The global steam generators market for nuclear power is set to rise from a cumulative $7.3 billion between 2010 and 2015 to $13.9 billion between 2016 and 2025, says new research from GlobalData.
Asia-Pacific (APAC) is expected to emerge as the dominant region, accounting for 47.2 percent of global market value by the end of the forecast period, GlobalData said.
The company’s latest report states that in the APAC region Japan, China, South Korea, India, Taiwan, and Pakistan currently include nuclear power in their energy mix, and Bangladesh, Thailand, and Vietnam have firm plans to construct nuclear reactors by 2025.
In 2015, Japan had the highest nuclear installed capacity with 40.3 Gigawatts (GW), followed by China with 26.8 GW, and South Korea with 21.7 GW. India, Taiwan and Pakistan collectively had nuclear installed capacity of 11.5 GW.
China is expected to emerge as the leading country in the region by 2017 with 43.9 GW, followed by Japan with 39 GW.
Advanced technologies are the major reason for steam generators gaining popularity in emerging nuclear power countries.
Following the Fukushima disaster, more countries are focused on the importance of safe nuclear reactor technology, with technologies such as Generation IV reactors, European pressurized reactors, and small modular reactors boosting nuclear power development in emerging nuclear countries.
Also, the rising cost of fossil fuel, which constitutes a large portion of many countries’ energy mix, has increased the cost of power generation.
Countries with scarce domestic energy sources are looking to develop nuclear power due to various advantages, such as the availability of nuclear fuel and the low cost of nuclear power generation, which has the potential to drive the steam generator market, according to GlobalData.