Nuclear Turbine Generator Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020
Albany, NY -- (SBWIRE) -- 03/16/2015 -- Economic growth and demographic changes have a significant impact on the global nuclear turbine generator market. This market is primarily propelled by rising energy demand all across the globe owing to rising industrialization and urbanization in numerous regions. In 2013, the global nuclear turbine generator market reported a market value of US$7006.1 million, and as per latest trends this market is expected to reach a market value of US$15616.7 million by 2020. Between 2014 and 2020, the global nuclear turbine generator market will grow at a 12% CAGR.
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Nuclear energy is an important energy source, since it is clean, reliable, and safe. Power generation by nuclear energy does not lead to the emission of greenhouse gases. However, the indirect emission caused by this energy resource primarily pertains to fuel fabrication, construction, and mining in the case of nuclear power plants, and also waste disposal. Furthermore, nuclear power plants ensure that dependable power gets generated so that the consistent demands for energy are periodically met.
What Drives the Global Nuclear Turbine Generator Market?
As mentioned earlier, the global nuclear turbine generator market is mainly fueled by rising global energy demand from varied applications. However, there are several other factors as well which influence the trends affecting this market. The demand for nuclear turbine generators is influenced by the rising demand for fossil fuels owing to mounting ecological concerns about the usage of the latter. Furthermore, the surging prices of fossil fuels are causing a shift towards nuclear turbine generators in various industry segments all across the world.
The global nuclear turbine generator market is segmented on the basis of two main parameters, namely product type and geography. Within the product categorization, the global nuclear turbine generator market is categorized into nuclear generators and nuclear turbines. The global market for nuclear turbine generators is also expected to be driven by a surging demand for pressurized water reactors and increasing installations of new nuclear reactors worldwide. An accelerating effect on the demand from the global nuclear turbine generator market is mainly brought about by uncertainty in supply and demand of energy in addition to increasing demand for the same.
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Greater Installation of Nuclear Turbine Generators to Fuel Asia Pacific Market
Geographically speaking, the global nuclear turbine generator market is classified into Asia Pacific, Europe, North America, and Rest of the World. Rising industrialization in the BRICS nations (Brazil, Russia, India, China, and South Africa) is a major market driver for the overall market for nuclear turbine generators. In terms of market share, the global nuclear turbine generator market is led by Europe followed by North America and Asia Pacific. These regions will exhibit substantial growth and satisfactory performance over the forecast period. The Europe market for nuclear turbine generators is also anticipated to be fueled by new installations of nuclear turbine generators.
North America is a crucial market for nuclear turbine generators, since the highest demand for the same comes from the U.S. However, much of the demand from this region has been adversely affected by the 2009 economic slowdown, leading to falling gas prices. This is further expected to affect the performance of the nuclear turbine generator market in the years to come. The Asia Pacific nuclear turbine generator market will be propelled by increasing installations of nuclear turbine generators in countries such as South Korea, India, and China.
The prominent companies operating in the global nuclear turbine generator market are Mitsubishi Heavy Industries, Ltd. (MHI), Westinghouse Electric Company LLC, The Babcock & Wilcox Company, OJSC Power Machines, Hitachi, Ltd., General Electric, Bharat Heavy Electricals Limited (BHEL), Doosan Heavy Industries & Construction Co., Ltd., Toshiba Corporation, and Alstom Power.
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