Product Code: 62233
The nuclear steam generator market is expected to register a CAGR of less than 1.5%. 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 steam generator market is expected to register significant growth during the forecast period, primarily due to the uptake of the nuclear power plant construction with pressurized heavy water reactors. However, the low initial costs and fewer safety risks associated with renewables are likely to restrain the growth of the market during the forecast period.
- Technological advancements have emerged as one of the major factors driving the growth of the nuclear steam generator market. The development of nuclear reactor design technologies, majorly vertical steam generator and pressurized heavy water reactor, is expected to increase the influx of money into the nuclear steam generator business in the near future.
- With the growth in the economies of Middle-East and Africa, electricity demand is increasing. Various countries in the region are investing in 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 for the nuclear steam generator market over the forecast period.
- Asia-Pacific is expected to be the fastest-growing region in the nuclear steam generator market during the forecast period.
Key Market Trends
Pressurised Heavy Water Reactors are Expected to Drive the Market
- In the wake of rising 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 advantages that pressurized heavy water reactors (PHWR) offer over other types of reactors are expected to increase the installation of the PHWR type of reactors during the forecast period.
- The PHWR design requires thin-walled pressure tubes, as opposed to PWR nuclear plants. This allows the distribution of pressure boundaries through an insignificant number of small diameter pressure tubes. As a result, this design has a lesser chance of accidental rupture of a pressure boundary, compared to PWR designs. Therefore, PHWR is considered safer than PWR plants.
- As of January 2020, there were four under-construction PHWRs. All these PHWRs are being constructed by the Nuclear Power Corporation of India, with two in Kakrapar and two in Rajasthan. The estimated capacity of these reactors will be around 2.5 GWe.
- The growing awareness to mitigate carbon emissions is pushing various countries to construct nuclear power plants, which is anticipated to promote the increase in demand for nuclear steam generators during the forecast period.
North America is Expected 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. The United States operates the largest fleet of nuclear power plants (NPP) in the world, with 60 NPP in almost 30 states, generating almost 20% of the country's electricity. Moreover, the United States holds the largest installed nuclear electricity generation capacity, which is approximately 99.6 million kilowatts.
- In recent years, the United States has been building a few new NPPs. Two of them are 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 2020.
- Furthermore, Canada has currently five power 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.
- The government initiative for clean power from nuclear power plants is likely to drive the nuclear steam generator market in the region.
The nuclear steam generator market is moderately fragmented 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, China National Nuclear Corporation, Bilfinger SE, and Babcock & Wilcox Enterprises Inc., among others.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast, in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Import-export Analysis
- 4.5 Investment Opportunities
- 4.6 Market Dynamics
- 4.6.1 Drivers
- 4.6.2 Restraints
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Design
- 5.1.1 Horizontal
- 5.1.2 Vertical
- 5.2 Reactor Type
- 5.2.1 Pressurized Water Reactor
- 5.2.2 Pressurized Heavy Water Reactor
- 5.2.3 Boiling Water Reactor
- 5.2.4 Advanced Pressurized Water Reactor
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Asia-Pacific
- 5.3.3 Europe
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Mitsubishi Heavy Industries Ltd
- 6.3.2 Westinghouse Electric Company LLC
- 6.3.3 Bharat Heavy Electricals Limited
- 6.3.4 Hitachi-GE Nuclear Energy Ltd
- 6.3.5 BWX Technologies Inc.
- 6.3.6 Bilfinger SE
- 6.3.7 Larsen & Toubro Limited
- 6.3.8 Doosan Corp
- 6.3.9 Babcock & Wilcox Enterprises Inc.
- 6.3.10 Toshiba America Energy Systems Corporation
- 6.3.11 China National Nuclear Corporation
- 6.3.12 Rosatom Corp.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS