A research study titled, “Nuclear Reactor Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the nuclear reactor market is showing significant growth by 2022.
The global nuclear reactor market was evaluated and registering itself at a noteworthy compound annual growth rate (CAGR) over the forecast period. A nuclear reactor is previously referred as an atomic pile. It is an instrument utilized to control and initiate a continued nuclear chain reaction. These nuclear reactors are utilized in nuclear power plants for propelling aircraft carrier as well as ships and for generating electricity. In nuclear power plants, heat produced from nuclear fission is guided to a working fluid that can be gas or liquid, which passes through steam turbines. These turbines either drive electrical generators or propel a ship's propellers. Nuclear produced steam in the plant can be utilized for distinct heating or in an industrial process. Some nuclear reactors are employed to generate isotopes for industrial and medical use, or for manufacturing of weapons-grade plutonium.
The global nuclear reactor market is predicted to witness major growth with a decent compound annual growth rate over the projected years. Various advantages associated with the nuclear power such as, it is a clean energy source, less fuel offers more energy i.e. more energy is generated in small amount of fuel and its power generation is not depends upon natural aspects etc. are boosting the use of nuclear energy and hence fueling the growth of the global nuclear reactor market. Rising population and developing countries are ensuing as extensive rises in electricity demand which will propel the market demand are the major driving factor of the nuclear reactor industry. However, complexity in securing raw material for producing nuclear energy might hinder the global market growth. Huge numbers of growth opportunities are present for nuclear reactor market since electricity demand is rising at a rapid pace in Asia Pacific economies such as China and India.
The major market players in the global nuclear reactor market are; Westinghouse Electric Company LLC, Southern Company, TerraPower LLC, Florida Power & Light Company and AREVA Group. According to product type, the global market is divided into; Fast neutron reactor (FBR), Pressurized water reactor (PWR), Pressurized heavy water reactor (PHWR), Light water graphite reactor (RBMK & EGP), the Gas-cooled reactor (AGR & Magnox), and boiling water reactor (BWR). By Application, the global market is split into; Electricity Generation and Aircraft Carrier as well as Submarine Movement. Geographically, the global nuclear reactor market is segmented in regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the nuclear reactor market