Global Nuclear Reactor Construction Market 2020-2027

Global nuclear reactor construction market will reach $55.71 billion by 2027, growing by 3.9% annually over 2020-2027 driven by technological advancement and growing need to replace fossil fuels with renewable energy sources.  A nuclear reactor is a device used to initiate and control sustained nuclear chain reactions. Nuclear reactors are deployed in nuclear power plants to generate electricity and for the propulsion of ships. Heat emitted from nuclear fission is passed to the working fluid, such as water or gas, to run the steam turbines. Nuclear reactors are deployed to generate isotopes utilized for medical & industrial purposes, and to produce weapons-grade plutonium. Some reactors are operated for research purposes only.  The market for nuclear reactor construction is driven by the growing demand for electricity due to rapid population growth, urbanization & industrialization, and rising initiatives taken by the government. Owing to a rise in safety concerns, especially after the Fukushima nuclear disaster in Japan, countries have started investing in advanced technology, such as Generation III nuclear reactors. However, political, regulatory, and economic considerations have also closed some nuclear reactors before the expiration of their life span, especially in the U.S. In addition, difficulty in obtaining raw materials to generate nuclear energy may restrain the growth of nuclear reactor construction market. The global nuclear reactor construction market is moderately concentrated due to few companies operating in the industry because of the complex technology.  Moreover, globally there is a large number of reactors with age exceeding 30 years, which is likely to drive the market over the forecast period. However, the low initial cost of setting up and higher safety of renewable creates an additional demand for renewables to generate electricity which is likely to restrain the growth of the market during the forecast period. The technological advancements have emerged as one of the major factors driving the growth of the nuclear reactor construction market, due to the techno-economic benefits associated with the nuclear reactor technology. The development of nuclear reactor technologies is expected to increase the influx of money in the nuclear reactor construction business in the near future.With the growth in the economies of the Middle East And Africa (MENA), electricity demand is increasing. Major countries in the region accompanied by a few major companies are investing in the 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 to grow the global nuclear reactor construction market in the region after the forecast period. Asia-Pacific holds the fastest-growing region in the turbo-machinery market and is expected to fastly grow further during the forecast period. North America Holds the largest share in the global nuclear reactor construction market. In the wake of growing 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 nuclear power generation is a clean power technology, which can meet the increasing demand for electricity efficiently.

The technology advancement in the industry of nuclear reactor provides better fuel utilisation and increase life span up to 60 years which further can be increased. The new small nuclear turbine is being used in many countries for its low maintenance and guaranteed power supply features. Furthermore, the nuclear reactors which have exceeded 30 years of age are generally not so cost-effective and generally equipped with outdated equipment. Therefore, the countries are trying to replace them with new constructs.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. When looking at nuclear power in North America, the United States operates the largest fleet of nuclear power reactors in the world, with 98 units in almost 30 states generating almost 20% of the country’s electricity generation. In June 2021, the construction of unit 5 of the Kudankulam nuclear power plant has formally begun with the pouring of the first concrete for the foundation plate of the reactor building at the site in Tamil Nadu, India.

COVID-19 Impact

The pandemic affected the Nuclear construction market moderately as the construction of new nuclear plants was slowed down in the pandemic because of the issue in human resource and travel restrictions along with lockdowns. The pandemic in turn also had a positive effect in the market with countries around the world realising that nuclear energy generation is more consistent compared to the energy generated by non-renewable sources.

Highlighted with 79 tables and 72 figures, this 144-page report “Global Nuclear Reactor Construction Market 2020-2027 by Offering (Equipment, Installation Service), Reactor Type (PWR, BWR, PHWR, HTGCR, LMFBR), Construction Type (New Construction, Reactor Upgrade), and Region: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire global nuclear reactor construction market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate/forecast from 2020 till 2027 with 2019 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global nuclear reactor construction market in every aspect of the classification from perspectives of Offering, Reactor Type, Construction Type, and Region.

Based on Offering, the global market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Equipment
• Installation Service

Based on Reactor Type, the global market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Pressurized Water Reactor (PWR)
• Boiling Water Reactor (BWR)
• Pressurized Heavy Water Reactor (PHWR)
• High-temperature Gas Cooled Reactor (HTGCR)
• Liquid Metal Fast Breeder Reactor (LMFBR)

Based on Construction Type, the global market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• New Construction
• Reactor Upgrade

Geographically, the following regions together with the listed national/local markets are fully investigated:
• APAC (Japan, China, South Korea, Pakistan, India, and Rest of APAC)
• Europe (Germany, UK, France, Ukraine, Sweden, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Czech Republic, Switzerland, Finland, Bulgaria, Hungary, Slovakia, Romania, and Belarus)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Colombia, Argentina, Rest of South America)
• MEA (UAE, Iran, South Africa)
For each aforementioned region and country, detailed analysis and data for annual revenue are available for 2017-2027. The breakdown of all regional markets by country and split of key national markets by Offering, Reactor Type, and Construction Type over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Players (this may not be a complete list and extra companies can be added upon request):
Areva SA
Bilfinger SE
China National Nuclear Corporation
Dongfang Electric Corporation Limited
Doosan Heavy Industries & Construction Co. Ltd.
GE-Hitachi Nuclear Energy Inc.
KEPCO Engineering & Construction
Larsen & Toubro Limited
Mitsubishi Heavy Industries Ltd
Shanghai Electric Group Company Limited
Siemens AG
ŠKODA JS a.s.
Westinghouse Electric Company LLC (Toshiba)
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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