Transparency Market Research (TMR) has announced the addition of a new market study on the nuclear turbine generator market. The report is titled “Nuclear Turbine Generator Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.” According to the report, the global nuclear turbine generator market is expected to be worth US$15.61 bn by 2020. It was valued at US$7.0 bn in 2013 and is expected to expand at a CAGR of 5.4% between 2014 and 2020.
Nuclear energy is a clean, reliable, safe, and competitive energy source. The power generated from nuclear energy is almost free of greenhouse gases. A nuclear generator works on the principle of heat exchange, wherein it converts water into steam by making use of the heat produced in the nuclear reactor. Nuclear power plants are base load power plants that generate power which can be depended upon to meet the consistent demand for energy. The need for clean, emission-free, and reliable power is fueling the demand for nuclear turbine generators. Factors such as the rising number of pressurized water reactor installations and a rise in the fossil fuel price are expected to boost the nuclear turbine generator market in the coming years. Environmental concerns will also drive the market.
The challenges faced by the global nuclear turbine generator market include stress corrosion cracking. Anti-nuclear energy policies and a negative opinion of the public regarding nuclear energy are some of the factors that hamper the growth of the nuclear turbine generator market across the globe. The negative image surrounding nuclear energy is also partly due to the Fukushima Daiichi nuclear disaster in Japan. However, Europe will show a huge scope in the nuclear turbine generator market, which is expected to accelerate the growth of the market.
The global nuclear turbine generator market is segmented on the basis of geography and product. On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Of these, Europe dominates the nuclear turbine generator market, followed by Asia Pacific and North America.
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High demand for nuclear turbine generators in Asia Pacific is majorly due to a large number of new installations in the region. The U.S accounts for the highest demand in North America but the market’s growth will be dampened due to declining gas priced from 2009, which is affecting the economic viability of the existing and new projects. Nevertheless, with consistent efforts from the U.S. government to speed up the approval process for new plant designs, there will be new opportunities for growth in North America.
Key participants in the global nuclear turbine generator market that are mentioned in the report include: Doosan Heavy Industries & Construction Co., Ltd., General Electric, Alstom Power, Toshiba Corporation, Mitsubishi Heavy Industries, Ltd. (MHI), Westinghouse Electric Company LLC, Bharat Heavy Electricals Limited (BHEL), The Babcock & Wilcox Company, OJSC Power Machines, and Hitachi, Ltd. A detailed analysis of each of these companies, the strategies implemented, the challenges faced, and their market share have been given in the report.
The global nuclear turbine generator market has been segmented as below:
Product
- Nuclear Turbine
- Nuclear Generator
Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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