Asia-Pacific Nuclear Power Plant and Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Asia-Pacific nuclear power plant and equipment market is expected to register a CAGR of more than 5% during the forecast period, 2022–2027. The COVID-19 outbreak in Q1 2020 led to an unprecedented and sustained decline in demand for electricity in many countries, at 10% or more, compared to 2019 levels. This has created challenges for both electricity generators and system operators. Factors such as increasing power consumption, the government's aims to expand the nuclear energy share, and therefore, upcoming nuclear power plant projects are expected to drive the market during the forecast period. However, high initial investment cost, growing emphasis on renewable energy, and the difficulties associated with obtaining finance for the nuclear power plant projects are expected to restrain the market growth during the forecast period.
Key HighlightsThe Asia-Pacific nuclear power plant and equipment market is moderately consolidated. The key players in the market include Larsen & Toubro Limited, Shanghai Electric Group Company Limited, China General Nuclear Power Corporation, Korea Hydro & Nuclear Power Co. Ltd, and Doosan Heavy Industries & Construction Co. Ltd.
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