NUCLEAR REACTOR MARKET

 

KEY FINDINGS

• International Thermonuclear Experimental Reactor (ITER) with the help of several countries has started building the world’s largest fusion energy harnessing machine tokamak with an estimated cost of $14 Billion. Project is estimated to be completed by 2025.
• At the start of 2020, 11 of the 53 reactors under construction globally were in China while seven reactors were under construction in India, with a combined capacity of 5.3 GWe
• A 1750 MWe EPR reactor is under construction at Flaman Ville, France.
• Russia had four reactors under construction as of the start of 2020, with a combined capacity of 4.8 GWe.
• UAE has been constructing three new reactors at the Barakah Nuclear Power Plant.

 

INTRODCUTION TO NUCLEAR REACTOR MARKET

Nuclear energy is the energy released after splitting atom of certain elements. As of November 2020, nuclear energy provides about 10% of the world’s electricity from about 440 power reactors and 50 more are under construction in different parts of the world.

 

These power plants are operational in 31 countries throughout the world and many more countries depend partly on nuclear generated power through regional transmission grids.

 

Nuclear industry is now characterized by international commerce e.g. a reactor under construction in Asia today may have component from South Korea, Japan, Canada, Germany, France, Russia and other countries.

 

Similarly, uranium from Australia or Namibia may end up in a reactor in the UAE, which might have been converted in France and enriched in Netherlands, reconverted in UK and fabricated in South Korea.

 

In 2019, nuclear plants supplied 2657 TWh of electricity, which is 94 TWh more than 2018 and with-it nuclear generation worldwide has seen surge for the seventh consecutive year.

     

NUCLEAR REACTOR MARKET SEGMENTATION

Market segmentation for Global nuclear reactor market has been on the basis of following-

1. BY EQUIPMENT

• Island equipment (primary unit)
• Auxiliary equipment (secondary equipment)

 

2. BY REACTOR TYPE

• Pressurized Water Reactor (PWR)
• Pressurized Heavy Water Reactor (PHWR)
• Boiling Water Reactor (BWR)
• High-Temperature Gas Cooled Reactor (HGCR)
• Liquid-Metal Fast-Breeder Reactor (LFBR)
• Light Water Graphite Moderated Reactor (LWGR)

 

3. BY GEOGRAPHY

ASIA-PACIFIC

• China has 48 operable nuclear reactors, with a combined net capacity of 46.5 GWe. In 2019, nuclear generated 5% of the country’s electricity. At the start of 2020, 11 of the 53 reactors under construction globally were in China.
• India has 22 operable nuclear reactors, with a combined net capacity of 6.3 GWe. In 2019, nuclear generated 3% of the country’s electricity. At the start of 2020 seven reactors were under construction in India, with a combined capacity of 5.3 GWe. The government in 2010 set an ambitious target to have 14.6 GWe nuclear capacity online by 2024.
• Japan has 33 operable nuclear reactors, with a combined net capacity of 31.7 GWe.

 

AMERICA

• The USA has 94 operable nuclear reactors, with a combined net capacity of 96.6 GWe. In 2019, nuclear generated 20% of the country’s electricity. There had been four AP1000 reactors under construction, but two of these have been cancelled.
• Canada has 19 operable nuclear reactors, with a combined net capacity of 13.6 GWe. In 2019, nuclear generated 15% of the country’s electricity.

 

EUROPE

• Finland has four operable nuclear reactors, with a combined net capacity of 2.8 GWe. In 2019, nuclear generated 35% of the country’s electricity. A fifth reactor – a 1720 MWe EPR – is under construction, and there are plans to build a Russian VVER-1200 unit at a new site (Hanhikivi).
• France has 56 operable nuclear reactors, with a combined net capacity of 61.4 GWe. In 2019, nuclear generated 71% of the country’s electricity. One reactor is currently under construction in France – a 1750 MWe EPR at Flamanville.
• Belarus has one operable nuclear power reactor, connected to the grid in November 2020, and a second reactor under construction.
• Russia has 38 operable nuclear reactors, with a combined net capacity of 28.6 GWe. In 2019, nuclear generated 20% of the country’s electricity. A government decree in 2016 specified construction of 11 nuclear power reactors by 2030, in addition to those already under construction. At the start of 2020, Russia had four reactors under construction, with a combined capacity of 4.8 GWe.

 

MIDDLE EAST

• Iran has a single operable nuclear reactor with a net capacity of 0.9 GWe. In 2019, nuclear generated 2% of the country’s electricity. A second Russian-designed VVER-1000 unit is under construction.
• The United Arab Emirates has one operable nuclear reactor with a capacity of 1.3 GWe. A further three units are under construction at the same plant (Barakah).

 

NUCLEAR REACTOR MARKET DYNAMICS

 

SI No	Timeline	Developments
1	Q4-2021	The Indian government set up nine nuclear projects within 2024 in the north Indian regions and another 12 new additional projects were approved during COvid times with the capacity of 9000 MW for the increasing power demand of the country.
2	Q4-2021	China is developing a nuclear reactor with maximum power output to support space operations of moon and mars missions.
3	Q4-2021	France to set up new nuclear reactors to reduce carbon emissions and dependency on neighboring countries for the energy supplies.
4	Q4-2021	Nasa to develop FissionSurface Power(FSP) nuclear reactors for the energy source for its lunar operations and martian exploration.
5	Q4-2021	TerraPower, a company owned by Bill Gates, plans to set up an advanced nuclear plant at Wyoming, United States with an investment of $4 billion, half of the investment supported by the US government. Rocky Mountain Power will operate the plant under the company’s decarbonization strategy.

 

 

NUCLEAR REACTOR MARKET RECENT  TECHNOLOGICAL TRENDS

 

SI No	Timeline	Company	Developments
1	Q4-2021	China	China developed the floating nuclear reactor project ACPR50S after the US and Russia, and it will produce 60 megawatt of power which is utilized for oil rigs and islands China’ East Coast Bohai Waterway.
2	Q4-2021	General Electric	General Electric has partnered with Japan’s Hitachi to set up small modular nuclear reactors with Ontario Power Generation in Canada.
3	Q4-2021	Nesma & Partners	Nesma & Partners, a leading Saudi builder, signed a memorandum of understanding with French based Bouygues Travaux to develop the construction of a nuclear plant in Saudi Arabia.
4	Q4-2021	Shikoku Electric Power Co.	Ikata nuclear power plant from Japan run by Shikoku Electric Power Co., restarts its 3rd nuclear reactor after 2 years of shut down due to safety checks and court order.
5	Q4-2021	Synthos Green Energy and PKN Orlen	Synthos Green Energy and PKN Orlen partnered with a joint venture and signed an investment agreement to create a small modular reactors fleet in Poland .

NUCLEAR REACTOR MARKET RECENT PARTNERSHIPS

 

The nuclear reactor market has witnessed several recent partnerships that have significantly impacted the industry. One of the significant partnerships  in the nuclear reactor market involved General Electric (GE) and Hitachi.

 

GE completed the sale of its nuclear business to Hitachi, forming a joint venture known as GE Hitachi Nuclear Energy. This partnership aimed to combine GE’s expertise in boiling water reactors (BWR) and Hitachi’s advanced boiling water reactor (ABWR) technology to enhance the development of advanced nuclear reactors. The collaboration strengthened their global presence and provided a platform for innovation and technological advancements in the nuclear power industry.

 

Another notable partnership was the collaboration between Mitsubishi Heavy Industries (MHI) and France’s Framatome. MHI acquired a 50% stake in Framatome from Electricité de France (EDF).

 

This partnership aimed to combine MHI’s extensive experience in nuclear power plant construction and Framatome’s expertise in nuclear fuel, equipment, and services. The collaboration enhanced their capabilities in delivering comprehensive solutions for the nuclear power industry, including reactor design, construction, and maintenance.

 

In addition to these major partnerships, there have been several strategic partnerships in the nuclear reactor market. Rolls-Royce, a prominent player in the aerospace and defense industry, has partnered with various organizations to develop small modular reactors (SMRs).

 

Rolls-Royce signed agreements with Exelon Generation, a leading nuclear energy company in the United States, to pursue the potential deployment of SMRs in the US market. These partnerships aimed to leverage Rolls-Royce’s expertise in nuclear propulsion systems to develop compact and flexible nuclear reactors for power generation.

 

Furthermore, international collaborations have also played a significant role in shaping the nuclear reactor market. For instance, the United Arab Emirates (UAE) partnered with Korea Electric Power Corporation (KEPCO) to develop the Barakah Nuclear Power Plant, the first nuclear power plant in the UAE.

 

This partnership involved the transfer of technology and knowledge from KEPCO to the UAE, enabling the country to develop its nuclear energy capabilities and reduce its reliance on fossil fuels. Overall, the recent partnerships in the nuclear reactor market reflect the growing interest in nuclear energy as a sustainable and low-carbon power source. 

 

NUCLEAR REACTOR MARKET RECENT DEVELOPMENT

 

BWX Technologies, Inc. developed the country’s first advanced nuclear microreactor. SCO and the US Department of Energy are working together to design, build, and test a transportable microreactor that can offer the DoD with a reliable power source for a range of operational requirements that have traditionally depended on long supply chains and the delivery of fossil fuels.

 

For the Department of Defence as well as possible commercial uses for disaster response and recovery, power generation at remote locations, and deep decarbonization initiatives, transportable microreactors provide clean, zero-carbon energy where and when it is needed in a range of harsh conditions.

 

The goal is to design, build, and test novel nuclear technologies to protect the environment while generating power. Advanced reactors are acknowledged by the nuclear industry as a major advancement towards meeting the increasing demand for power and the pressing need to reduce carbon emissions.

 

The 1–5 MWe high-temperature gas-cooled reactor (HTGR) will be able to run at a power level and be transported in shipping containers that are readily available for purchase. It will run on TRISO fuel, a particular type of high-assay low-enriched uranium (HALEU) fuel with minimal environmental risk and the ability to tolerate intense heat.

 

The control system and reactor core that are transportable are engineered to ensure safety under all circumstances, including those that arise during movement. The fuel has undergone testing and verification at temperatures well above the reactor’s operational parameters.

 

The transportable design is made up of many modules that house the parts of the microreactor in CONEX shipping containers that are 20 feet long and comply with ISO standards. The reactor may be transported quickly and safely by air, sea, rail, or road.

 

The reactor system as a whole is intended to be constructed on location and put into service in less than 72 hours. It is intended for shutdown, cooling down, disconnecting, and removal for transportation to take place in fewer than seven days.

 

NUCLEAR REACTOR MARKET COMPETITIVE LANDSCAPE

 

SI No	Timeline	Company	Developments
1	Q4-2021	Rolls Royce	Rolls Royce plans to build a Small Modular Reactor(SMR) which is a low cost nuclear reactor to reduce carbon emissions in the country with an investment of EUR 405 million from private and public funds.
2	Q4-2021	Bouygues Travaux	Bouygues Travaux made an alliance with Electricite de France(EDF) to implement European Pressurised Reactors(EPR) technology projects on a global level. The agreement covers the project in Czech Republic, India and Poland.
3	Q4-2021	Rosatom	Moscow based Rosatom’s nuclear parts manufacturing division Atomenergomash supplied components for the world’s largest nuclear power plant Turkey’s Akkuyu is expected to start its operation in 2023.
4	Q4-2021	Atommash	Atommash(AEM Technology)  from Volgodonsk, Russia is a multidisciplinary engineering company to supply welded semi vessel of  VVER-1000 nuclear reactor for the Kudankulam Power Unit No.5 located in India.
5	Q2-2021	AEM Technology	Atommash, currently known as AEM Technology, a subsidiary mechanical engineering division of Rosatom supplied its steam generators and VVER-1000 nuclear reactor for the construction of Rooppur nuclear power plant of Bangladesh.

 

THIS NUCLEAR REACTOR MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

1. Nuclear Reactor Market size and Forecast, by region, by application
2. Average B-2-B price for Nuclear Reactor Market, by region, per user
3. Technology trends and related opportunity for new Nuclear Reactor Market tech suppliers
4. Nuclear Reactor Market share of leading vendors, by region,
5. Coronavirus impact on Nuclear Reactor Market earnings