(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The "Nuclear Reactor construction market Report by Service, Reactor Type, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global nuclear reactor construction market size reached US$ 7 billion in 2023. Looking forward, the market is forecast to reach US$ 9.3 billion by 2032, exhibiting a growth rate (CAGR) of 3.2% during 2023-2032. The increasing demand for energy, rising concern about climate change, and significant developments in the nuclear technology represent some of the key factors driving the market.
Nuclear Reactor Construction Market Trends
One of the primary factors driving the market is the increasing demand for energy across the globe. As the world population continues to grow, the demand for electricity is expected to rise significantly. Additionally, nuclear power is seen as a reliable and cost-effective way to meet this growing demand, particularly in countries where other energy sources are limited or expensive, which is further creating a positive market outlook. Other than this, with the increasing concern about climate change, there has been growing construction of nuclear reactors. Along with this, as the global community becomes increasingly focused on reducing carbon emissions, the demand for nuclear power is constantly growing as nuclear power is a low-carbon energy source that does not produce greenhouse gas emissions, making it an attractive option for countries looking to reduce their carbon footprint.
Other than this, governments of different countries are undertaking various initiatives to promote clean energy and reduce carbon emissions. This resulted in the construction of nuclear reactors since nuclear power is considered a key component of their strategy for achieving these goals. Furthermore, governments are providing incentives and subsidies to encourage the construction of new nuclear reactors, further driving the market growth.
Moreover, significant advancements in nuclear technology are also contributing to the market growth. For instance, next-generation nuclear reactors are being developed that are safer, more efficient, and produce less waste than traditional nuclear reactors. These advancements are making nuclear power a more attractive option for several countries, thus contributing to market growth.
Key Market Segmentation
This report provides an analysis of the key trends in each segment of the global nuclear reactor construction market report, along with forecasts at the global, regional, and country levels from 2024-2032. The report has categorized the market based on the service and reactor type.
Service Insights:
Reactor Type Insights:
Pressurized Water Reactor (PWR) and Pressurized Heavy Water Reactor (PHWR) Boiling Water Reactor (BWR) High-temperature Gas Cooled Reactor (HTGCR) Liquid Metal Fast Breeder Reactor (LMFBR)
Regional Insights:
North America Europe Germany France United Kingdom Italy Spain Russia Others
Asia Pacific China Japan India South Korea Australia Indonesia Others
Latin America Middle East and Africa
According to the report, North America was the largest market for nuclear reactor construction. Some of the factors driving the North America nuclear reactor construction market included rising energy demand, environmental regulations, and technological advancements.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global nuclear reactor construction market. Detailed profiles of all major companies have also been provided.
Some of the companies covered include Areva S.A., Bilfinger SE, Dongfang Electric Corporation, Doosan Enerbility Co., Ltd., GE Hitachi Nuclear Energy (General Electric), KEPCO Engineering & Construction Company, Inc. (Korea Electric Power Corporation), Larsen & Toubro Limited, Mitsubishi Heavy Industries Ltd, Shanghai Electric Group Company Limited, Siemens AG, SKODA JS a.s. (CEZ Group), Westinghouse Electric Company LLC, etc.
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $7 Billion |
| Forecasted Market Value (USD) by 2032 | $9.3 Billion |
| Compound Annual Growth Rate | 3.2% |
| Regions Covered | Global |
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Nuclear Reactor Construction Market
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