Pressurized Water Reactor Market Research Report: By Reactor Design (Loop-type PWR, Integral PWR), By Fuel Type (Low enriched uranium, Mixed oxide fuel), By Power Output ( 1,000 MWe, 1,000 - 1,400 MWe, > 1,400 MWe), By Moderation Type (Water, Heavy water) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Pressurized Water Reactor Market Overview

As per MRFR analysis, the Pressurized Water Reactor Market Size was estimated at 77.08 (USD Billion) in 2022. The Pressurized Water Reactor Market Industry is expected to grow from 79.14 (USD Billion) in 2023 to 100.4 (USD Billion) by 2032. The Pressurized Water Reactor Market CAGR (growth rate) is expected to be around 2.68% during the forecast period (2024 - 2032).

Key Pressurized Water Reactor Market Trends Highlighted

The stringent regulatory environment mandating the reduction of carbon emissions and the growing demand for reliable and affordable energy sources are the primary drivers for the growth of the pressurized water reactor (PWR) market. Governments worldwide are implementing policies that incentivize the adoption of nuclear power, creating opportunities for PWR manufacturers.Advances in technology have led to the development of more efficient and safer PWR designs, enhancing their attractiveness in the market. The focus on modular and small-scale PWRs allows for flexibility in deployment and cost-effectiveness, further driving market growth. Additionally, the increasing awareness of the role of nuclear power in mitigating climate change and ensuring energy security is generating positive market sentiment.In recent years, the PWR market has witnessed a shift towards the deployment of larger reactors, such as the AP1000 and EPR designs. These reactors offer economies of scale, reducing the levelized cost of electricity (LCOE). Collaborations between governments and utilities are also essential in advancing the PWR market, providing financial support and streamlining regulatory processes.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Pressurized Water Reactor Market Drivers

Growing Demand for Low-Carbon Energy Sources

The growing global demand for low-carbon energy sources is a major driver of the Global Pressurized Water Reactor Market Industry. As countries around the world transition to cleaner energy sources to mitigate climate change, pressurized water reactors (PWRs) are gaining popularity due to their high efficiency, reliability, and low carbon emissions. PWRs generate electricity by using heat from nuclear reactions to convert water into steam, which then drives a turbine.This process produces minimal greenhouse gas emissions, making PWRs an attractive option for countries looking to reduce their carbon footprint. The increasing demand for low-carbon energy sources is expected to continue to drive the growth of the Global Pressurized Water Reactor Market Industry in the coming years.

Government Support for Nuclear Energy

Government support for nuclear energy is a second key driver of the Global Pressurized Water Reactor Market Industry. Many governments worldwide perceive nuclear energy as a reliable and low-cost source of low-carbon energy. Therefore, by providing both direct and indirect streams of subsidies, such as funding for research and development, tax breaks for the operators of nuclear power plants and decreased regulation, the governments are incentivizing the growth of the nuclear sector.This trend is expected to continue in the foreseeable future.

Advancements in Nuclear Technology

Advancements in nuclear technology are also driving the growth of the Global Pressurized Water Reactor Market Industry. Ongoing research and development efforts are leading to improvements in the efficiency, safety, and reliability of PWRs. For example, new PWR designs are being developed that are more resistant to accidents and can operate at higher temperatures and pressures. These advancements are making PWRs more attractive to utilities and investors and are expected to continue to drive the growth of the Global Pressurized Water Reactor Market Industry in the coming years.

Pressurized Water Reactor Market Segment Insights:

Pressurized Water Reactor Market Reactor Design Insights

The Global Pressurized Water Reactor Market is segmented by reactor design, as loop-type PWR and integral PWR. The integral PWR market is expected to grow from USD 10.86 billion in 2023 to USD 16.3 billion by 2032, at a CAGR of 3.51%. Lord-type PWR Loop-type PWRs are the most common type of PWRs in operation today. They consist of a reactor vessel that contains the nuclear fuel and coolant and a steam generator that converts the heat from the coolant into steam. The steam is then used to drive a turbine that generates electricity. Integral PWR Integral PWRs are a newer type of PWR that has been developed in recent years.They are similar to loop-type PWRs, but they have a more compact design that eliminates the need for a separate steam generator. This makes them more efficient and less expensive to build than loop-type PWRs. Outlook The growth of the global pwr market is being driven by the increasing demand for electricity and the need to reduce greenhouse gas emissions. PWRs are a clean and efficient source of electricity, and they do not produce greenhouse gases. As a result, they are becoming increasingly popular with utilities and governments around the world.The loop-type pwr segment is expected to continue to dominate the global pwr market in the coming years. However, the integral PWR segment is expected to grow at a faster rate as more utilities and governments adopt this newer technology.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Pressurized Water Reactor Market Fuel Type Insights

Fuel type The Global Pressurized Water Reactor Market is segmented by fuel type into Low Enriched Uranium and Mixed Oxide Fuel. Description and market stance Low enriched uranium is the most common fuel used in pressurized water reactors. It comprises over 90% of the global market. This is because it is a relatively cheap and stable fuel source. In addition, it produces less radiative waste as opposed to other fuel types. Mixed oxide fuel is a mix of uranium and plutonium oxides. The fuel type is becoming more popular as it has a higher energy density and a longer fuel cycle.The market size in 2032 will be 100.4 billion USD. The growth can be attributed to the increasing demand for pressurized water reactors as a low-carbon energy source. Another reason is the increased need for reliable and efficient power generation.

Pressurized Water Reactor Market Power Output Insights

The Global Pressurized Water Reactor Market is segmented based on Power Output into ' 1,000 MWe', '1,000 - 1,400 MWe', and '> 1,400 MWe'. The '1,000 - 1,400 MWe' segment accounted for the largest revenue share in 2023. The '1,000 - 1,400 MWe' segment is projected to continue dominating the market and grow at a CAGR of 2.68% during the forecast period. This growth is attributed to the increasing demand for electricity from emerging economies and the need for efficient and reliable power generation sources. The '> 1,400 MWe' segment is projected to witness the second-largest growth rate during the forecast period due to the growing adoption of large-scale nuclear power plants for baseload power generation.Moreover, the ' Global Pressurized Water Reactor Market ' for '> 1,400 MWe' segment is expected to reach USD 100.4 Billion by 2032.

Pressurized Water Reactor Market Moderation Type Insights

The Global Pressurized Water Reactor Market is segmented by Moderation Type into Water and Heavy Water. The Water segment is expected to account for a larger revenue share in the Global Pressurized Water Reactor Market throughout the forecast period. The growth of this segment is attributed to the increasing demand for water-cooled reactors due to their high efficiency and reliability. Water-cooled reactors use ordinary water as a coolant and moderator, which is relatively inexpensive and readily available. Furthermore, water-cooled reactors have a proven track record of safe and reliable operation, which makes them a preferred choice for many nuclear power plants.The Heavy water segment is expected to account for a smaller revenue share in the Global Pressurized Water Reactor Market. The Heavy water segment is projected to grow at a CAGR of 2.1% during the forecast period. The growth of this segment is attributed to the increasing demand for heavy water reactors in countries such as Canada, India, and China. Heavy water reactors use heavy water as a coolant and moderator, which is more expensive than ordinary water. However, heavy water reactors have certain advantages over water-cooled reactors, such as higher neutron economy and reduced fuel consumption.

Pressurized Water Reactor Market Regional Insights

The Global Pressurized Water Reactor Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market, accounting for over 35% of the global revenue in 2023. The region is expected to maintain its dominance throughout the forecast period, with the market expected to reach 38.5 billion USD by 2032. Europe is the second largest market, with a share of over 30% in 2023. The region is expected to grow at a CAGR of 2.5%, reaching 32.7 billion USD by 2032. APAC is the third largest market, with a share of over 20% in 2023.The region is expected to grow at a CAGR of 3.1%, reaching 26.4 billion USD by 2032. South America and MEA are the smallest regional markets, with shares of around 5% and 3%, respectively, in 2023.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Pressurized Water Reactor Market Key Players And Competitive Insights:

Major players in the Pressurized Water Reactor Market industry are continuously striving to improve the efficiency and safety of their products. Leading Pressurized Water Reactor Market players are focusing on developing advanced technologies to meet the increasing demand for clean and reliable energy. The Pressurized Water Reactor Market industry is characterized by intense competition, with key players investing heavily in research and development to gain a competitive edge. The competitive landscape is expected to remain dynamic, with new entrants and established players vying for market share.Westinghouse Electric Company, a leading player in the Pressurized Water Reactor Market, has been at the forefront of nuclear power plant design and construction for over a century. The company's AP1000 pressurized water reactor is known for its advanced safety features and high efficiency. Westinghouse Electric Company has a strong global presence and has supplied nuclear power plants to countries around the world.Another prominent player in the Pressurized Water Reactor Market is Korea Hydro Nuclear Power (KHNP). The company has played a pivotal role in the development of South Korea's nuclear power industry. KHNP's APR1400 pressurized water reactor incorporates advanced safety systems and is designed to meet the highest international standards. The company has successfully exported its reactor technology to several countries, including the United Arab Emirates and Turkey.

Key Companies in the Pressurized Water Reactor Market Include:

• KHNP


• India's Department of Atomic Energy


• CGNPC


• Rosatom


• Japan Atomic Energy Agency


• IAEA


• China National Nuclear Corporation


• Korea Electric Power Corporation


• Kairos Power


• NuScale Power


• Terrestrial Energy


• Framatome


• General Electric


• Westinghouse Electric Company


• EdF Group

Pressurized Water Reactor Market Industry Developments

The global pressurized water reactor (PWR) market is projected to grow from an estimated USD 79.14 billion in 2023 to USD 100.4 billion by 2032, at a CAGR of 2.68%. This growth is attributed to the rising demand for nuclear power as a clean and reliable energy source, government initiatives to promote nuclear energy, and the increasing adoption of PWRs in emerging economies. Recent developments in the PWR market include the construction of new nuclear power plants in China, India, and Russia, as well as the development of advanced PWR technologies such as the supercritical water-cooled reactor (SCWR).

Pressurized Water Reactor Market Segmentation Insights

• Pressurized Water Reactor Market Reactor Design Outlook
  
  
  
  • Loop-type PWR
  
  
  • Integral PWR
  
  
  
  

• Pressurized Water Reactor Market Fuel Type Outlook
  
  
  
  • Low enriched uranium
  
  
  • Mixed oxide fuel
  
  
  
  

• Pressurized Water Reactor Market Power Output Outlook
  
  
  
  • 1,000 MWe
  
  
  • 1,000 - 1,400 MWe
  
  
  • > 1,400 MWe
  
  
  
  

• Pressurized Water Reactor Market Moderation Type Outlook
  
  
  
  • Water
  
  
  • Heavy water
  
  
  
  

• Pressurized Water Reactor Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa