DUBLIN – (COMMERCIAL THREAD) – The report “United States Nuclear Power Plant Equipment Market – Growth, Trends and Forecast (2020-2025)” has been added to ResearchAndMarkets.com offer.
The US nuclear power plant equipment market is expected to grow at a CAGR of over 12% during the forecast period 2020-2025, driven by upcoming projects.
The significant contribution of nuclear power to reducing GHG emissions, while meeting the growing energy needs of a growing population and supporting the sustainable development of the country are some of the main factors driving the market. With an extension of the license term of twenty years, the market is likely to grow in the future. On the other hand, growing competition from natural gas and renewable energies is slowing the growth of the market.
With a significant share of pressurized water reactors and due to upcoming projects, they are expected to dominate the reactor segment during the forecast period.
The World Nuclear Association has set a target of 25% of the world’s electricity by 2050, which is expected to be supplied by nuclear power. This requires around 1,000 GW of new nuclear capacity to build, creating many opportunities for market players.
Island equipment holds the largest share of investments in nuclear power plant equipment. With the upcoming projects, the island equipment is expected to dominate the market during the forecast period.
Key market trends
Pressurized water reactors to dominate the market
A typical design of a commercial PWR is such that the core inside the reactor vessel creates heat. The reactor pressure vessel (RPV) core contains nuclear fuel, a moderator, control rods, and coolant that is cooled and moderated by high pressure liquid water. The PWR consists of a reactor vessel, steam generators, reactor cooling pumps, control lines, a pressurizer and other components.
The United States dominates in terms of PW reactors. With 64 pressurized water reactors, generating more than 63 GW of electricity in 2020, PWRs dominate the market.
Also in the future, with five additional pressurized water reactors planned, significant growth in the nuclear equipment market is expected.
Nuclear power has occupied an important part in the production of electricity in the United States. With 852 TWh of electricity in 2019, the share of nuclear is expected to grow over the forecast period.
With advantages such as low operating costs and less fissile material in the central reactor, pressurized water reactors are expected to dominate the market in the future.
Island equipment to dominate the market
Despite the cessation of construction of new nuclear power plants for more than 30 years, the country’s dependence on nuclear energy has increased. The average cost of nuclear production fell from 42 USD / MWh in 2012 to 30 USD / MWh in 2019, leading to the installation of island equipment.
In March 2020, GE Hitachi Nuclear Energy signed a project for the United States Department of Energy (DOE) to develop tools to transform operations, while maintaining advanced nuclear reactors using digital twins compatible with artificial intelligence. .
The United States Nuclear Regulatory Commission (NRC) in 2017 approved 20-year license extensions for more than 75% of the fleet, allowing operation at 60 years. In addition, operators are considering requesting an additional 20 year life cycle extension, allowing the total life cycle of a plant to be 80 years.
In 2019, the country had 95 operating nuclear reactors with a combined capacity of 97.15 GWe, generating 852 TWh of electricity, operated by 30 different power companies. About 38 reactors with a combined capacity of 17.54 GWe have been shut down, and there are two reactors under construction as of 2019, which are expected to drive demand for island equipment.
Factors, such as lower costs of nuclear power generation, upcoming projects, associated with supporting government initiatives and programs, such as the Regional Greenhouse Gas Initiative, the initiatives of the State and zero emission credits, are expected to boost the market during the forecast period.
The US nuclear power plant equipment market is moderately consolidated. Major companies include Westinghouse Electric Corporation, Mitsubishi Heavy Industries, Ltd, Babcock & Wilcox Company, Doosan Corporation, GE-Hitachi Nuclear Energy and others.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD Billion, to 2025
4.3 Recent trends and developments
4.4 Government policies and regulations
4.5 Market dynamics
4.6 Supply chain analysis
4.7 PESTLE analysis
5 MARKET SEGMENTATION
5.1 Type of reactor
5.1.1 Pressurized water reactor
5.1.2 Pressurized heavy water reactor
5.1.3 Other types of reactors
5.2 Type of carrier
5.2.1 Island equipment
5.2.2 Auxiliary equipment
5.2.3 Research reactor
6 COMPETITIVE LANDSCAPE
6.1 Mergers and acquisitions, joint ventures, collaborations and agreements
6.2 Strategies adopted by the main actors
6.3 Company profiles
6.3.1 Westinghouse Electric Company LLC
6.3.2 Doosan Corporation
6.3.3 Babcock & Wilcox Company
6.3.4 GE-Hitachi nuclear power
6.3.5 Dongfang Electric Corp. Limited
6.3.6 JSC Atomstroyexport
6.3.7 Mitsubishi Heavy Industries Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/it8doz