Nuclear Steam Generator Market Forecasts to 2028 – Global Analysis By Design (Vertical, Horizontal and Other Designs), By Reactor Type (Advanced Pressurized Water Reactor, Boiling Water Reactor, Pressurized Heavy Water Reactor, Pressurized Water Reactor a

Nuclear Steam Generator Market Forecasts to 2028 – Global Analysis By Design (Vertical, Horizontal and Other Designs), By Reactor Type (Advanced Pressurized Water Reactor, Boiling Water Reactor, Pressurized Heavy Water Reactor, Pressurized Water Reactor and Other Reactor Types), By Type, By Application, By End User and By Geography

According to Stratistics MRC, the Global Nuclear Steam Generator Market is growing at a CAGR of 7.5% during the forecast period. A steam generator is a machine that boils water to produce steam. Steam generators, also known as heat exchangers, are devices that use heat from a nuclear power plant to turn water vapor into steam. Nuclear steam generators are used in high-pressure water reactors that have secondary loops (separate piping systems where water is converted to steam to power turbines that generate electricity) combined with primary loops (piping systems that contain coolant).

According to the Nuclear Energy Association (NEA) the gross introduced limit is required to increment by 33% in 2025.

Market Dynamics:

Driver:

Increasing reactors in developing economies

The increase in the number of reactors is expected to gather speed in a very short amount of time due to the rapidly increasing economies and rising interest in emerging nations such as India and China. The world's nuclear power capacity is steadily growing, with about 50 additional reactors planned for construction in 13 countries. The WEO New Policies Scenario increases the possibility that the global age limit will increase to 11,960 GWe by 2040.

Restraint:

Restricted fuel supply

Thorium and uranium are essential elements used in nuclear power plants to produce electricity. Nuclear fusion or breeder reactors must be developed before thorium and uranium reserves operate down or electricity production will be unsustainable. Furthermore, because resources are running out, nuclear power is only an expensive short-term alternative for power generation.

Opportunity:

Rising nuclear power plants and technological developments

Because more nuclear power plants are being constructed with pressurized heavy water reactors, the market for nuclear steam generators is anticipated to grow significantly during the forecast period. One of the key reasons propelling the expansion of the nuclear steam generator market is the advancement of technology. In the near future, it is anticipated that the development of nuclear reactor design technologies, particularly the vertical steam generator and pressurized heavy water reactor, will enhance the inflow of funding into the nuclear steam generator industry.

Threat:

Steam turbines are less effective than reciprocating engines

Steam turbines are used to generate about 90% of the world's electricity, but they also have major drawbacks. In part-load operation, steam turbines are less effective than reciprocating engines. They start up more slowly than gas turbines and almost certainly less slowly than reciprocating engines. Over the projected period, it is anticipated that less responsiveness to changes in power demand than gas turbines and reciprocating engines will restrain market growth.

Covid-19 Impact:

During periods of lockdown, certain countries' electricity usage decreased as a result of the efforts governments around the world adopted to combat COVID-19; typically, reductions of 10 to 25 percent of predicted demand occurred. Selected nuclear plants may reduce output or stop generating where any decline in overall demand requires it, depending on national circumstances and compensation arrangements. Deferring non-critical work in accordance with staff availability and adhering to distancing practices allowed adjustments to be made to activities like scheduled maintenance outages.

The pressurized heavy water reactor segment is expected to be the largest during the forecast period

Due to rising environmental concerns and increasing demand for power, nuclear power generation has emerged as the most dependable option that can satisfy these needs while reducing greenhouse gas emissions, and it is expected that this segment will dominate the market over the anticipated period. However, the installation of PHWR-type reactors is anticipated to rise during the projection period as a result of the benefits that PHWRs have over other reactor types. Furthermore, the PHWR design, as opposed to PWR nuclear facilities, requires thin-walled pressure tubes. This enables the distribution of pressure boundaries through a negligible number of pressure tubes with small diameters. Therefore, compared to PWR designs, this design has a lower probability of an accidental rupture of a pressure boundary. PHWR plants are thus considered to be safer than PWR plants.

The nuclear power plant segment is expected to have the highest CAGR during the forecast period

Owing to the enormous number of upcoming and existing nuclear power plants around the world, the nuclear power plant application segment is anticipated to experience lucrative expansion in the worldwide market over the forecast period. Additionally, nuclear steam generators (SG) are likely to be used more frequently in nuclear power plants as a result of their capacity to produce substantial amounts of electricity with minimal carbon emissions.

Region with largest share:

Due to its strong emphasis on nuclear power, North America will experience the largest share during the anticipated period of time. While understanding the potential for compact modular reactors, the US and Canada are concentrating on extending the life of nuclear power plants. With 60 nuclear power plants (NPP) spread across almost 30 states, the United States is entitled to the largest nuclear power plant fleet in the world, producing close to 20% of the nation's electricity. Additionally, with a capacity of approximately 99.6 million kilowatts, the United States has the most nuclear electricity generation capacity that has been installed.

Region with highest CAGR:

During the forecast period, North America is anticipated to have the highest CAGR. A few new NPPs are being developed by the United States. At Vogtle in Georgia, two of them are brand-new Westinghouse AP1000 reactors that are expected to start operating in November 2021 and November 2022, respectively. In 2020, there will also be a few small modular reactor (SMR) demonstration units. Additionally, there are 22 nuclear power reactors spread across five power plants in three provinces in Canada, and the nation's strategies to build more nuclear plants in the future. The Canadian Nuclear Safety Commission (CNSC) was provided with a new facility application in 2019. The region's nuclear steam generator industry is probably going to be driven by the government's initiative for clean energy from nuclear power plants.

Key players in the market

Some of the key players in Nuclear Steam Generator market include Areva, Atomic Energy of Canada, Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals, Bilfinger SE, BWX Technologies Inc., Centravis, China National Nuclear Corporation, Doosan Corp, Hitachi-GE Nuclear Energy, Jiuli Group, KEPCO, Larsen & Toubro Limited, Mannesmann Stainless Tubes, Mitsubishi Heavy Industries Ltd., Nippon Steel, Rolls-Royce plc, Rosatom Corp., Sandvik Group, Toshiba America Energy Systems Corporation, Tsingshan, Tubacex, Walsin Lihwa, Webco Industries and Westinghouse Electric Company LLC.

Key Developments:

In April 2023, Nuclear Power Corporation of India Limited (NPCIL) and Bharat Heavy Electricals Limited (BHEL) have entered into an MoU to jointly pursue business opportunities in the area of Nuclear Power Plants based on Pressurized Heavy Water Reactor (PHWR) technology. Under the MoU, BHEL and NPCIL will jointly explore opportunities for development of Nuclear Power Projects with a view to reduce project gestation time.

In December 2022, Bharat Heavy Electricals Limited (BHEL) has entered into a long-term Technology License Agreement (TLA) with Sumitomo SHI FW, Finland (SFW) for design, engineering, manufacturing, erection, commissioning and sale of subcritical as well as supercritical Circulating Fluidised Bed Combustion (CFBC) Boilers in India and in overseas territories except select countries.

In January 2020, Westinghouse Electric Company LLC has completely acquired the rolls Royce’s Nuclear Systems and Services business in North America, this was strategic investment in expanding the company’s nuclear product and services offering.

Designs Covered:
• Vertical
• Horizontal
• Other Designs

Reactor Types Covered:
• Advanced Pressurized Water Reactor
• Boiling Water Reactor
• Pressurized Heavy Water Reactor
• Pressurized Water Reactor
• Other Reactor Types

Types Covered:
• Recirculating Steam Generators
• Once Through Steam Generators (OTSG)
• Other Types

Applications Covered:
• Nuclear Power Plant
• Nuclear Reactor
• Other Applications

End Users Covered:
• Research
• Nuclear Navy
• Power Generation
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements