Nuclear Power Plant Safety Market Trends and Prospects by 2024
Global Nuclear Power Plant Safety Market: Overview
The global market for the nuclear power plant safety is expanding steadily. A turning point in its trajectory has been the Fukushima-accident in Japan, triggered by a major earthquake followed by a 15-meter tsunami. The calamity disabled the power supply and cooling of three Fukushima Daiichi reactors, resulting in a nuclear accident on 11 March 2011. All three cores melted substantially in the first three days. Many governments, since then, have recommended use of backup generators for nuclear power plants to protect against floods and tsunami.
Nuclear power plant safety primarily involves radiation detection and monitoring and it is seeing a sea change on account of the changing contours of nuclear power plants, homeland security, defense, and manufacturing industries. The different nuclear power plant safety measures are a combination of active and passive to purge heat from the core of the reactor, a robust containment to stem the release of radioactive materials, and shutdown systems for the reactors. At present, the competition in the global market for nuclear power plant is stiff on account of the presence of numerous small and large players.
Global Nuclear Power Plant Safety Market: Trends and Opportunities
At the forefront of driving demand in the global nuclear power plant is the substantial rise in the global demand for power in the face of depleting fossil fuels. This has been providing a fillip to the nuclear power industry and thus nuclear power plant safety backup market. New programs ushered in by governments worldwide to meet their nations’ energy needs by leveraging nuclear power plants are estimated to promote the nuclear power plant safety market. The International Energy Agency (IEA) forecasts the demand for energy to increase by 4,700 GWe in the next 20 years. This will create a sustained demand in nuclear power plant safety market.
Additionally, the Fukushima nuclear accident jolted authorities to frame rules to compel nuclear power plants to have robust safety measures in place to thwart release of radioactive materials. Many existing nuclear power plants have revamped their layouts in keeping with the rules stipulated by governments and new ones are being designed to lessen the impact of complex accidents, including multiple failures and severe accidents. Safety standards laid down by International Atomic Energy Agency (IAEA) is also adding to the demand for nuclear power plant safety worldwide.
Countering the growth in the global market for nuclear power plant safety is the lessened support for nuclear in nations such as the U.S, Germany, Japan, and France. The massive cost of maintenance of nuclear power plant safety systems and mechanisms is another challenge to the market’s growth.
Global Nuclear Power Plant Safety Market: Regional Outlook
The key segments of the global nuclear power plant safety market are Europe, North America, Asia Pacific, and the Rest of the World. North America and Europe, among them, hold considerable share in the market. Besides, Asia Pacific is an upcoming attractive market that players are keeping a tab on. This is because of the insatiable demand for energy due to rapid industrialization and urbanization in the countries of India, China, and Japan, among others. This has made the nations invest in nuclear power plants which will create demand for nuclear power plant safety market.
Global Nuclear Power Plant Safety Market: Competitive Analysis
Some of the prominent players in the global nuclear power plant safety market are Southern Company, the Babcock & Wilcox Company, Westinghouse Electric Company LLC, Exelon Corporation, Florida Power & Light Company, and Vattenfall AB.