The global Nuclear Power Plant Equipment Market is projected to reach USD 18.6 billion in 2027 from USD 15.7 billion in 2022 at a CAGR of 3.5% according to a new report by MarketsandMarkets™. The global Nuclear Power Plant Equipment Market is being pushed by increased demand for and generation of clean electricity around the world. As the demand for energy rises, governments seek clean and efficient energy sources such as nuclear power. Furthermore, technological developments in nuclear power equipment have supported market expansion. Nuclear reactors are used in nuclear power plants to generate electricity as well as in nuclear marine propulsion. The Nuclear Power Plant Equipment Market has promising growth potential due to the Electricity produced with less pollution. The global Nuclear Power Plant Equipment Market is driven by the growing demand of energy for high performance.
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Island Equipment is expected to be the fastest-growing market from 2023 to 2027.
The Nuclear Power Plant Equipment Market, by equipment, is divided into island and auxiliary, where in the island segment accounts for a largest share. island equipment types currently dominate the market and are expected to continue to do so during the forecast period due to their significant role in operational safety and a wide range of applications in nuclear power plants. In addition, this equipment is more expensive than oxidative equipment. 12.6% of nuclear power plant’s total capital cost is made up of island equipment.
Asia Pacific is predicted to be the largest and most rapidly increasing regional segment.
Asia Pacific dominated the Nuclear Power Plant Equipment Market in 2021 and is likely to continue its dominance during the forecasted period as well. It is one of the principal geographical areas in the world where nuclear power is expanding significantly. In Asia pacific, there are 140 operational nuclear power plants and 30-35 plants are under construction. The major nations in the region also have plans to develop an additional 60 to 70 reactors over the next few years. China is one of the fast-growing countries in Asia Pacific, which is projected to register a CAGR of 4.3% during the forecast period. The Nuclear Power Plant Equipment Market is dominated by a few major players that have a wide regional presence.
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The leading players in the Nuclear Power Plant Equipment Market such as General Electric (US), Mitsubishi Heavy Industries (Japan), Toshiba Energy System & Solutions Corporation (Japan), Doosan Corporation (South Korea). Westinghouse Electric Company (US), Shanghai Electric (China).