Research from consulting firm GlobalData finds that the total market value will increase from the current figure of $5.51bn to $18.2bn by 2025.
This growth will be driven by rising power demand, soaring fossil fuel prices and the need to mitigate greenhouse gas emissions.
GlobalData says that Europe will see the highest demand for steam generators over the next decade, claiming a massive 50 per cent market share, followed by the Asia-Pacific and North America, which will achieve respective shares of 28 per cent and 16 per cent.
Russia is expected to hold the highest share of the European market by 2025, representing 33 per cent, followed by France, the UK and Ukraine with shares of 23 per cent, 10 per cent and 9 per cent respectively.
GlobalData’s senior nuclear analyst, Prabhanjan Kumar Singh, said: “The demand for steam generators in the European region will amount to approximately 435 units, with 261 of these applying to new installations and 174 to replacements. This demand will peak at 212 units between 2014 and 2017, as a result of 24 new reactors that are due to come online and 32 existing reactors that are likely to need replacement steam generators during this period.”
However, the GlobalData report adds that several factors will prevent any further growth in the European and global steam generator markets over the forecast period, including issues surrounding nuclear’s disposal of waste and high capital costs, as well as anti-nuclear public opinion.
Singh said: “Anti-nuclear stances within many countries have been aggravated by nuclear accidents and disasters, such as those at Chernobyl and Fukushima Daiichi. In light of this public opinion, governments have been compelled to reconsider their nuclear energy strategies.
“Additionally, public and environmental safety is now a chief concern for all nuclear power plant operators worldwide, and any further failures will ultimately threaten the entire industry’s survival,” the analyst concludes.