastest growth
The auxiliary equipment segment is the major revenue contributor as well as the fastest growing segment in the market, as it plays a crucial role in safe operations and has a wide range of applications in a nuclear plant. In 2017, the segment held more than three-fourths share of the market and is expected to register the fastest CAGR of 3.9% during the study period. On the other hand, the island equipment segment would witness gradual growth through 2025.
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Asia-Pacific to be lucrative through 2025
Asia-Pacific contributed about half of the total share in 2017, owing to the increased demand for electricity and power outages in the region. Moreover, increasing incidence of chronic smog in countries such as India and China is expected to boost the demand for cleaner energy alternatives such as nuclear power. Thus, the Asia-Pacific region is expected to register the fastest CAGR of 4.5% during the forecast period. The other regions discussed in the report are North America, Europe, and LAMEA.
Key market players
The leading companies profiled in the report are Shanghai Electric Group Co., Ltd., Larsen & Toubro Limited., Dongfang Electric Corp. Ltd., Toshiba, Doosan Corporation, General Electric, Mitsubishi Heavy Industries, Ltd., BWX Technologies, Inc., ROSATOM (ROSATOM State Atomic Energy Corporation), and Korea Electric Power Corporation.
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