Nuclear Reactor Construction Market By Type (ressurized Water Reactor Nuclear Power Plant, Boiling Water Reactor Nuclear Power Plant, Heavy Water Reactor Nuclear Power Plant, Fast Reactor Nuclear Power Plant), By Applications (Industrial, Energy, National Defense, Others), and Region Global Forecast 2018 to 2028

The global nuclear reactor construction market size crossed USD 31.5 billion in 2017. Minimal hazardous impact on the environment is one of the growth favoring factors of the global nuclear reactor construction market size. Economized space or land utilization for installing nuclear power plant is a key aspect that is expected to support the stable growth of the nuclear reaction construction market size over the years ahead.

The nuclear reactors often take up relatively smaller spaces in comparison with other energy generation units. For instance, the amount of electricity produced by a multi-reactor nuclear power plant would require about 45 square miles of photovoltaic panels or about 260 square miles of wind turbines.

In 2022, the market for nuclear reactor construction reached a size of US$ 6.7 billion. the market is expected to grow at a compound annual growth rate (CAGR) of 3.50 % from 2023 to 2028, reaching US$ 8.2 billion.

Over the past few years, the nuclear reactor construction market has gained huge importance. The nuclear industry is an effective energy source, owing to zero emissions of air pollutants such as carbon dioxide, sulfur dioxide, and nitrogen dioxide. Nuclear energy has established itself as the only source of clean-air energy with an output of 24 hours a day. Although not considered a renewable source of energy, nuclear energy is often classified as a sustainable energy source because of the availability of technically recoverable deposits of uranium that can last up to at least the next 100 years.

During normal operations, very little radiation is released. Multiple independent studies have found no health effects on the neighboring population. Radiation monitors surrounding the plant site provide real-time data on radiation levels. Additionally, radioactive materials that could cause radiation exposure near nuclear energy facilities are monitored by sampling air, food and water supplies. Nuclear energy facilities are non-polluting and use multiple, redundant layers of safety to contain radiation within the reactor.

The nuclear reactor construction market is categorized on the basis of reactor type. Pressurized water and heavy water, gas cooled, light water graphite, fast reactor, and boiling water are the types of nuclear reactors. In 2017, the pressurized water reactor accounted for more than 60% of the global nuclear reactor construction market share.

Pressurized water reactors have advantages over the other light water reactors and earlier generation nuclear sites. One major advantage of this reactor is that it is easy to operate because less power is being produced as the heat increases. In addition, the core of the reactor contains less fissile material, decreasing the chances of additional fission events to occur, making the reactor safer and more controllable.

On the basis of services, the equipment category is expected to boost the nuclear reactor construction market size at a fast-paced growth, by 2025. Island and auxiliary are the key sub-categories of the equipment services segment. The island equipment services sub-category is expected to hold a significant portion of the total nuclear reactor construction market share by the end of 2025.

North America dominated the global industry, constituting more than 35% of the total nuclear reactor construction market share in 2017. Four reactors are under construction in the U.S. at two sites in regulated markets. In Canada, the nuclear power reactor is based in Ontario. In early 2016, the Canadian government signed major contracts for the refurbishment and life extension of six reactors at the Bruce generating station. The programme is expected to begin in 2020 and will further extend the operating lifetime of the unit by 30-35 years. Similar refurbishment activities enabled the province to extensively phase out coal in the last few years, thus achieve one of the cleanest electricity mixes in the world.

Asia Pacific is anticipated to witness the fastest growth among other major regions, by the end of 2025. China is expected to have the largest nuclear reactor construction market size in the region by 2025, owing to favorable government initiatives towards development of nuclear power as an effort to improve air quality and decrease greenhouse gas emissions. The Chinese government recently stated a long-term target in its Energy Development Strategy Action Plan, 2014-2020. This includes 58 GWe of nuclear capacity by 2020, with an addition of 30 GWe under construction. Well established industry players such as Rosatom, Areva Group, and General Electric Company have held a substantial portion of the global nuclear reactor construction market share, since the past few years.

Nuclear Reactor Construction Market Scope 

Key segments of the global nuclear reactor construction market

Service Type Overview (USD Billion)

• Equipment
  • Island equipment
  • Auxiliary equipment
• Installation

Reactor Type Overview, (USD Billion)

• Pressurized water reactor
• Pressurized heavy water reactor
• Light water graphite reactor
• Gas cooled reactor
• Fast reactor
• Boiling water reactor

Regional Overview, (USD Billion)

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Central & South America
  • Argentina
  • Rest of Central & South America
• Middle East & Africa
  • UAE
  • Rest of Middle East & Africa