Nuclear equipment manufacturers are captured in this company screen, covering 20 companies, with $10bn pa of revenues, c10% EBIT margins, and a 5% average sales exposure to nuclear components. Our notes also capture key details, equipment specializations, and recent focuses of each company.
Nuclear reactor equipment comprises $1,000/kW of the cost of a typical large nuclear reactor, including forged components, pressure vessels, containment structures, heat exchangers, steam generators, pumps, valves, instruments, control rod drives, controls and radiation detectors.
Nuclear equipment manufacturers are screened in this data-file, assessing 20 companies, their size, their revenues, EBIT margins, focus on nuclear equipment manufacturing and recent company commentary. This complements our screen of large-scale construction companies that actually build nuclear plants.
Recent company announcements in nuclear equipment manufacturing show an industry that is configuring itself to deliver small modular reactors in the future. GE-Hitachi, for example, targets $2bn pa of SMR revenues by the mid-2030s. Although our own research has raised questions over the costs of SMRs.
As some examples, South Korea’s Doosan Enerbility claims to be “the largest global supplier of nuclear power plant components for the last 40 years”, and also scored well in our gas turbine patent assessment. While BWX Technologies has the largest relative exposure to nuclear equipment of any public company in our screen.
More specialized companies are also covered in the data-file. One US-listed company stood out in reactor coolant pumps and control rod drive mechanisms with content in “every reactor operating in the US today”. Another US-listed company specializes in nuclear safety equipment, especially instrumentation and radiation detectors, which are used not just in nuclear plants, but also in uranium mining, enrichment, Rare Earths, cement, pulp and paper, coal and gas.
Japan Steel Works has 2 x 14,000 ton presses, used to make large forged components, hence it has made 80% of the large forged components used historically in nuclear plants. It used to be the only supplier capable of making the pressure vessel closure heads for the AP1000. Although similarly large forges are also now available in South Korea and China, and Chinese entrants are another theme in the data-file more broadly.
Please download the data-file for an overview of nuclear equipment manufacturers. Data are sourced from publicly available company disclosures, press articles and technical papers.