The research study covers the present scenario and growth prospects of the global nuclear deaerator market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The nuclear power industry has been recently challenged by several factors such as cost overruns, delays in project implementation, and opposition from various sections of society. The delays in construction projects due to the lack of funding or political issues pose a major burden for contractors. The orders for NPP components are usually placed long before plant construction actually starts, and any delay can result in cost extensions due to longer inventory holding period, additional labor costs, or legal problems.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global nuclear deaerator market:
- Growing energy demand in developing countries
- Need for energy security and diversification of energy mix
- Adoption of clean energy sources
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Growing energy demand in developing countries
There has been rapid economic growth in the developing economies in the last two decades due to globalization and industrialization, which has led to the successive increase in household incomes and consumption. Energy consumption worldwide has also been steadily increasing, driven by rapid economic growth and industrialization in the developing nations. To meet this ever-growing energy demand, nuclear power is expected to become an indispensable source for new power generation.
Anju Ajaykumar, a lead engineering tools research analyst at Technavio, says, “The developing countries in APAC, MEA, and South America account for a major share of global population, where millions of people lack access to electricity. To overcome this challenge, several governments have initiated plans to provide universal electricity access within the next decade; as part of these plans, the countries will set up nuclear power plants.”
Need for energy security and diversification of energy mix
The task of providing a continuous supply of cheap and accessible energy is a major challenge for many nations since the distribution of natural resources is not proportionate. Only some countries have abundant fossil fuels. This disparity of resources has forced several countries to become highly dependent on imported fuels to run their economies.
“Nuclear energy offers an important source of energy generation for such countries to reduce their dependence on fossil fuels and reduce the strain on the economy. Nuclear power is increasingly being used in several countries to meet their energy requirements. Nuclear energy is considered much more stable than other sources as nuclear fuel prices represent a fraction of the operational cost, and the plant can operate for several years continuously without refueling,” adds Anju.
Adoption of clean energy sources
There is a growing stress on many countries to cut down their carbon emissions to reduce the adverse environmental impact and health risks, including air and land pollution and global warming. The concerns over reducing emissions from power generation is a major reason, which is contributing to the growth of the nuclear power industry globally.
Generation of power through nuclear fuels results in a significant reduction in emissions of CO2, SO2, NOx and other greenhouse gases (GHGs) when compared with fossil fuels. The lifecycle emissions of a nuclear plant are much lower than those of a coal-fired or oil-fired power plant, and nearly equivalent to the lifecycle emissions of renewable energy sources such as wind, solar, and geothermal power generation.
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