US Nuclear Power Plant Equipment Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Nuclear Power Plant Equipment Market Analysis
During the time frame of the forecast, the US nuclear power plant equipment market is expected to register at a CAGR of more than 2%.
In 2020, COVID-19 negatively impacted the market. Presently, the market is likely to reach pre-pandemic levels.
- Over the medium term, the significant contribution of nuclear energy to reducing GHG emissions while fulfilling the increasing energy demands of a growing population and supporting sustainable development in the country is expected to drive the market during the forecast period.
- On the other hand, the growth of the market is being slowed by more competition from natural gas and renewable energy sources.
Nevertheless, rising investments in small modular reactors are expected to be a significant growth opportunity for the market during the forecast period.
US Nuclear Power Plant Equipment Market Trends
This section covers the major market trends shaping the US Nuclear Power Plant Equipment Market according to our research experts:
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 core of the reactor pressure vessel (RPV) contains nuclear fuel, a moderator, control rods, and coolant that is cooled and moderated by high-pressure liquid water. PWR consists of a reactor vessel, steam generators, reactor coolant pumps, control roads, a pressurizer, and other elements.
- One of the biggest markets for nuclear energy and PWR reactors is the United States.The World Nuclear Organization says that as of November 2021, 62 of the 93 working reactors in the country are PWR reactors, which is about 65.7% of the country's total installed nuclear capacity.The United States' installed pressurized water reactor capacity will be about 62,814 MW in 2021.
- Also, the only two units being built in the United States are the Vogtle 3 and 4 nuclear reactors, which will use Westinghouse AP1000 PWRs and have a total installed capacity of 2500 MW.Significant growth in the market for nuclear equipment is also expected in the future, with five additional pressurized water reactors planned.
- Nuclear energy held a significant share in electricity generation in the United States. With 819 TWh of electricity in 2021, the share of nuclear power accounted for nearly 29.3% of the total electricity generation, and nuclear power generation is expected to grow in the forecast period.
- With advantages like low operating costs and less fissile material in the core reactor, pressurized water reactors are expected to dominate the market in the future.
Island Equipment to Dominate the Market
- Despite a halt in the construction of new nuclear power plants for more than 30 years, the country's reliance on nuclear power has grown. Also, the World Nuclear Organization says that almost 28% and 15% of the total capital investment, respectively, are for building and setting up the nuclear island and the conventional island.
- In 2017, the Nuclear Regulatory Commission (NRC) of the United States gave license extensions of 20 years to more than 75% of the fleet. This means that the operation can continue for another 50 years.The plant's operators also plan to ask for another 20 years of life, which would bring the total life of a plant to 80 years.
- As of December 2021, the country has 93 nuclear power reactors that are running. Together, they can produce 819 TWh of electricity, which is 95.52 GWe.As the need for clean energy grows and new reactors are built, the amount of nuclear energy generated is expected to grow significantly. This is expected to drive the demand for island equipment during the forecast period.
- During the forecast period, the market is likely to be driven by factors like falling costs of nuclear power generation and upcoming projects, as well as government programs and initiatives like the Regional Greenhouse Gas Initiative, state initiatives, and zero-emission credits.
US Nuclear Power Plant Equipment Industry Overview
The United States nuclear power plant equipment market is moderately consolidated in nature. Some of the major players in the market (in no particular order) include Westinghouse Electric Corporation, Mitsubishi Heavy Industries, Ltd., Babcock & Wilcox Company, Doosan Corporation, and GE-Hitachi Nuclear Energy.
US Nuclear Power Plant Equipment Market Leaders
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GE-Hitachi Nuclear Energy
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Babcock & Wilcox Company
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Mitsubishi Heavy Industries, Ltd
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Doosan Corporation
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Westinghouse Electric Corporation
*Disclaimer: Major Players sorted in no particular order
US Nuclear Power Plant Equipment Market News
- December 20, 2022: Georgia Power today announced the completion of cold hydro testing for Vogtle Unit 4 at the nuclear expansion project near Waynesboro, Georgia. The only remaining major test, the hot functional testing, is projected to commence by the end of Q1 2023.
- February 2022: GE and EDF announced that they have signed an exclusive agreement for EDF to acquire part of GE Steam Power's nuclear power activities, which include GE's nuclear steam turbine technology and service businesses.
US Nuclear Power Plant Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
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 2028
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 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Reactor Type
5.1.1 Pressurized Water Reactor
5.1.2 Boiling Water Reactor
5.1.3 Other Reactor Types
5.2 Carrier Type
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 Leading Players
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 Energy
6.3.5 Dongfang Electric Corp. Limited
6.3.6 JSC Atomstroyexport
6.3.7 Mitsubishi Heavy Industries Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
US Nuclear Power Plant Equipment Industry Segmentation
A nuclear power plant is a facility that converts atomic energy into usable power. In a nuclear electric power plant, the heat produced by a reactor is generally used to drive a turbine, which in turn drives an electric generator. Nuclear power plant equipment is defined as any equipment used in a nuclear power plant for the safe and consistent generation of nuclear energy. The United States nuclear power plant equipment market is segmented by reactor type and carrier type. By reactor type, the market is segmented into pressurized water reactors, pressurized heavy water reactors, and other reactor types. By carrier type, the market is segmented into island equipment, auxiliary equipment, and research reactors. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Reactor Type | |
| Pressurized Water Reactor | |
| Boiling Water Reactor | |
| Other Reactor Types |
| Carrier Type | |
| Island Equipment | |
| Auxiliary Equipment | |
| Research Reactor |
US Nuclear Power Plant Equipment Market Research FAQs
What is the current United States Nuclear Power Plant Equipment Market size?
The United States Nuclear Power Plant Equipment Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in United States Nuclear Power Plant Equipment Market?
GE-Hitachi Nuclear Energy, Babcock & Wilcox Company , Mitsubishi Heavy Industries, Ltd , Doosan Corporation and Westinghouse Electric Corporation are the major companies operating in the United States Nuclear Power Plant Equipment Market.
What years does this United States Nuclear Power Plant Equipment Market cover?
The report covers the United States Nuclear Power Plant Equipment Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the United States Nuclear Power Plant Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
United States Nuclear Power Plant Equipment Industry Report
Statistics for the 2024 United States Nuclear Power Plant Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United States Nuclear Power Plant Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
