Asia to drive $16bn boom in nuclear reactor pressure vessel market

The global market value of nuclear reactor pressure vessels is expected to hit $16bn in the next five years with the Asia-Pacific region driving growth, according to new data.

Research published today reveals that the value of the market between 2006 and 2014 was $4.45bn and this is predicted to quadruple between this year and 2020.

According to the report from research firm GlobalData, the Asia-Pacific will account for almost half of the global market in the next five years. Nuclear reactor pressure vessel

GlobalData’s power analyst Swati Singh said: “The addition of 48 nuclear reactors currently in construction in Asia-Pacific will add around 50 gigawatts  to the region’s nuclear capacity. These developments will generate substantial demand for reactor pressure vessels and reactor pressure vessel heads, boosting market growth during the forecast period”.

GlobalData states that of the Asia-Pacific countries, China is expected to hold the highest reactor pressure vessel market share of 48.6 per cent by 2020. It will be followed by India with 27.3 per cent, South Korea with 13.9 per cent and Japan with 3.4 per cent.

Singh added: “Increasing power demand has led to supply shortages in China, compelling the country to seek alternative sources of power generation while also looking to cut its carbon emissions.

“Nuclear energy’s ability to supply substantial amounts of power without emitting carbon makes it a viable option. Due to the intermittent nature of renewable energy sources, the majority of China’s power demand will be supported in the coming years by nuclear power plants, which will require large-scale developments.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...