Nuclear Power Plant Equipment Market Size, Share, Growth Analysis, By Reactor Type(Pressurized Water Reactor (PWR), Pressurized Heavy Water Reactor (PHWR), Boiling Water Reactor (BWR), Light Water Graphite Reactor (HTGR)), By Equipment Type(Isl, Equipment, Auxiliary Equipment), By Region - Industry Forecast 2024-2031

Nuclear Power Plant Equipment Market size was valued at USD 37.9 billion in 2019 and is poised to grow from USD 44.28 billion in 2023 to USD 58.4 billion by 2031, growing at a CAGR of 3.5% in the forecast period (2024-2031).

The market for equipment for nuclear power plants is only marginally consolidated. Numerous major businesses are engaged in neck-and-neck competition in the fiercely competitive environment, which is extremely uneven. To keep their top market places, the corporations place a strong emphasis on technological breakthroughs, mergers, contracts, accords, alliances, and other factors. For instance, in August 2021, Japan-based In collaboration with GE Hitachi Nuclear Energy, Hitachi-GE Nuclear Energy has developed a 300 MWe boiling water reactor (BWR) type of SMR known as the "BWRX-300." The agreement will support the management in doing fresh consumer research and in its effort to reach net-zero greenhouse gas emissions by the year 2050. 'GE Hitachi Nuclear Energy', 'Westinghouse Electric Company LLC', 'Framatome', 'Mitsubishi Heavy Industries, Ltd.', 'Rosatom State Atomic Energy Corporation', 'China National Nuclear Corporation (CNNC)', 'Korea Electric Power Corporation (KEPCO)', 'Toshiba Energy Systems & Solutions Corporation', 'AREVA SA ', 'BHEL (Bharat Heavy Electricals Limited)', 'Babcock & Wilcox Company ', 'Doosan Heavy Industries & Construction Co., Ltd.', 'L&T (Larsen & Toubro Limited)', 'Shanghai Electric Group Co., Ltd.', 'Hitachi-GE Nuclear Energy, Ltd.', 'Korea Hydro & Nuclear Power Co., Ltd.', 'Alstom SA ', 'Siemens AG', 'EDF Energy', 'Dominion Energy, Inc.'

Increasing energy demand will accelerate market growth.

Market Dominance for the Pressurized Water Reactor Operators chooses highly pressurized reactors because they are the finest of all the nuclear reactor kinds since there are growing worries about the security of nuclear power facilities. Furthermore, the Pressurized Water Reactor reactor guards against radioactive material contamination of water, tackling climate change. Consequently, the market for nuclear power plant equipment is expected to be highly impacted by the strong growth for PWRs throughout the projected timeline.

In 2021, the nuclear power plant equipment market has been led by the Asia-Pacific region and is expected to do so again in the foreseeable future. It is among the principal geographical areas in the globe wherein nuclear power, in particular, is expanding considerably.