Nuclear Power Plant Control System Market Size Projected to Grow $825 Million by 2028 | MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, April 03, 2024 (GLOBE NEWSWIRE) -- The globalNuclear Power Plant Control System Marketsizeis expected to grow from USD 636 million in 2023 to USD 825 million by 2028, at a CAGR of 5.3%according to a new report by MarketsandMarkets™. Nuclear energy as clean energy is a more reliable way of producing electricity on a large scale. The versatile nature of nuclear energy could enable the transition to a cleaner world and a stronger global economy this is pivotal in propelling the expansion of the Nuclear Power Plant Control System Market.
Furthermore, the global expansion of nuclear power has heightened the adoption of nuclear power plant control systems. The amalgamation of these systems with renewable energy contributes to their increased demand, aligning with global efforts to diminish reliance on fossil fuels and minimize carbon footprints. Government support and stringent safety regulations are pivotal factors driving the growth of the Nuclear Power Plant Control System Market. To incentivize the development and expansion of nuclear power plants, many governments provide financial support, subsidies, and favorable regulatory environments.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Nuclear Power Plant Control System Market by component, solution, application, and region.
Geographies Covered
Asia Pacific, Europe, North America, South America, and Middle East & Africa.
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Expansion of nuclear power plant control system market in emerging economies
Key Market Drivers
Growing demand for clean energy
The Distributed Control System (DCS) is expected to be the largest segment in the nuclear power plant control system market.
Based on the solution, the nuclear power plant control system market is segmented into five categories: distributed control system (DCS), programmable logic controller (PLC), supervisory control & data acquisition (SCADA), industrial safety, and others. Establishing diversity and fault tolerance in DCS components enhances operational continuity and shows a strong commitment to the required safety and reliability standards in nuclear power plants. Reliability is crucial in the complex world of nuclear power operations, providing a robust architecture for backup and fault tolerance in DCS components. It is important to strengthen the control system against potential failures due to the critical nature of nuclear reactors.
Asia Pacific is expected to be the fastest-growing region in the Nuclear Power Plant Control System Market during the forecast period. The Asia Pacific region comprises major economies such as China, Japan, South Korea, Rest of Asia Pacific. Greater energy supply is required with the rapid urbanization and economic growth, and nuclear energy is developing as a clean, dependable baseload alternative. Governments are encouraging its development, especially in the case of elderly plants in need of upgrading. The need for advanced control systems is being driven by increased safety concerns. There are 53 nuclear power plants operating in China right now, and there are 143 in planning and 21 more under construction. The need to develop a qualified workforce and use renewable energy sources is also driving market expansion. The Asia Pacific region's chances for nuclear power plant control systems seem bright in the face of competition and environmental concerns.
Key Market Players:
Some of the major players in the Nuclear Power Plant Control System Companies are Siemens (Germany), ABB (Switzerland), General Electric (US), Fortum (Finland), and Framatome (France).
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