Rapid rise in the global demand for nuclear power is expected to boost the demand for nuclear power industry and thus nuclear power safety backup market. New programs developed by governments worldwide are estimated to propel the demand for nuclear power industry.
Post-Fukushima, several governments have recommended installation of backup generators for nuclear power plants to guard against floods and tsunami. Increasing number of countries worldwide is introducing energy generation from nuclear power plants as a part of their generation mix. This is expected to boost the demand for nuclear power safety backup devices for nuclear power plant in the future.
The market for the global nuclear power plant safety backups can be segmented on the basis of the safety measures and geography. The global market for nuclear power plant safety backups on the basis of safety measures can be segmented as: a robust containment to prevent the release of radioactivity, a combination of active and passive to remove heat from the core of the reactor, and shutdown systems and thus shutdown the reactor safely.
The International Atomic Energy Agency (IAEA) safety standards are likely to fuel an additional demand for nuclear power plant safety backup worldwide. The safety standards establish fundamental safety measures, requirements and principles to control radiation exposure, to restrict the likelihood of events in the future. Moreover, the safety standards fundamental safety measures requirements and principles to control the release of radioactive material to the environment and to mitigate consequences of such events in the future is expected to boost the demand for nuclear power plant safety backups around the world.
The market for the nuclear power plant safety backup is rising and is expected to rise moderately in the future. The following underlying factors are the key drivers of growth in the global nuclear power plant safety backup market. The increasing share of nuclear power plants in the total power generation mix of the nations are the key drivers of growth in the global nuclear power plant safety backup market. Rapid rise in global demand for energy along with depleting fossil fuels is estimated to propel the demand for nuclear power plant safety backup measures and devices.
Increasing efforts by governments of both developing and developed nations to raise public awareness of safety tests and reassure them of the safety of both existing as well as proposed plants. Deteriorating support for nuclear in the countries (the U.S, Japan, France, Germany) could impede growth in the nuclear industry. However, IAEA’s safety standards are anticipated to boost the global demand for nuclear power plant safety backups.
The global market for nuclear power plant safety backup is expected to rise significantly in the future. North America and Europe are estimated to hold the considerable share of the nuclear power plant safety backup devices and equipments. Asia Pacific is one of the key players in the nuclear power plant backup market. The market is expected to register moderate to high growth in this region on account of increasing demand for nuclear power plants in China, India, and Japan among others.
Some of the key players in this industry segment include: Chubu Electric Power Company, Kansai Electric Power Company, Tohoku Electric Power Company, and Japan Atomic Power Company among others. The responsible agencies for the security of nuclear power plants include: International Atomic Energy Agency (IAEA), the Defense Nuclear Safety Regulator (DNSR), Australian Radiation Protection and Nuclear Safety Agency (ARPANSA), Office for Nuclear Regulation (ONR), and Atomic Energy Regulatory Board (India) among others.