Nuclear Turbine Generators Market: Overview
The market size for nuclear turbine generators was USD 13,829.5million in 2021, and it is projected to grow at a CAGR of 11.2 percent during the forecast period. The global nuclear turbine generator market is anticipated to advance exponentially owing to rapid industrialization and growing demand for energy to meet consumer and industrial needs. Rapid industrialization in emerging countries has provided a catalyst for global energy requirements. Fossil fuels are anticipated to remain the primary energy source during the forecast period; however, they generate largely carbon dioxide emissions. This has created a greater market potential for different energy production methods such as nuclear power. U.S. Environmental Protection Agency (EPA) has implemented strict guidelines for regulation and control of emissions, encouraging the harness and application of alternative methods including nuclear power. The requirement to divert energy production methods away from limited fossil fuels has moved the global market towards applying nuclear turbine generators for power generation.
Major advantages of nuclear turbine generators such as reliability, safety, and a clean energy source compared to conventional energy resources. These factors have subscribed largely to the growth and development of the global nuclear turbine generator market. The installation of various new reactors to meet energy needs during the forecast period is likely to be a key enhanced the growth of the nuclear turbine generator market. Demand from new and upcoming power generating stations is anticipated to further enhance the market for nuclear turbine generators during the forecast period. The growth in global pressurized water reactor (PWR) installations is also anticipated to accelerate the nuclear turbine generators market growth.
The rapid growth in fossil fuel prices due to depletion and scarcity of non-renewable resources will likely fuel the global nuclear turbine generator demand. Nuclear generators are anticipated to witness a growth in demand owing to the creation of a potentially untapped aftermarket. A major factor contributing to this anticipated demand is the conventional generators in utilizing in the current market scenario are nearing the end of their usable life span of around 30 years. Another positive driver of the current demand for nuclear turbine generators is the global awareness of the reduction and regulation of climate change which is also responsible for decreasing the utilization of conventional fuels. However, stress corrosion cracking and associated costs owing to steam generation will likely restrict the rapid market growth. Furthermore, numerous anti-nuclear policies and public concerns regarding nuclear power generation after Japan's current Fukushima Daiichi Nuclear Plant disaster may incentivize market growth.
Nuclear Turbine Generators Market: COVID-19 Impact
The COVID-19 pandemic rarely hits the global nuclear turbine generator market since December 2019. The COVID-19 pandemic has brought a lot of disruption around the globe. Due to the COVID-19 pandemic, several manufacturing facilities across numerous countries were shut down due to lockdown restrictions that had adversely impacted the market. Those companies involved with the nuclear turbine generator have not resumed their work yet dowing to a lack of availability of workforce, which might restrict the market growth.
Nuclear Turbine Generators Market: Drivers
Various Strategies by Key Players to Drive Market Growth
The global nuclear turbine generator market is consolidated; leading market players embraced the strategy of mergers and acquisitions to enhance the global nuclear turbine generator market. Strategic alliances will likely permit companies to strengthen their market position and expand their end-users nuclear turbine generator offerings. For instance, in January 2022, Caterpillar introduced Cat G3516 natural gas-fueled Fast Response generator set with US EPA Certification for utilization in emergency and non-emergency applications. Furthermore, in January 2022, Rolls-Royce and its distributor partner Knopf &Wallisch (K&W) provides three MTU customized and containerized combined cooling, heat and power plant (CCHP) trigeneration units to Romanian cloud service supplier ClusterPower. Moreover, in October 2021, Generac introduced two new large diesel units – the MDE330 and MDE570 diesel mobile generators, which are aimed at supplying ease of operation and maintenance. The rental-ready machines feature wide-opening removable doors to maximize serviceability. Furthermore, in August 2021, Toho Gas and MHIET Successfully supervised a test operation of city gas and hydrogen mixed-fuel combustion in a commercial gas engine for a cogeneration system.
Rapidly Expanding Manufacturing SectorFueling Demand For Generators and Power Generation Systems Driving Market Growth
The manufacturing sector has played a significant role in various countries' economies. With rapid urbanization, the demand for goods and services is growing, fueling the manufacturing sector's growth. Besides, the governments of several Asian countries have signed extra-regional trade deals to position themselves as global manufacturing hubs. According to the ASEAN Economic Community (AEC), the Regional Comprehensive Economic Partnership (RCEP), if effectively implemented, would be a positive step toward a wast Free Trade Area of the Asia Pacific (FTAAP). It can provide a suitable intergovernmental forum on free trade, fuels the growth of several industries, and supplement the development of the manufacturing sector in the region. The demand for the manufacturing sector has driven the growth of power generation systems and generators in the region. New oil refineries are being introduced, and new power generation projects are being undertaken in China, Brunei, India, and Thailand. In China, the pulp and paper industry has been developing quickly since 2001. China is currently one of the largest pulp and paper product manufacturers in the world.
Nuclear Turbine Generators Market: Restraints
Growing Adoption of Renewable Energy Sources and Energy Storage Technologies to Hamper Market Growth
The energy storage market has expanded exponentially over the past couple of years. In 2018, the World Bank Group (WBG) committed to fund USD 1 billion in a program to accelerate financing in battery storage for electric power systems in low- and middle-income countries. In addition, the World Bank accepted a USD 300 million loans for the China Renewable Energy and Battery Storage Promotion Project to grow the integration and usage of renewable energy by deploying battery storage systems at scale. This investment was intended to grow wind and solar power utilize and upgrade grid reliability, stability, and power quality in developing countries while decreasing carbon emissions. Battery energy storage systems can store these energies during peak production with the support of batteries embedded in them, leading to less waste of energy. Battery storage assist balance the grid and upgrades power quality regardless of the generation source.
Nuclear Turbine Generators Market: Segment Overview
Pressurized Water to Dominate Market as it is Easy to Operate
The pressurized water reactor segment holds a significant share in the global nuclear turbine market during the forecast period. The pressurized water reactor operates utilizing the energy generated from steam heating water in a core. The pressure within the reactor grows, allowing it to make large amounts of power for various applications. Additionally, the pressurized water reactor is easy to operate due to less power produced as the heat increases.
With Increased Demand for Nuclear Rectores, New Nuclear Rectores Category Dominated Market
The increase in installing new nuclear reactors worldwide has fueled the demand for nuclear turbines globally. Currently, there are around 435 operational nuclear reactors globally, whereas the installation of 71 new nuclear reactors is just around the corner, notes the study.
Nuclear Turbine Generators Market: Regional Landscape
Asia Pacific to Dominate Market due to High Demand for Power Products
The Asia Pacific is anticipated to be the largest and fastest-growing market due to China and India's high demand for power products. The generator sales market in the Asia Pacific is observing significant developments in the manufacturing sector owing to industrialization, which has helped the demand for generators across countries of the region. New policy reforms in India to help the growth of industries have made the country a very lucrative market for OEM manufacturers. This will also likely generate a huge demand for generators in the region. The quickly expanding data centers industry in Asia will continue driving the demand for diesel generators in the region. Raised investments in data centers, specifically in China, Australia, Japan, and Singapore, are expected to drive the demand for generators.
Besides the Asia Pacific, Europe is the fastest-growing region during the forecast period. New installations, primarily in Russia, are expected to enhance Europe's nuclear turbine generator market. Increased energy demand from China, India, and South Korea owing to rapid industrialization will likely result in sustained growth for the nuclear turbine generator market during the forecast period.
Global Nuclear Turbine Generators Market: Competitive Landscape
In December 2021, GE Hitachi Nuclear Energy (GEH), along with two more companies named BWXT Canada Ltd. (BWXT Canada) and Synthos Green Energy (SGE), set forth to collaborate to deploy BWRX-300 small modular reactors (SMR) in Poland. Furthermore, in January 2020, Westinghouse Electric Co. acquired Rolls-Royce's Civil Nuclear Systems and Services business in North A merica and selected European sites. This acquisition would support Westinghouse Electric Co. in expanding the company's nuclear products and services offerings.
Few of the players in the Nuclear Turbine Generators Market include Toshiba Corporation, The Babcock and Wilcox Company, Mitsubishi Heavy Industries Ltd. (MHI), Hitachi Ltd, General Electric, Westinghouse Electric Company LLC., OJSC Power Machines, Doosan Heavy Industries and Construction Ltd, Alstom Power. Bharat Heavy Electricals Limited (BHEL),
Global Nuclear Turbine Generators Market is Segmented as Below:
Key Elements Included In The Study: Global Nuclear Turbine Generators Market
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