Middle-East and Africa Nuclear Power Plant Equipment Market - Growth, Trends, and Forecasts (2023-2028)

The Middle East and Africa nuclear power plant equipment market is expected to grow at a CAGR of more than 4% during the forecast period.

The market was moderately impacted by the COVID-19 pandemic. However, the market has since recovered and is expected to grow steadily during the forecast period.

Key Highlights

• Over the long term, the significant contribution of nuclear energy in reducing GHG emissions while fulfilling the increasing energy demands of a growing population and supporting sustainable development in the region is expected to drive the market during the forecast period.
• On the other hand, increasing competition from natural gas and renewables in electricity generation is restraining market growth.
• Nevertheless, rising investments in small modular reactors are expected to be a significant growth opportunity for the market during the forecast period.

MEA Nuclear Power Plant Equipment Market Trends

Pressurized Water Reactors to Dominate the Market

• A typical design of a commercial PWR is such that the core inside the reactor vessel creates heat. The core of the reactor pressure vessel (RPV) contains nuclear fuel, moderator, control rods, and coolant that is cooled and moderated by high-pressure liquid water. PWR consists of a reactor vessel, steam generators, reactor coolant pumps, control roads, a pressurizer, and other elements.
• A typical design of a commercial PWR is such that the core inside the reactor vessel creates heat. The core of the reactor pressure vessel (RPV) contains nuclear fuel, moderator, control rods, and coolant that is cooled and moderated by high-pressure liquid water. PWR consists of a reactor vessel, steam generators, reactor coolant pumps, control roads, a pressurizer, and other elements.
• The Middle East and Africa region witnessed significant growth in nuclear power generation in 2021, reaching nearly 24.5 TWh, growing by nearly 12% from 2020. As of December 2021, the Middle East and Africa region had three under-construction reactors, 2 in the United Arab Emirates and 1 in Iran, all of which are PWR designs. Additionally, two other new PWR units are planned in Iran.
• According to Global Energy Monitor, as of January 2023, 2,474 MW of nuclear capacity is construction and pre-construction stage. Similarly, 1,400 MW of nuclear capacity is under construction in the United Arab Emirates.
• Although most African countries are not likely to invest in nuclear energy in the forecast period, upcoming projects in the Middle East are expected to drive the PWR market.

Saudi Arabia is Expected to Create Significant Demand

• The Saudi Arabian nuclear energy program has remained in the nascent phase.The Saudi Arabian government was initially planning to add 17.6 GW of nuclear capacity by 2040 through the construction of 16 nuclear reactors. However, as the low oil prices constricted government spending, the government was forced to consolidate its budget.
• However, with rapidly increasing industrial consumption and population, the electricity demand is rising. Saudi Arabia generated 358637 GWh electricity in 2021, with a significant share of electricity being generated oil and gas. As the Saudi government tries to decrease the dependence of the economy on fossil fuels, nuclear energy is likely to grow and drive the market in the coming years.
• Saudi Arabia is also planning to build two large nuclear power reactors, and it has plans for small reactors for desalination, which is likely to drive the demand for nuclear power equipment significantly. The country plans to build two 1,400 MW nuclear power plants.
• In April 2022, Saudi Arabia established the the Saudi Nuclear Energy Holding Company (SNEHC), a national nuclear energy company to develop and operate nuclear facilities. Additionally in June 2022, Saudi Arabia began the process of choosing a vendor for the construction of the oil-rich kingdom’s first commercial nuclear power station.
• Such developments are expected to drive the market in the country during the forecast period.

MEA Nuclear Power Plant Equipment Market Competitor Analysis

The Middle East and Africa nuclear power plant equipment market is moderately consolidated. Some major companies (in no particular order) include Korea Electric Power Corporation, Doosan Enerbility Co., Ltd., Westinghouse Electric Company LLC, Rosatom State Atomic Energy Corporation, and Mitsubishi Heavy Industries Ltd., among others.

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• The market estimate (ME) sheet in Excel format
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