Nuclear Turbine Generator Market Will Experience a Noticeable Growth during the Forecast Period 2020 – 2027Published Date: August 15, 2020 |
The global demand for energy is anticipated to rise rapidly, led by demographic and economic growth. Growth in industrialization in emerging countries such as Brazil, Russia, China, India, and South Africa further increases the demand for energy. Rapid rise in demand for energy coupled with the uncertainty of energy demand and supply met is likely to act as a catalyst for the growth of the nuclear turbine generator market. Fossil fuels are the primary sources of power generation and are likely to remain so during the forecast period. However, these are the major and growing contributors to carbon dioxide emissions. On the other hand, nuclear energy is a reliable, safe, clean and competitive source of energy.
Growing demand for power, along with increased need for secure, reliable and emission-free power, propels the demand for nuclear turbine generators. Environmental concerns regarding power generation from fossil fuel and rapid rise in fossil fuel prices are likely to augment the demand for nuclear turbine generator worldwide. Increase in the number of pressurized water reactor (PWR) installations across the world is expected to boost the global nuclear turbine generator market. However, the challenges of operating steam generators such as stress corrosion cracking can hamper market growth. Furthermore, anti-nuclear energy policy and the negative public opinion surrounding nuclear power after the Fukushima Daiichi Nuclear Disaster in Japan can pose a threat to the nuclear turbine generator market. However, high potential of the nuclear turbine generator market in Europe is likely to augment market growth.
The market has been analyzed based on product segments, which include nuclear turbines and nuclear generators. The global demand for nuclear turbines and nuclear generators is driven by increasing installations of new reactors. Presently, there are nearly 435 operable nuclear reactors across the world; about 71 other nuclear reactors are under consideration. Increase in the number of new installations is likely to spur demand for nuclear generators worldwide. The global nuclear turbine generator market is dominated by Europe, followed by Asia Pacific and North America. The nuclear turbine generator market in these regions is estimated to grow at a significant rate during the forecast period. Expected new installations of nuclear turbine generators in Europe, primarily in Russia, are anticipated to drive the nuclear turbine generator market in the region. Asia Pacific is one of the highest growth markets for nuclear turbine generators. Demand for nuclear turbine generators in this region is primarily driven by the rise in new installations of nuclear turbine generators in countries such as China, India and South Korea.
North America is a key market for nuclear turbine generators. The U.S. accounts for the highest demand for the nuclear turbine generators in the region. However, decreasing gas prices since 2009 have been hampering the economic viability of some of the existing as well as new projects. This is expected to dampen market growth. However, consistent efforts from the U.S. government and industry to expedite the approval of new plant designs and construction are expected to provide ample growth opportunities in the nuclear turbine generator market in North America.
Key players in the market include General Electric, Alstom Power, Westinghouse Electric Company LLC, Doosan Heavy Industries & Construction Co., Ltd., and Toshiba Corporation. The report also profiles market players such as Mitsubishi Heavy Industries, Ltd. (MHI), Bharat Heavy Electricals Limited (BHEL), Hitachi, Ltd., The Babcock & Wilcox Company, and OJSC Power Machines.
The research study analyzes and estimates the market size in terms of cumulative demand (units) and market revenue (USD Million). The report covers the product segments and provides region-wise data in terms of demand and market revenue. The report also provides historical data, detailed analysis and statistically refined forecast (2020-2027) for product and geographical segments. Furthermore, the research provides comprehensive analysis of key market players in the nuclear turbine generator market and nuclear industry. The research study has been segmented as below:
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- Nuclear Turbine
- Nuclear Generator
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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