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Offshore Nuclear Power Plant Market size is estimated to reach $5.2 billion by 2026 at a CAGR of 4.2% during the forecast period 2021-2026. The offshore nuclear power plant is a site with one or more nuclear reactors, located on a platform at sea. This offshore platforms provide the heat that powers a steam or gas turbine, which in turn drives a propeller. There are three main types of these mobile plants such as pressurized-water, natural-circulation, and liquid-metal. As the demand for energy continues to increase, countries look for clean and efficient ways such as nuclear power to produce energy. Rising clean power demand coupled with depleting fossil fuel reserves is expected to raise energy concerns. These concerns are encouraging energy companies and governments to invest in the nuclear power plants thereby driving the growth of Offshore Nuclear Power Plant industry. Further various accidents in nuclear power plants including Three Mile Island, Fukushima, and Chernobyl have raised the industry safety standards. These accidents have affected the power plant expansion in several economies, such as the U.S. and Europe, and raised safety concerns. Due to this accidents governments of several countries have decided to construct offshore platforms. Further China has completed the technical design of its offshore nuclear power station and started its construction, with the first marine nuclear reactor to be delivered by 2021. Hence these initiative and support by governments is analysed to drive Offshore Nuclear Power Plant market share in the forecast period 2021-2026.
Offshore Nuclear Power Plant Market Segment Analysis – By Type
The Pressurized Water Reactor is growing at a highest CAGR of 4.5% in the forecast period owing to the increasing concerns for the safety of nuclear power plants, operators prefer pressurized water reactor which is the safest of all the available types of nuclear reactors. Additionally, the PWR reactor prevents water from getting contaminated with radioactive materials preventing environmental damages. Since, PWR requires a sturdy piping and a heavy pressure vessel to ensure that the highly pressurized water remains at a liquid state when sustaining high temperatures, making the construction of the PWR costly. Therefore, growing demand for PWRs is expected to have a significant positive impact on the nuclear power plant equipment market during the forecast period. Moreover, the upcoming projects in the Asia-Pacific region especially in China are expected to be dominated by the PWR, because more than 90% of the upcoming plants are going to have the PWR type of reactor. Apart from the projects that are under construction, several other PWRs are getting planned for construction, in the coming years, hence driving the Nuclear Power Plant including Offshore Nuclear Power Plant market during the forecast period.
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Offshore Nuclear Power Plant Market Segment Analysis – By Application
Industrial segment of the Offshore Nuclear Power Plants market is growing at the highest CAGR of 4.4% during the forecast period. Nuclear energy can be used for various industrial applications, such as seawater desalination, hydrogen production, district heating or cooling, the extraction of tertiary oil resources and process heat applications such as cogeneration, coal to liquids conversion and assistance in the synthesis of chemical feedstock. A large demand for nuclear energy for industrial applications is expected to grow rapidly on account of steadily increasing energy consumption, the finite availability of fossil fuels and the increased sensitivity to the environmental impacts of fossil fuel combustion. Further rising prices for conventional oil, unconventional oil resources are increasingly utilized to meet such growing demand, especially for transport. As Nuclear energy including offshore power plant offers a low carbon alternative and has important potential advantages over other sources being considered for future energy.
Offshore Nuclear Power Plant Market Segment Analysis – By Geography
APAC dominated the Offshore Nuclear Power Plant market size in 2020 with a share of 33% and is expected to continue its dominance during the forecasted period as well. It is one of the major regions in the world where electricity generating capacity and specifically nuclear power are growing significantly. In addition Chinese government is planning to achieve 58 GW of nuclear capacity by 2020-21 and 150 GW by 2030 and has planned a drive-build program for nuclear power. Similarly the Indian government is dedicated to growing its nuclear power capacity as part of its huge infrastructure development program. The government expects nuclear capacity to reach about 22.5 GW by the year 2031. Further growing investments to launch offshore nuclear power plant is also analysed to drive the market growth. In 2021, South Korea-based Samsung Heavy Industries (SHI) has conceived the idea of developing a new offshore nuclear power plant technology. The company has signed an agreement with Korea Atomic Energy Research Institute (KAERI) to forge the MSR-based Offshore Nuclear Power Plant and nuclear-based maritime market to reinforce its capacity for future-based business expansion. Hence, these factors are expected to drive the offshore nuclear power plant industry outlook during the forecast period.
Offshore Nuclear Power Plant Market Drivers
Growing Demand for clean electricity generation is analysed to drive the market growth
The governments of several countries have identified nuclear power as a way to help the country achieve the four-fold increase in clean electricity generation needed to achieve its net zero target. The World Nuclear Association has set a target of 25% of global electricity in 2050, which is expected to be provided by nuclear energy. This requires roughly 1000 GW of new nuclear capacity to be constructed, creating ample opportunities for market players. In 2020, the U.S. Department of Energy (DOE) has selected two U.S.-based teams to receive $160 million in initial funding under the new Advanced Reactor Demonstration Program (ARDP). ARDP, is designed to help domestic private industry demonstrate advanced nuclear reactors in the United States. Similarly, the $215 million investment into small modular reactors (SMR) will be delivered through the Low Cost Nuclear (LCN) program from 2021 onwards, as part of UK Research and Innovation (UKRI). UKRI launched the program in November 2019 with an initial $18 million investment to develop a concept design, which was match funded by the UK SMR consortium, led by Rolls-Royce. Nuclear power plant including offshore power plants are benefitted by these kind of investments in the forecast period 2021-2026.
Growing collaborations for the development of Offshore Nuclear power Plants are analyzed to drive the market growth:
Growing MoU’s for the development of offshore nuclear power plant is analyzed to drive the market growth. In 2019, Russia has launched a pioneering floating nuclear power station, which will sail 5,000km from the Arctic port of Murmansk to Chukotka in the Far East. China announced plans to build its own state-funded floating SMR design. Three Canadian provinces Ontario, New Brunswick, and Saskatchewan have signed a memorandum to look into the development and deployment of offshore nuclear power plants. In 2019, South Korea’s Kepco Engineering & Construction Company (Kepco E&C), a unit of Korea Electric Power Corporation, has entered into a memorandum of understanding with Daewoo Shipbuilding & Marine Engineering (DSME) to cooperate on the development of floating nuclear power plants. Hence these developments are analyzed to drive the Offshore Nuclear Power Plant market in the forecast period 2021-2026.
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Offshore Nuclear Power Plant Market Challenges
Less Focus on Development of offshore Power Plants is analyzed to hamper the market growth
Solar and wind energies are the fastest-growing renewable energy sources in the world. According to the report given by International Energy Agency (IEA) solar energy capacity has increased by approximately 60% over the last five years. In addition the governments of several countries promoting development of solar and wind energy in their respective countries by providing various fiscal and promotional incentives to promote these energy plants. As investment required for the development of nuclear power plant is high compared to solar and wind, hence the governments are more inclined towards solar and wind rather than Nuclear Plants including offshore plants. Therefore this less focus will hamper the Offshore Nuclear Power Plant market share in the forecast period 2021-2026.
Offshore Nuclear Power Plant Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Offshore Nuclear Power Plant Market. In 2020, the market of Offshore Nuclear Power Plant industry outlook has been fragmented by several companies. Offshore Nuclear Power Plant top 10 companies include:
Korea Hydro and Nuclear Power Co Ltd
United Uranium
Palladin Energy
Nucleoelectrica Argentina
China Guangdong Nuclear Power Group
Areva SA
Dongfang Electric Corporation Ltd
Larsen and Toubro Ltd
Exelon Generation Co, LLC
Hitachi-GE Nuclear Energy Ltd
Acquisitions/Technology Launches
In 2019, South Korea’s Kepco Engineering & Construction Company (Kepco E&C), a unit of Korea Electric Power Corporation, has entered into a memorandum of understanding with Daewoo Shipbuilding & Marine Engineering (DSME) to cooperate on the development of offshore nuclear power plants.
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Key Takeaways
APAC dominated the Offshore Nuclear Power Plant market size in 2020 with a share of 33% and is expected to continue its dominance during the forecasted period as well. It is one of the major regions in the world where electricity generating capacity and specifically nuclear power are growing significantly.
The governments of several countries have identified nuclear power as a way to help the country achieve the four-fold increase in clean electricity generation needed to achieve its net zero target.
Growing MoU’s for the development of offshore nuclear power plant is analyzed to drive the market growth.
Offshore Nuclear Power Plant companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
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