Global Nuclear Turbine Generator Market to Reach US$15.6 bn by 2020, Propelled by Rising Demand for Energy – TMR
Transparency Market Research (TMR) has published a research study on the global nuclear turbine generators market estimating it to report an impressive CAGR of 12.0% during the period from 2014 to 2020 and reach US$15.61 bn by the end of the forecast period. The market report, titled “Nuclear Turbine Generator Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, states that the worldwide nuclear turbine generator market had reached a value of US$7.0 bn in 2013.
According to the report, the rising demand for energy is the key factor driving the global nuclear turbine generator market substantially. The increasing focus of economies on the expansion of their nuclear power capabilities has triggered the installation of new nuclear reactors, stimulating the demand for nuclear turbines and nuclear generators in the global arena. However, the anti-nuclear energy policy, followed by several countries, is hampering the growth of this market to a significant extent. The negative public opinion over the development of nuclear power after the Fukushima Daiichi nuclear disaster is also anticipated to limit this market, states the report.
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The report analyzes the global market for nuclear turbine generators on the basis of product and its regional distribution. Based on product, the markets for nuclear turbines and nuclear generators are the main segments of the global market. The rise in the installation of new nuclear reactors across the world has propelled the demand for nuclear turbines in the global arena. Currently, there are approximately 435 operational nuclear reactors around the world, whereas the installation of 71 new nuclear reactors is just round the corner, notes the study.
On the regional front, the report segments the global nuclear turbine generator market into North America, Asia Pacific, Europe, and the Rest of the World. Of these, Europe has emerged as the leading regional market. Analysts anticipate this market to exhibit a significant growth rate over the forecast period owing to the expected installation of new nuclear turbine generators, especially in Russia.
Asia Pacific holds the second position in this market and is closely followed by North America. The increasing installation of new nuclear turbine generators in India, South Korea, and China is stimulating the Asia Pacific nuclear turbine generators market significantly.
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North America has also shown impressive growth in the global market for nuclear turbine generators in recent times. At present, the U.S. leads the North America nuclear turbine generators market in terms of demand. However, the decline in gas prices has negatively impacted some of the existing as well as new nuclear turbine generator projects in North America, causing the market’s growth to plummet, says the study.
The global market for nuclear turbine generators is concentrated in nature. Some of the major players operating in this market are Westinghouse Electric Co. LLC, Toshiba Corp., The Babcock & Wilcox Co., OJSC Power Machines, Mitsubishi Heavy Industries Ltd., Hitachi Ltd., General Electric, Doosan Heavy Industries & Construction Co. Ltd., Bharat Heavy Electricals Ltd., and Alstom Power, states the research report.