(MENAFNEditorial)
Fast Market Research announces the availability of Technavio's new report "Global Nuclear Reactor Construction Market 2015-2019" on their comprehensive research portal.
Nuclear reactors find application in the nuclear plants for generating electricity and propelling ships. As of February 2015 nuclear power plants accounted for 11 percent of the total electricity production globally. Currently there are 437 nuclear reactors present across 48 countries and 64 reactors under construction. A majority of the new reactors are being planned for APAC and EMEA. As of 2014 39 reactors are under construction in APAC. As many as 322 nuclear reactors have been proposed for construction in the future.
Government initiatives across countries are helping in the development of these nuclear power reactors. There is a lot of emphasis on the development of advanced nuclear reactors. Advanced technology-aided reactors such as Generation III nuclear reactors are becoming popular across the globe owing to rise in safety concerns particularly after the Fukushima nuclear disaster in Japan. Countries such as China and Finland are investing heavily in advanced technology.
For instance in October 2014 the US Nuclear Regulatory Commission certified GE Hitachi's Economic Simplified Boiling Water Reactor (ESBWR) design. ESBWR is a Generation III boiling water reactor equipped with advanced passive safety system. Moreover the government across different countries are also planning to decommission nuclear reactors of 39-44 years old to contain safety hazards associated with the reactors.
The global nuclear reactor construction market was valued at $34.13 billion in 2014 in terms of total investment as compared to $32.64 billion in 2013.
Technavio analysts forecast the global nuclear reactor construction market to grow at a CAGR of 5.22% during 2014-2019.
Get More Details on this Report and a Full Table of Contents at
Commenting on the report an analyst from Technavio’s team said: “Governments across countries such as India the US and the UK among others are increasingly focusing on investment in R&D in nuclear power. Also leading nuclear power plant manufacturers are also investing highly in R&D. Furthermore India China Russia and South Korea are investing highly toward the development of advanced nuclear reactors particularly Generation IV reactors”
According to the report rise in construction of nuclear reactors is one of the key factors driving the market. Developing countries are relying more on nuclear energy for electricity generation compared to any other sources of electricity such as renewable energy.
Further the report states that delay and cost overrun is one of the major challenges faced by the industry at large. Any delay in the project may lead to an additional cost of over $1 billion. Therefore any delay in project commencement leads to cost escalation which in turn is hampering the ROI of manufacturers.
The key players in the Global Nuclear Reactor Construction Market are Areva Group CNNC State Atomic Energy Corporation Rosatom and L&T while other prominent vendors include Hitachi GE Nuclear Energy Mitsubishi Heavy Industries and Westinghouse Electric.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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