Market Size of United States Nuclear Power Plant Equipment Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 |
United States Nuclear Power Plant Equipment Market Size Summary
The United States nuclear power plant equipment market is poised for moderate growth over the forecast period, driven by the essential role of nuclear energy in reducing greenhouse gas emissions and meeting the rising energy demands of a growing population. Despite the challenges posed by competition from natural gas and renewable energy sources, the market is expected to benefit from increased investments in small modular reactors. The market's recovery from the COVID-19 pandemic is anticipated, with the sector reaching pre-pandemic levels as nuclear power continues to hold a significant share in the country's electricity generation. Pressurized water reactors (PWRs) are expected to dominate the market due to their low operating costs and efficient design, with significant growth anticipated from planned new reactors and ongoing projects.
The market landscape is moderately consolidated, with key players such as Westinghouse Electric Corporation, Mitsubishi Heavy Industries, Ltd., and GE-Hitachi Nuclear Energy playing pivotal roles. The United States has seen a resurgence in nuclear power reliance, with regulatory extensions allowing existing plants to operate for extended periods, thereby driving demand for nuclear equipment. Government initiatives and programs aimed at promoting clean energy are expected to further bolster the market. The construction of new reactors, including the Vogtle Units 3 and 4, highlights the ongoing commitment to nuclear energy, which is projected to increase significantly, thereby enhancing the demand for both nuclear island and conventional island equipment during the forecast period.
United States Nuclear Power Plant 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 2028
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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 PESTLE Analysis
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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 Boiling Water Reactor
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2.1.3 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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2.2.3 Research Reactor
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United States Nuclear Power Plant Equipment Market Size 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.
