The global pressurized water reactors market is surging with an overall revenue growth expectation of hundreds of millions of dollars from 2023 to 2032.
A pressurized water reactor (PWR) is a kind of light-water nuclear reactor that constitute the majority of nuclear power plants across the world. The pressurized water reactor is used for generating electricity and propelling nuclear submarines as well as naval vessels. The pressurized water reactor involves light water (ordinary water) as a coolant along with a neutron moderator.
The growth rate in the pressurized water reactors market is attributable to factors such as increasing demand for nuclear power, modernization of existing infrastructure, and advancements in technology. The rising count of nuclear power plants at the global level is fueling the requirement for pressurized water reactors.
Out of 24 pressurized water reactor nuclear power plants in Japan, the first few power plants were designed, developed, and constructed by MITSUBISHI HEAVY INDUSTRIES, LTD. as the main contractor. Nuclear power plants in the U.S. involve either a pressurized-water reactor or a boiling-water reactor. As of 1st of July 2022, 61 out of 92 nuclear power reactors operating in the United States are pressurized-water reactors.
Once completed, this Changjiang ACP100 reactor will be able to produce 1 billion kilowatt-hours of electricity per year. As per China National Nuclear Corporation (CNNC), 1 billion kilowatt-hours of electricity per year is sufficient to meet the requirements of around 526,000 households.
Report Scope of the Pressurized Water Reactors Market:
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||By Type and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Growing investment in the power sector, rising demand for electricity, and increasing population are some of the significant factors driving the growth of the pressurized water reactor market all over the world.
Growing support from the Defense Ministry of various nations is enhancing the scope for the pressurized water reactor market to a great extent. In 2016, the Indian Defense Ministry approved the Indian Navy’s plan to purchase nuclear submarines. In March 2023, it was reported that the Indian Navy is expected to receive approval for purchasing 3 nuclear submarines during the initial stage.
In order to enhance the development of pressurized water reactors, respective companies can consider acquisition, merger, partnership, joint ventures, and collaborations. Furthermore, evolving pressurized water reactors technology can make the existing pressurized water reactors technology obsolete very soon. This is expected to intensify the competition among the significant market players.
Since the count of pressurized water reactors providers (suppliers) is less in comparison to the count of buyers, the bargaining power of suppliers is higher as compared to the bargaining power of buyers. Owing to high profitability, the threat of new entrants in the pressurized water reactors market is found to be moderate as of now.
Our pressurized water reactors market report includes an in-depth analysis of the recent market scenario. The report mentions relevant key factors such as the competitive landscape (CL), key market players, relevant latest trends, and regional analysis. The analytical research on the impact of the pandemic of COVID-19 is helpful in knowing the effects on the supply as well demand side. The segmental analysis of the pressurized water reactors market offers a distinct overview of particular applications of pressurized water reactors.
Logistical restrictions, workforce reduction, and other limitations slowed the energy & power sector’s growth during the financial year 2020-2021. Owing to financial stress, the reduction of demand, and disruptions across the power supply chain, the pandemic of COVID-19 had an adverse impact on the pressurized water reactors market across various parts of the world.
As per the system operator POSOCO (IEA Global Energy Review 2020), India observed one of the highest electricity demand reductions across the globe. Due to the COVID-19 pandemic, the power demand in India fell by almost 28% by March 2020.
Due to the strict lockdown which was implemented from the 25th of March 2020, power demand from the pharmaceutical sector, hospitals, residential sector, and essential services increased substantially. But, the industrial and commercial demand for power dropped drastically.
Thus, overall, the pandemic impacted the pressurized water reactors market from the supply as well as the demand side.
Based on applications, the global pressurized water reactors market is segmented into submarines, power plants, and others. The power plants segment held the largest market share in 2022. The power plants segment is estimated to grow with the highest compounded annual growth rate (CAGR) during the study period till 2032.
South Korea is one of the prominent countries with respect to nuclear energy and exports its technology across the world. South Korea is involved in the construction of the United Arab Emirates’ (UAE's) 1st nuclear power plant, under a contract of $20 billion. The increasing count of nuclear power plants is expected to support the power plants segment growth respectively.
The pressurized water reactors market is spread across North America, Europe, Asia Pacific (APAC), the Middle East and Africa, and Latin America. North America (NA) held a high share of the global Pressurized Water Reactors Market in 2022. In 2022, the United States held the highest share in the North American region. Considering the presence of countries with a high gross domestic product, lucrative economic policies, and early adoption of the latest power technologies, the North American pressurized water reactors market is expected to grow noticeably.
The European pressurized water reactors market is segmented into France, Germany, the United Kingdom (UK), Italy, and the Rest of Europe. Germany is predicted to hold the highest share of the European pressurized water reactors market during the forecast period.
The pressurized water reactors market in the Asia Pacific (APAC) region is segmented into China, Japan, India, South Korea, and the rest of the Asia Pacific (APAC) region. In 2022, China dominated the Asia Pacific (APAC) Pressurized Water Reactors Market followed by Japan and India.
As per United Nations, about 68% of the world population is estimated to live in urban areas by 2050. The majority of the shift from rural to urban population is anticipated to take place in the Asia Pacific region. Thus, growing urbanization enhances the count of homes in cities and consequently increases the demand for electricity. Hence, the growing requirement for electricity is estimated to boost the demand for pressurized water reactors accordingly.
Latin America, Middle East, and African (LAMEA) pressurized water reactors market is segmented into South Africa, North Africa, Saudi Arabia, Argentina, Brazil, and the Rest of LAMEA. The Latin America region is predicted to witness considerable growth in the pressurized water reactors market during the forecast period. In 2022, Brazil held the largest market share in the LAMEA pressurized water reactors market region. Owing to inadequate education, lack of effective economic policies, and political instability in some African countries, the pressurized water reactors market in the African region is expected to grow at a slower rate.
Key Market Players:
Segments Covered in the Report
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