Europe Nuclear Power Plant and Equipment Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Nuclear Power Plant and Equipment Market Analysis
The European nuclear power plant and equipment market is expected to witness a CAGR of around 2% during the forecast period. The COVID-19 pandemic adversely affected the nuclear power market due to crashed electricity demand. It was recorded that electricity generation from nuclear reactors reduced by 11% in the European Union (EU) countries in 2020 due to low power demand. The European nuclear power plant and equipment market is expected to grow in the near future due to its high proportion of the supply of baseload power in the continent and supportive EU policies to develop the nuclear power generation sector. However, the aggressive competition from other low-carbon electricity sources like renewables is expected to challenge the growth of the market substantially.
- The pressurized water reactor (PWR) type is expected to dominate the market during the forecast period due to its low operating cost.
- Many small countries in the European continent have less availability of land for the growth of renewable power systems, for example, the Netherlands and the Czech Republic. This amplifies the opportunities for other reliable power supply sources like nuclear power. The reactors, once installed, provide a long-term supply of electricity in such countries. The funding issues can be balanced by the support of the European Commission.
- Russia is expected to witness significant growth during the forecast period due to the upcoming nuclear power plants to be added to the installed capacity of the country.
Europe Nuclear Power Plant and Equipment Market Trends
This section covers the major market trends shaping the Europe Nuclear Power Plant & Equipment Market according to our research experts:
Pressurized Water Reactor Type Expected to Dominate the Market
- The typical design of a pressurized water reactor (PWR) is such that the core inside the reactor vessel creates heat. The core or the reactor pressure vessel (RPV) contains nuclear fuel, moderators, control rods, and a coolant that is cooled and moderated by high-pressure liquid water. PWR reactors are low-cost operating reactors, as both the coolant and the moderator used in these reactors are light water, which is cheaper than other kinds of coolants like heavy water.
- The total nuclear power generation capacity in the EU countries was recorded as 6,83,512GWh in 2020. The majority of nuclear power plants operating in the region are PWR type of nuclear reactors, as it is the most mature and cheaper technology available in the region. Many European countries are of the opinion that their goal of carbon neutrality by 2050 cannot be achieved without the growth in nuclear power generation. Thus, it is included in the green taxonomy of such countries. Several new nuclear power projects are planned in the region with the PWR technology to be added to the nuclear capacity.
- As an example, Slovakia, an EU member, is currently on the way to adding two more nuclear reactors at the Mochovce nuclear power plant. The two 471 MWe PWR nuclear reactors will add around 942 MWe of nuclear power capacity to the nation's grid once operational in 2023.
- Furthermore, a number of EU countries have planned the capacity expansion of their already operational power plants with the installation of new PWR reactor units. For instance, in July 2020, the Government of the Czech Republic entered an agreement with the state utility company CEZ for the expansion of the Dukovany nuclear power plant. It is believed that the new reactor unit will be a PWR reactor type which will be installed after the selection of the supplier in 2024.
- Such plans on the part of the European countries are expected to give robust growth to the PWR nuclear reactor type in the region.
Russia Expected to Witness Significant Growth
- Russia is one of those European countries that has a well-developed nuclear power sector. Currently, it has 38 nuclear power reactors in operation and is steadily moving ahead with new plans to expand the role of nuclear energy in the electricity sector. Though the country is behind France in the nuclear power generation capacity, it is expected to surpass the EU country in the coming years with the current pace they are moving.
- The share of nuclear energy in the electricity mix was around 20% in 2020. The latest Federal Target Programme has set a target of 25-30% nuclear share in electricity production by 2030, 45-50% by 2050, and 70-80% by the end of the century. Thus, they have planned many new nuclear reactors in the coming years.
- For example, the new Kursk-II nuclear power plant is currently under-construction. The plant is going to replace the older units with two new VVER-TOI units, Kursk-II-1, and Kursk-II-2, which are expected to be installed by 2023. The reactor vessel for Unit-1 has already been delivered to the construction site.
- Furthermore, in 2020, the state-owned nuclear corporation, Rosatom, announced that it started the preparatory work for Unit-3 and Unit-4 for Leningrad-II nuclear power plant. The two VVER-1200 units will be commissioned by 2027. The project is a part of the government's general plan for installing new electric power generation units by 2035.
- Such developments are expected to put Russia at the forefront of the European nuclear power market.
Europe Nuclear Power Plant and Equipment Industry Overview
The European nuclear power plant and equipment market is moderately fragmented. Some of the key players include Rosatom State Atomic Energy Corporation, Doosan Heavy Industries Construction Co. Ltd, Toshiba Corp., Mitsubishi Corp., and General Electric Company.
Europe Nuclear Power Plant and Equipment Market Leaders
-
Rosatom State Atomic Energy Corporation
-
Doosan Heavy Industries Construction Co Ltd,
-
Toshiba Corp.
-
Mitsubishi Corp.
-
General Electric Company
*Disclaimer: Major Players sorted in no particular order
Europe Nuclear Power Plant and Equipment Market News
- In 2021, the French government declared that it may have 14 new power plants by 2050. The very near completion is of Flamanville nuclear power plant, in which the 3rd unit is currently under construction and is expected to be in service by 2024.
- In June 2021, Rosatom started the construction of the Brest-OD-300 Fast Neutron Reactor in Russia. The 300MWe nuclear reactor unit will be in service by 2026. The license for construction was issued by Russian regulator Rostechnadzor in 2020.
Europe Nuclear Power Plant and Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Reactor Type
5.1.1 Pressurized Water Reactor
5.1.2 Pressurized Heavy Water Reactor
5.1.3 Other Reactor Types
5.2 Carrier Type
5.2.1 Island Equipment
5.2.2 Auxilliary Equipment
5.2.3 Research Reactor
5.3 Geography
5.3.1 France
5.3.2 Russia
5.3.3 Ukraine
5.3.4 Switzerland
5.3.5 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Rosatom State Atomic Energy Corporation
6.3.2 Doosan Heavy Industries Construction Co. Ltd
6.3.3 Toshiba Corp.
6.3.4 Mitsubishi Corp.
6.3.5 General Electric Company
6.3.6 Korea Electric Power Corporation
6.3.7 Tokyo Electric Power Company Holding Inc.
6.3.8 Dongfang Electric Corp. Limited
6.3.9 Westinghouse Electric Company LLC
6.3.10 AEM Technologies JSC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Nuclear Power Plant and Equipment Industry Segmentation
The European Nuclear Power Plant and Equipment market report includes:
| Reactor Type | |
| Pressurized Water Reactor | |
| Pressurized Heavy Water Reactor | |
| Other Reactor Types |
| Carrier Type | |
| Island Equipment | |
| Auxilliary Equipment | |
| Research Reactor |
| Geography | |
| France | |
| Russia | |
| Ukraine | |
| Switzerland | |
| Rest of Europe |
Europe Nuclear Power Plant and Equipment Market Research FAQs
What is the current Europe Nuclear Power Plant and Equipment Market size?
The Europe Nuclear Power Plant and Equipment Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Europe Nuclear Power Plant and Equipment Market?
Rosatom State Atomic Energy Corporation, Doosan Heavy Industries Construction Co Ltd, , Toshiba Corp., Mitsubishi Corp. and General Electric Company are the major companies operating in the Europe Nuclear Power Plant and Equipment Market.
What years does this Europe Nuclear Power Plant and Equipment Market cover?
The report covers the Europe Nuclear Power Plant and Equipment Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Nuclear Power Plant and Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Nuclear Power Plant and Equipment Industry Report
Statistics for the 2024 Europe Nuclear Power Plant and Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Nuclear Power Plant and Equipment analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Europe Nuclear Power Plant and Equipment Market Report Snapshots
