Nuclear Turbine Generator Market to Exhibit Impressive Growth at 12.0% CAGR Facilitated by Increase in Installation of New Reactors
Global nuclear turbine generator market. According to the findings of the report, the nuclear turbine generator market, which was valued at US$7,006.1 million in 2013, is expected to reach US$15,616.7 million by the end of 2020, registering growth at an impressive CAGR of 12.0% between 2014 and 2020. The report is titled “Nuclear Turbine Generator Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.
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Globally, the demand for energy is anticipated to increase rapidly as a consequence of population and economic growth. Additionally, surging industrialization across emerging BRICS economies will also propel the demand for energy. The inadequacy in supply of energy through conventional means of power generation is likely to act as a catalyst, triggering the market for nuclear turbine generators. Until recently, economies around the world were mostly dependent on fossil fuel to address their power need. However, rising carbon emissions and the deteriorating environment has prompted international communities to search for alternative sources of energy. Energy derived from nuclear power is safe, clean, and reliable, and hence has emerged as an increasingly important alternative energy.
Despite exhibiting strong prospects for growth, the nuclear turbine generator market faced a major backlash after the 2011 Fukushima Daiichi nuclear disaster in Japan, which intensified concerns pertaining to the risk of stress corrosion cracking. The occurrence of such devastating accidents can inhibit the growth of the nuclear turbine generator market. However, the report indicates lucrative market prospects for the nuclear turbine generator market in Europe. The gradually increasing demand for safer and cleaner sources of energy in Europe will help the market for nuclear turbine generators to flourish in the near future.
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To present a 360-degree overview of the nuclear turbine generator market, the report segments it on the basis of product types into nuclear generators and nuclear turbines. Rising number of nuclear reactor installations across the globe propels the demand for nuclear turbines and nuclear generators. According to the study, the world has 435 nuclear reactors in operation, with construction of about 70 more underway.
The global market for nuclear turbine generators is at present dominated by Europe. Asia Pacific is the second largest market for nuclear turbine generators, followed by North America. Positive growth is estimated for the nuclear turbine generator market in these regions between 2014 and 2020. Europe is slated for the installation of new nuclear turbine generators, primarily in Russia, which is projected to give a significant impetus to the market. North America is also an important market for nuclear turbine generators, with the U.S. accounting for the majority of demand generated in the region. However, plummeting gas prices since the economic slowdown in 2009 are hampering the progress of new projects. Nevertheless, the market is expected to gain momentum in forthcoming years, following the consistent efforts by the U.S. government to accelerate approval of new plants.
Some of the key players profiled in the report are Westinghouse Electric Company LLC, General Electric, Alstom Power, Toshiba Corporation, Mitsubishi Heavy Industries, Ltd. (MHI), and Bharat Heavy Electricals Limited (BHEL).
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