Generator Market for Nuclear Power - Trends and Forecasts by Technavio

Technavio’s latest report on the global generator market for nuclear power provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

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Technavio has published a new report on the global generator market for nuclear power from 2017-2021 ...

Technavio has published a new report on the global generator market for nuclear power from 2017-2021. (Graphic: Business Wire)

There is a growing need for emission-free and cleaner power generation capacities globally. This is mainly due to the increasing awareness about reducing the fossil fuel footprint, especially in thermal power plants. As on date, it is expected that a quarter of the in-operation and existing fossil fuel plants worldwide have been in operation for more than three decades.

Gaurav Mohindru, a lead analyst from Technavio, specializing in research on the engineering tools sector, says, “The global nuclear reactor market is expected to witness a steady growth during the forecast period, and beyond, primarily driven by major government initiatives and investments made in the nuclear sector by countries, such as India, China, Russia, and South Korea. The emphasis on cleaner energy owing to the increasing demand for electricity is likely to drive the market growth. The demand for electricity is growing with the increase in population.”

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The top three emerging trends driving the global generator market for nuclear power according to Technavio research analysts are:

  • Fast neutron nuclear reactors
  • Increasing focus on R&D activities
  • Development of molten-salt reactors

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Fast neutron nuclear reactors

With deployment targets spanning for 2020-2030, an international task force has been assigned to develop six nuclear reactor technologies. Out of these six, four are expected to be fast neutron reactors. These new technology reactors are anticipated to operate at higher temperatures when compared with the ones currently in operation. Four of the new designs under development are being manufactured for hydrogen production.

“To develop multinational regulatory standards for Generation IV reactors, a separate regulatory program has been set-up. The Generation IV International Forum was established in 2000 and was formally chartered in 2001. It is an international collective represented by 13 countries, which presently have significant nuclear energy capacity and will continue to retain the capacity in the future,” according to Gaurav.

Increasing focus on R&D activities

The increasing focus on clean energy innovation to enable the shift from fossil fuel use, and the demand to achieve emission targets are leading to a higher focus on the R&D of nuclear technology. This is also drawing the focus towards strategic R&D in renewable energy.

Solar and wind energy is suitable for generating power that is basically clean, do not result in the depletion of fossil fuel reserves, and is contributing to nuclear plant decommissioning. Also, subsidies and government incentives have made these technologies affordable in contrast to situations a few decades ago.

Development of molten-salt reactors

Energy has been the backbone of modern civilization. From heating homes to purifying water and refrigeration of food, everything requires energy. The global population is expected to grow to 9 billion by 2040. The growing population will result in increased energy consumption. The use of fossil fuels is expected to meet the energy demand.

Nuclear reactors are the ideal solution for the growing energy demand. They are reliable, emit no carbon, and are among the safest energy sources. The molten-salt reactor technology was conceived during the era of cold war. The molten-salt reactor uses a liquid nuclear fuel, which can burn with greater efficiency than solid nuclear fuel. It generates radioactive waste in small quantity, similar to today’s nuclear reactors running on solid fuel.

The key vendors are as follows:

  • The State Atomic Energy Corporation ROSATOM
  • Toshiba
  • Mitsubishi Heavy Industries
  • Doosan

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