Transparency Market Research

Nuclear Power Plant Safety Market Is Expected to Witness Substantial Growth During Forecast by 2023

Transparency Market Research has published a new report "Nuclear Power Plant Safety Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 - 2023" to its report store.

 

Albany, NY -- (SBWIRE) -- 12/13/2016 -- Demand for energy is growing rapidly. As per the forecast carried out by International Energy Agency (IEA), demand is going to increase by 4,700 GWe the next 20 years. The world nuclear association projects the capacity to grow between 550 GWe and 700 GWe during the same time. Increasing energy demand supplements the construction of additional 250 to 350 new reactors worldwide.

In highly competitive environment, nuclear power plants equipped with adequate facilities along with low operational cost are least expensive base load power plants to run. To be highly competitive, energy companies are compelled to further decrease their operating costs without compromising the safety of a nuclear power plant.

Layout of many existing nuclear power plants, as well as the design of new nuclear power plants, have been augmented to involve additional measures to alleviate the consequences of complex accident including multiple failures and severe accidents. The primary objective of preventing accidents in a nuclear power plant and reduce the consequences of accidents, is the application of defense in-depth. Design of a nuclear power plant will ensure that the plant is equipped with all the safety measures required to meet any type of eventuality.

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Radioactivity is a natural phenomenon and natural sources of radiation are the key features of the environment. Radiations risks to the workers and nearby environment may arise from these applications that have to be assessed and in some conditions it has to be controlled.

Activities such as operation of nuclear installations, production, transportation and use of radioactive material, and the proper disposal of radioactive waste must be subject to the standards of safety. However, sometime radiation risks may transcend national borders, and international cooperation serves to promote safety globally by exchanging sound experience and through improving the capabilities of control hazards, in order to reduce the number of accidents and to respond to any type of emergencies.

Accidents in a nuclear power plant happen due to human error or by the combination of equipment failure and human error. Large numbers of accidents are based on the poor administrative guidelines or by the organizational issues that could have been prevented if safety instructions had been properly followed and supported.

Pressure to reduce time and costs coupled with an aging workforce needs an efficient competence management strategy. For operation and maintenance process, it is crucial that information relating to the competences is easily accessible. Process for planning succession involves development programs for employees are vital which are required to be conducted periodically. All plant operators need to undergo extensive training programs to ensure that the safety and security of the nuclear power plants is not hampered. Staff and contract workers need to be trained to ensure safety and regulatory directives related to the use of hazardous chemicals and equipment isolation.

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Emerging economies and growing population are some of the key drivers of the nuclear power plant safety market. However, huge cost required for the maintenance process can hamper the growth of the market. Ample opportunities are there for the nuclear power plant safety market owing to the large number of upcoming nuclear power plants across the globe.

Some of the key players in the business of nuclear power plant safety market are Westinghouse Electric Company LLC, Southern Company, Exelon Corporation, The Babcock & Wilcox Company, MVM Paks Nuclear Power Plant Ltd., Florida Power & Light Company and Vattenfall AB among others.

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