Market Size of North America Nuclear Power Plant and Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Nuclear Power Plant & Equipment Market Analysis
The North American nuclear power plant and equipment market is expected to register a CAGR of more than 3% during the forecast period of 2022-2027. The COVID-19 pandemic impacted the nuclear power and nuclear fuel industries in terms of supply and demand. The major impact was on the supply side for uranium as mining and nuclear fuel cycle facilities suspended operations due to the lockdowns imposed in various nations. An increase in energy demand, specifically cleaner generation of power, and innovative headways in nuclear power equipment are expected to drive the North American nuclear power plant and equipment market. However, difficulties in handling the highly radioactive atomic waste generated from nuclear fuel are expected to hinder the market growth.
The pressurized water reactor (PWR) is the most widely used reactor in North America and dominates the nuclear power plant and equipment market.
The Office of Nuclear Energy in the United States is collaborating with various technological universities along with industrial and international partners like the International Atomic Energy Agency (IAEA) for developing 4th generation nuclear energy technologies like Next Generation Nuclear Plant (NGNP), Advanced Reactor Concepts (ARC), and Advanced Small Modular Reactor (ASMR), which are expected to create abundant opportunities for the North American nuclear power plant and equipment market.
The United States is the major contributor to nuclear power, and the country is highly active in increasing the number of nuclear reactors and implementing new policies and regulations supporting clean energy generation. Therefore, the United States is expected to dominate the nuclear power plant and equipment market in North America during the forecast period.
North America Nuclear Power Plant & Equipment Industry Segmentation
The North American nuclear power plant and equipment market report includes:
| Reactor Type | |
| Pressurized Water Reactor | |
| Pressurized Heavy Water Reactor | |
| Boiling Water Reactor | |
| Other Reactor Types |
| Carrier Type | |
| Island Equipment | |
| Auxiliary Equipment |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Nuclear Power Plant and Equipment Market Size Summary
The North American nuclear power plant and equipment market is poised for growth, driven by increasing energy demand and advancements in nuclear technology. The market is primarily influenced by the United States, which is a significant contributor to nuclear power generation and is actively expanding its nuclear reactor fleet. The focus on cleaner energy sources and the development of fourth-generation nuclear technologies, such as the Next Generation Nuclear Plant and Advanced Small Modular Reactors, are expected to create substantial opportunities in the region. Despite challenges like the management of radioactive waste, the market is supported by collaborations between government entities and international organizations, aiming to enhance nuclear energy capabilities.
The pressurized water reactor (PWR) remains the dominant reactor type in North America, favored for its commercial viability and lower operational costs, despite higher initial investments and lower efficiency. The United States, with its extensive network of PWR reactors, leads the market, supported by ongoing construction and planning of new nuclear power plants. The market is moderately consolidated, with key players like BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd, and Westinghouse Electric Company LLC playing significant roles. Innovations in small modular reactor technology, such as those by NuScale, further indicate a dynamic market landscape, with potential for increased adoption of advanced nuclear solutions.
North America Nuclear Power Plant and Equipment Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Reactor Type
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2.1.1 Pressurized Water Reactor
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2.1.2 Pressurized Heavy Water Reactor
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2.1.3 Boiling Water Reactor
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2.1.4 Other Reactor Types
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2.2 Carrier Type
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2.2.1 Island Equipment
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2.2.2 Auxiliary Equipment
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Rest of North America
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North America Nuclear Power Plant and Equipment Market Size FAQs
What is the current North America Nuclear Power Plant and Equipment Market size?
The North America Nuclear Power Plant and Equipment Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in North America Nuclear Power Plant and Equipment Market?
GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, BWX Technologies Inc, Doosan Heavy Industries & Construction Co., Ltd and Mitsubishi Heavy Industries Ltd are the major companies operating in the North America Nuclear Power Plant and Equipment Market.
