The market for nuclear power is expanding as a result of the rising need for sustainable energy. Throughout the forecast period, a number of nuclear power plants are anticipated to be developed in a number of nations in an effort to reduce reliance on fossil-based power generation and cut carbon emissions. Again, it is anticipated that favourable legislation and more plant expansion will promote market expansion. For instance, Dominion Energy's Virginia affiliate applied for a 20-year extension to the operating licences of the twin-unit Surry nuclear power station, and the US Nuclear Regulatory Commission (NRC) authorised it in May 2021. The two pressurised water reactors will be permitted to run until 2052 and 2053, respectively, thanks to the approval.
The global Nuclear Power Market is expected to record a CAGR of approximately 1.2% during the forecast period 2022–2030, reaching a nuclear installed capacity of 440.23 GW by 2022 from 389.68 GW in 2021.
Key Competitors in the Nuclear Power Industry:
1. Westinghouse Electric Company LLC
Since 1884, Westinghouse Electric Company provides nuclear power technology and services to utilities worldwide. It has headquarters situated in Pennsylvania, US.
2. Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries, Ltd. manufactures and sells heavy machinery worldwide. The company was founded in 1884 and is headquartered in Tokyo, Japan.
In December, 2022 Mitsubishi Electric Corporation and Mitsubishi Heavy Industries, announced that the two companies have reached a basic agreement to establish a joint venture to integrate their businesses in fields focused on power generator systems.
3. GE-Hitachi Nuclear Energy Inc.
GE Hitachi Nuclear Energy (GEH) is a world-leading provider of advanced reactors and nuclear services. Established in 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry. The company has headquarters situated Wilmington, North Carolina. In January, 2023 GE Hitachi Nuclear Energy (GEH), Ontario Power Generation (OPG), SNC-Lavalin and Aecon have signed a contract for the deployment of a BWRX-300 small modular reactor (SMR) at OPG’s Darlington New Nuclear Project site.
4. STP Nuclear Operating Company
Stp Nuclear Operating Company was founded in 1997. The company's line of business includes manufacturing iron and steel forging products. The company has headquarters situated in Wadsworth, Texas.
5. SKODA JS AS
Founded in 1956, ŠKODA JS a. s., is one of the leading European engineering and manufacturing companies with experience in the construction and servicing of nuclear power plants. It has headquarters situated in Plzensky kraj, Czech Republic. In September, 2022 Rolls-Royce SMR has signed a Memorandum of Understanding (MoU) with Czech nuclear engineering and manufacturing firm ŠKODA JS.
6. Bilfinger SE
Bilfinger SE provides industrial services to customers in the process industry primarily in Europe, North America, and the Middle East. Bilfinger SE was founded in 1880 and is headquartered in Mannheim, Germany. In February, 2023 Bilfinger has signed an agreement to acquire De Bruin Piping & Construction BV, a piping and mechanical engineering company based in Brielle, Netherlands.
- BWX Technologies Inc.
BWX Technologies, Inc. manufactures and sells nuclear components in the United States, Canada, and internationally. BWX Technologies, Inc. was founded in 1867 and is headquartered in Lynchburg, Virginia.
- Doosan Heavy Industries & Construction Co. Ltd
Founded in 1962, Doosan Heavy Industries & Construction delivers integrated solutions that provide water and electricity for the better lives of people. The company has headquarters situated in Kyongsang-namdo, South Korea
*Definition- Uranium and other highly radioactive materials are used in nuclear power to produce electricity. The fuel is subsequently transformed into ceramic pellets with a 150-gallon oil equivalent.
