Between 2014 and 2020, the global nuclear turbine generator market is estimated to grow at a massive CAGR of 12%. This growth rate could catapult the global nuclear turbine generator market to a valuation of US$15.61 billion by 2020, from a previously recorded value of US$7.006 billion in 2014.
Judging by the CAGR alone, it can be said that the nuclear energy scene in the world is going quite strong. Top reasons for this can be given as the booming industrial growth of developing nations, especially the BRICS economies. And although there is still plenty of skepticism regarding the safety of using nuclear fission for energy, one thing remains absolute: the need for more power. Almost all nations are in desperate need of more energy. So much so that failure to receive this energy will affect their economies negatively. The current energy situation is described as follows:
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- Conventional energy resources cannot catch up to the demand by themselves
- Renewable energy is not picking up as quickly as expected
- Nuclear energy is still developing in terms of being safer, cleaner, and more efficient
These factors could be enough to establish the global nuclear turbine generator market as an integral part of the global energy generation drive.
Japan’s Nuclear Nightmare and Energy Woes
After the Fukushima nuclear reactor meltdown of 2011, Japan had shut down all its nuclear power plants, creating a sizeable dent in the global nuclear turbine generator market. Instead, Japan has showed that it is ready to embrace a full-scale employment of wind energy by installing their most powerful wind turbine in Fukushima itself. The wind-powered turbine was completed in June 2015, and will generate 7 MW of electricity. It is also the most powerful floating turbine in the world so far.
However, the current renewable energy endeavors are not even close to fulfilling Japan’s massive energy requirement. To meet this requirement, the country has planned to restart its nuclear power plants. It has already restarted one nuclear power plant in Sendai city. The plant is operated by Kyushu Electric Power. The move has received mixed reactions. While reinstating nuclear power plants could help solve the nation’s energy woes, the 2011 disaster is still fresh in the minds of all those who were affected by it. In fact, there are areas around the Fukushima Daiichi plant that are still heavily irradiated, where original inhabitants still cannot return post-evacuation. All these factors are still to be seen from a long-term perspective in order to portray the needs on the global nuclear turbine generator market.
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Meanwhile, the nuclear turbine generator market is showing remarkable growth in Europe, with Asia Pacific following closely. Europe, more particularly Russia, is scheduled to receive more nuclear power plants in the near future. The U.S. is an important entity in the global nuclear turbine generator market, but falling oil prices are seriously hampering any new projects. Increasing approvals by the U.S. government to install new nuclear plants could help stimulate growth of the global nuclear turbine generator market.