According to the research report, the global Nuclear Power Plant and Equipment market in 2019 is approximately USD 38,839.8 Million. The market is anticipated to grow at a CAGR of 3.7% and is projected to reach around USD 50,128.4 Million by 2026.
Nuclear Energy is one of the important sources of energy in today’s world. The Energy generates after splitting atoms or the nuclear fission process in the Nuclear reactor. This radiation will heat the water into steam, the steam further helps in turning the turbine, which is directly linked to the generation of electricity. The world is looking for cleaner and greener energy. To restrain the demand for coal-based electricity. At present number of types of reactors are used in the Nuclear Power plant. Recent technological advancement boosts the Nuclear Power Plant and Equipment market.
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The global Nuclear Power Plant and Equipment market is driving due to cleaner generation of electricity coupled with increasing energy demand across the world. Furthermore, rising demand from emerging economies like India and China is also considered one of the major driving factors for the growth of the market. The complex regulatory framework is considered one of the major restraining factors which curb the growth of the market. The high cost of installation is also one of the restraint factors. Recent investment in the clean energy sector coupled with the Emerging market of Asia Pacific is considered one of the major opportunities for the growth of the market during the forecast period.
In the Reactor type, the market is classified into six type’s High-Temperature Gas-Cooled Reactor (HTGR), Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Pressurized Heavy Water Reactor (PHWR), Fast Breeder Reactor (FBR), and Others Reagents and Kits. The Pressurized Water Reactor (PWR) accounts for the largest market shares of the Nuclear Power Plant and Equipment market in the year 2019. The same market is expected to grow at a CAGR of 1.7% within the forecasted year.
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Based on equipment, the market is fragmented into two types: Island Equipment and Auxiliary Equipment. Auxiliary Equipment was the dominating segment in 2019 and will remain the same within the forecasted year. This growth is mainly due to numerous applications followed by operation safety in a nuclear power plant.
In terms of region, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa. North America dominates the market. Asia Pacific region hits the highest growth of the market and the same will remain the forecasted year. The growth is due to India and China’s energy demand. This Country considered as the power engine of the Asia Pacific contributes one-third of the global population of the world followed by North America and Europe which hold a good amount of share in the global market.
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Top Market Players
The report covers a detailed competitive outlook including company profiles of the key participants operating in the global Nuclear Power Plant and Equipment market. The key players of Shanghai Electric Group Co., Ltd., Mitsubishi Heavy Industries, Ltd., Larsen & Toubro Limited, BWX Technologies, Inc., Dongfang Electric Corp. Ltd., ROSATOM (ROSATOM State Atomic Energy Corporation), Toshiba, Doosan Corporation, Korea Electric Power Corporation, and General Electric and Others.
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