Nuclear valves are mechanical devices that regulate and control the flow of liquids and gases used in nuclear plants. Valves playa crucial role in nuclear plants as their failure can lead to a safety hazard and closure of the plant. Nuclear valves restrict the impermissible pressure increase in the systems. Valves are installed to achieve the quick and safe isolation of main pipelines carrying nuclear fluids and gases. The burgeoning demand for alternative energy sources around the world is propelling the nuclear energy industry.
Nuclear power plants have been operational since the 1950s, and it is paramount for such plants to use components that are highly reliable and work without failure. The valves used in nuclear power plants have reached a mature phase and are still seeing considerable development to help increase reliability, safety, and embed them with the internet of things (IoT), and make them smarter than before.
The global valves for nuclear application market is expected to grow at a CAGR of 7.3% during the forecast period, 2023–2031.
Nuclear energy plays a crucial role in transitioning a fossil fuel-based energy system to a clean fuel system. The nuclear energy sector has been seeing a positive growth after countries have adopted the Paris Climate Change Treaty objectives to help reduce the global carbon footprint. As per FORATOM, a Brussels-based association for the nuclear industry, the European nuclear industry employs around 1.1 million people across Europe. It is estimated that with each Gigawatt (GW) installed capacity, there is a potential to develop 1.3 million jobs and generate around USD 620 billion. Thus, the increasing demand for nuclear energy will act as a catalyst for the valves in nuclear applications market.
Augmented reality and IoT are revolutionizing industries, and the nuclear energy industry is no exception. Problems arising in nuclear power plants are complex and need expertise in tracing the root cause, which can cause downtimes and incur heavy losses for companies running the plants. Nuclear power plants have many inherent problems that can now be resolved with the help of preventive maintenance and smart monitoring of plants using the latest technologies.
Nuclear energy is a promising alternative for fossil fuels. However, it has its share of shortfalls in terms of safety, waste disposal, and disasters. It takes over a decade for the radioactive material to eliminate from nuclear wastes. It is stored in steel cylinders and placed underground, which can lead to underground radioactive pollution having detrimental effects on the environment and humans.
The 1986's Chernobyl incident still has detrimental effects in 2020. This shows the negative effect nuclear power can have on society, people, and the environment. The Fukushima nuclear disaster in Japan caused by the earthquake is another case in point. These shortfalls may cast a shadow on the swift development of nuclear energy in a country, thereby hampering the growth of valves for the nuclear application market.
| Study Period | 2020-2032 | CAGR | 7.3% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
| Largest Market | North America | Fastest Growing Market | Europe |
In the U.S., nuclear plant-based electricity generation started in 1958. As of 2018, there are around 98 operational commercial reactors and 60 nuclear power plants. As per the World Nuclear Organization, the U.S. is the world's largest producer of nuclear power and accounts for 30% of the global share of nuclear energy. The total output in 2018 accounted for 807 billion kWh.
The U.S. Energy Information Administration (EIA), in its International EnergyOutlook report 2019, projected that the global consumption of energy would grow by around 50% by 2050. Furthermore, nuclear energy has the potential to meet climate change objectives by providing electricity, input heat for industries, and district heating, among other uses.
In the recent meeting of member countries at the International Conference on Climate Change and the Role of Nuclear Power in Vienna in 2019, discussed how nuclear power could help to mitigate the carbon footprint. Rising investment in technological advancement in nuclear plants will help achieve sustainable development goal that ensures access to affordable, reliable, sustainable, and modern energy.
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Stainless steel nuclear valves are projected to observe extensive adoption during the forecast period owing to their high chromium content that prevents corrosion. This type is more preferred over carbon steel due to its high ductility and low oxidizing nature, among others.
Asia-Pacific is a principal region in the world where electricity-generating capacity is growing every year. Governments across the region are investing in cleaner technologies to align with the climate change treaty objectives and reduce carbon footprint. As per the World Nuclear Association, between 2007 and 2017, there was an increase of 400% in power generated from nuclear energy, with the majority of nuclear plants installed in China.
As of 2019, there are around 130 operable nuclear reactors in Asia-Pacific, around 35 under construction and 70 to 80 under proposal. China has around 47 operable reactors with a capacity of 45.7 GWe. The Chinese government has outlined a compressive strategy in its Energy Development Strategy Action Plan 2014–2020 to install 58 GWe by the end of 2020. All these factors highlight the immense potential of valves used in nuclear plats to ensure the optimal and seamless functioning of the plants.
The pandemic brought forth a lockdown in several countries across the globe. Initially, it had temporarily shut down the schools, colleges, offices, and public places such as swimming pools, clubs, restaurants, and others. Social Distancing has led to a transformed the preference of the people from the public pools and commercial pools towards the various kinds of residential pools. The swimming pool monitoring devices are expected to take a leap in the upcoming years, owing to the increasing hygiene conditions, changing government rules and regulations, and the inclination towards residential swimming pools.
