Nuclear Turbine Generator Market - Global Industry Analysis, Size, Share, Growth 2024
The global demand for energy is anticipated to rise rapidly, spurred by demographic and economic growth. Increasing industrialization in emerging countries such as Brazil, Russia, China, India, and South Africa has further raised the demand for energy. The rapidly rising energy demand and uncertainty of the 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 source of power generation and are likely to remain so over the forecast period. However, fossil fuels are also the major and a growing contributor to carbon dioxide emissions.
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Nuclear energy is a reliable, safe, clean and competitive energy source. The power generated from nuclear energy is almost free of any greenhouse gas emissions, except for the indirect emission associated with mining, construction, decommissioning and fuel fabrication of the nuclear power plant, and disposal of the waste. Moreover, nuclear power plants are base load power plants that generate dependable power to consistently meet the global demand for energy. The market for the nuclear industry is expected to rise at a significant rate in the future due to the factors mentioned above
The burgeoning demand for power, along with the increased need for secure, reliable and emission-free power, propels the demand for nuclear turbine generators. Factors such as environmental concerns in power generation from fossil fuel and rapid rise in the fossil fuel prices are likely to augment demand for nuclear turbine generators globally. Increase in the number of pressurized water reactor (PWR) installations across the world is expected to augment growth in the global nuclear turbine generator market. Albeit, certain challenges involved in 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 growth of the market. However, high potential of Europe’s nuclear turbine generator market is likely to accelerate market growth.
The global demand for nuclear turbines is driven by the increasing installation of new nuclear reactors worldwide. Presently, there are nearly 435 operable nuclear reactors installed globally with another 71 nuclear reactors under consideration. Increased number of new installations is likely to accelerate the demand for nuclear generators worldwide. The global nuclear turbine generator market is dominated by Europe, followed by Asia Pacific and North America. These regions are 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 the region is primarily driven by increasing number of new installations in various 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 nuclear turbine generators in the region. However, declining 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. Nevertheless, consistent efforts by the U.S. government and the industry to expedite the approval process for new plant designs and construction are expected to provide ample growth opportunities in the nuclear turbine generator market in North America.
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The global nuclear turbine generator market is consolidated in nature; leading market players adopt the strategy of mergers and acquisitions to grow in the global nuclear turbine generator market. Strategic alliances are likely to allow companies to strengthen market position as well as enhance their nuclear turbine generator offerings to end-users. Key participants in the global nuclear turbine generator 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.
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