The global nuclear turbine generator market is expected to advance exponentially on account of rapid industrialization and increasing demand for energy to meet consumer and industrial needs. Rapid industrialization in emerging countries has provided a catalyst for energy needs across the globe. Fossil fuels are expected to remain the primary source of energy during the forecast period; however, they contribute largely to carbon dioxide emissions. This has created a greater market potential for alternative energy production methods such as nuclear power. U.S. Environmental Protection Agency (EPA) has implemented strict guidelines towards regulation and control of emissions, encouraging the harness and application of alternative methods such as nuclear power. The need to divert energy production methods away from limited fossil fuels has shifted the global market towards the application of nuclear turbine generators for power generation.
Major advantages of nuclear turbine generators include reliability, safety, and a clean source of energy as compared to conventional energy resources. These factors have contributed largely to the growth and development of the global nuclear turbine generator market. The installation of several new reactors to meet energy needs during the forecast period is likely to be a key driver for the growth of the nuclear turbine generator market. Demand from new and upcoming power generating stations is expected to further enhance the market for nuclear turbine generators during the forecast period. An increase in global pressurized water reactor (PWR) installations is also expected to accelerate the nuclear turbine generators market growth. The rapid increase in fossil fuel prices due to depletion and scarcity of non-renewable resources is also likely to augment the global nuclear turbine generator demand. Nuclear generators are expected to witness an increase in demand owing to the creation of a potentially untapped aftermarket. A major factor contributing towards this expected demand is the conventional generators in use in the current market scenario are nearing the end of their usable life span of around 30 years. Another positive driver towards the current demand for nuclear turbine generators is the global awareness towards reduction and regulation of climate change which is also responsible for diminishing usage of conventional fuels.
Nuclear turbine generators can be classified as per the type of reaction- nuclear fission, which is further divided into thermal reactors and fast neutron reactors, and nuclear fusion reactors. Nuclear turbine generators are also classified as per recent technology into pressurized water reactors (PWR), boiling water reactors (BWR), pressurized heavy water reactors (PHWR), liquid metal fast breeder reactor (LMFBR), pebble bed reactors (PBR), molten salt reactors (MSR), aqueous homogenous reactors (AHR), gas-cooled reactor (GCR) and advanced gas cooler reactor (AGCR). Nuclear turbine generators can be further classified on the basis of application into nuclear power plants, nuclear propulsion, and spacecraft propulsion. Thus there is adequate scope for growth in the nuclear turbine generator market in almost all aforementioned classifications. The highest growth has been witnessed in the PWR market segment on account of its quick and easy application as compared to other nuclear turbine generators segments.
However, stress corrosion cracking and associated costs due to steam generation are likely to hamper the rapid market growth. Furthermore, several anti-nuclear policies and public concerns regarding nuclear power generation after the recent Fukushima Daiichi Nuclear Plant disaster in Japan may pose as an incentive to market growth. Nuclear waste disposal is also an expected hindrance to the development of the nuclear turbine generator market. However, the waste generated is generally diminutive in volume and is also retained on-site unlike other industrial emissions such as toxic gases.
The nuclear turbine generator market in Europe, Asia Pacific, and North America is estimated to grow significantly during the forecast period. New installations, primarily in Russia, are anticipated to expand the nuclear turbine generator market in Europe. Increased energy demand from China, India, and South Korea due to rapid industrialization is also likely to result in sustained growth for the nuclear turbine generator market during the forecast period.
Major players in operating in the global nuclear turbine generator industry include Wild Horse Australia, Energy Resources of Australia, Cameco, Star Uranium, Canadian Nuclear Laboratories, China Guangdong Nuclear Power Group, Advanced Nuclear Fuels, Nuclear Power Corporation of India and Kansai Electric Power Company Japan.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
"The quality of research they have done for us has been excellent."
We value your investment and offer free customization with every report to fulfil your exact research needs.