New York, NY, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Nuclear Power Plant Control System Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, and Services); By Control System; By Application; By Region; Segment Forecast, 2024- 2032" published by Polaris Market Research in its research repository.
The global nuclear power plant control system market size and share are currently valued at USD 624.20 million in 2023. It is anticipated to generate an estimated revenue of USD 986.14 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 5.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is a Nuclear Power Plant Control System? How Big is Nuclear Power Plant Control System Market Size & Share?
Control system plays an important role in the arena of the nuclear industry. These days, control systems are inserted into the nuclear power plant's functionality and dependability. Each constituent of NPP, such as valves, transformers, heat exchangers, and circuit breakers, is armed with digital control systems whose dependability plays an important role in circumventing any accidents. The rapidly rising demand for nuclear power plant control system market can be attributed to the fact that these constituents are safety critical systems whose collapse may create massive losses much as economic loss, human resource defacement, and environmental mislaying.
The nuclear power plant control system market growth can be attributed to technological advancements in control systems to enhance nuclear power plant's reliability, efficacy, and security. One significant movement is the amalgamation of automation and digital control systems. The requirement for modern control systems is being pushed by several nations that are funding overhauling and protracting the existence of their present nuclear power reactors.
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Nuclear Power Plant Control System Market Key Companies
- ABB
- Curtiss-Wright Corporation
- Emerson Electric Co.
- Fortinet
- Fortum
- Framatome
- General Electric
- Honeywell International Inc
- Lockheed Martin Corporation
- Mitsubishi Electric Corporation
- Molorola Solutions Inc
- NuScal Power, LLC
- Rolls-Royce plc
- Siemens
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Key Highlights
- Technological advancements in control systems enhance nuclear power plant's reliability, efficacy, and security, thus pushing the market expansion.
- The nuclear power plant control system market segmentation is primarily based on components, control systems, applications, and regions.
- Asia Pacific dominated the market in 2023
Market Developments
- Growth Drivers:
Growing electricity demands: Nuclear energy is reclaiming eminence as a pragmatic and environmentally friendly solution, especially as nations globally struggle with escalating electricity demands and crucial to conversion to low carbon energy wellsprings. In the wake of this upturn, nuclear power plants need progressive and dependable control systems to sanction secure, effective, and reliable functionality. The nuclear power plant control system market size is expanding as these control systems surround a gamut of constituents involving security attributes, instrumentation, and control systems, human-machine frontiers, and reactor safeguarding systems, all of which cooperate amicably to validate the firmness and certainty of nuclear potential.
Escalating demand for energy: The world's energy intake is anticipated to surge notably in the near future because of elements such as increasing global populace, economy, and urbanization. The nuclear power plant control system market sales are soaring as it is a notable issue to encounter the world's speedily increasing energy demand while reducing greenhouse gas emissions. For several years, the rise in electricity intake has transcended the development in paramount energy demand. Escalating demand for energy is predominantly generated by escalated electrification of resolved applications involving prominent instruments, ICT, transportation, and space chilling.
- Industry Trends:
Climate change: Several nations yet depend excessively on nuclear power to diminish air pollution and climate change, offer energy safety, and reduce the influence of fluctuating fossil fuel prices. Additionally, control systems play a crucial role in power stations, such as APC, which regulates the quantity of fuel, water, and air donated to the boiler, and SQC, which regulates the commencement and halting of the plant.
Urbanization: The speedy augmentation of cities caused an escalation in the demand for pipeline natural gas that escalated the demand for SCADA, thus behaving as a prominent driving factor for the market. Additionally, growth in population caused an escalation in the demand for electricity, which elevated the demand for the market. In the nuclear power plant control system market, growing industrialization has caused an escalation in sugar mills, pulp and paper mills, power grids, and power plants, thus escalating the demand for the market throughout the forecast period.
- Restraints
Alternative source for energy: The initiation of substitute energy wellspring is having a big influence on the market growth and controlled systems for nuclear power plants. Specifically, renewable energy sources have proliferated in significance as the worldwide energy topography moves exceedingly on the side of manifold and viable sources. The nuclear power industry and, subsequently, the market for control systems utilized in nuclear power reactors encounter provocations due to its changing advancement.
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Segmentation Overview
- The Hardware Segment Witnessed a Steep Surge
Based on components, the hardware segment witnessed a steep surge. The nuclear power plant control system market demand is on the rise as nuclear power plants augment or come across switches in their functional demands over time; their hardware can smoothly carry these alterations by ascending up or down through the addition and withdrawal of modules. This suppleness eliminates the requirement for costly and disorderly revamp, sanctioning the control systems to stay tweaked to encounter prevailing demands.
- The Cooling System Control Segment Dominated the Market
Based on application, the cooling system control segment dominated the market. The nuclear power plant control system market trends include nuclear power's potential to maintain functioning security and sustain perfect reactor temperatures; structured cooling system handling is important. This is made feasible by a progressive control system that efficaciously removes heat from the reactor nucleus by observing and regulating the coolant flow, prohibiting scorching and decreasing probable damage.
Nuclear Power Plant Control System Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 986.14 Million |
| Market size value in 2024 | USD 644.80 Million |
| Expected CAGR Growth | 5.5% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Siemens, ABB, General Electric, Fortum, Framatome, Emerson Electric Co., Mitsubishi Electric Corporation, NuScal Power LLC., among others |
| Segments Covered | By Component, By Control System, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Browse Press Release: Nuclear Power Plant Control System Market Size Worth $986.14 Million By 2032 | CAGR: 5.5%
Regional Insights
Asia Pacific: This region held the largest nuclear power plant control system market share due to the zeal to obtain energy sovereignty through nuclear power, which is growingly supported by the advancement in reactor technologies, security protocol, and worldwide combined effort. Covering the Asia Pacific region, the countries are diligently tracking the benefits of nuclear energy while contesting partnerships, participating in technical know-how, and stimulating alliances. This joint endeavor intends to sanction the meticulous and answerable advancement and usage of nuclear power plants and their similar control apparatus.
North America: This region is anticipated to be the fastest growing due to a significant quota of nuclear reactors that are presently functional in the region, and an escalating section of them are experiencing life supplement inventiveness to extend their functionality beyond their original intentional duration. Canada using its CANDU reactor technology highlights trading its nuclear prowess and fortifying its present reactors.
Browse the Detail Report “Nuclear Power Plant Control System Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software and Services); By Control System; By Application; By Region; Segment Forecast, 2024- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/nuclear-power-plant-control-system-market
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Key Questions Addressed in the Report:
- Which are the key companies in the nuclear power plant control system market?
Ans: Some of the key companies in the market are ABB, Curtiss-Wright Corporation, and Emerson Electric Co.
- What is the CAGR estimated to be calculated for the market?
Ans: The CAGR estimated to be calculated for the market is 5.5%
- What are the key segments covered?
Ans: The key segments covered are components, control systems, applications, and regions.
- What are the key driving factors in the market?
Ans: The key driving factors in the market are growing electricity demand and escalating energy demands.
Polaris Market Research has segmented the Nuclear Power Plant Control System market report based on components, control systems, applications, and region:
By Component Outlook
- Hardware
- Software
- Services
By Control System Outlook
- Programmable Logic Controllers
- Digital Control Systems
- Emergency Shutdown Systems
- Human-Machine Interface Systems
- Reactor Protection Systems
By Application Outlook
- Cooling System Control
- Radiation Monitoring & Control
- Generator Control
- Safety & Emergency Systems
- Reactor Control & Protection
- Turbine Control
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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