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| Nuclear Power Market |
The nuclear power market is estimated to be valued at US$ 399.09 GW in 2023 and is expected to exhibit a CAGR of 1.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The nuclear power market is majorly driven by increasing investments made by
governments and private investors to expand nuclear energy generation capacity.
Nuclear power is a low carbon and stable source of electricity. Several
countries are focusing on increasing share of nuclear energy in their total
energy mix to meet rising electricity demand as well as reduce dependence on
fossil fuels for power generation. For instance, China has planned to increase
its nuclear generation capacity to 68 GW by 2023 from the current capacity of
46 GW. The country aims to get 10% of total electricity from nuclear sources by
2030. Furthermore, factors such as rising demand for reliable base load power
and government initiatives and policies supporting deployment of new nuclear
reactors are also contributing to growth of the nuclear power market.
Market Overview:
The nuclear power market covers products and technologies associated with
generation of electricity through controlled nuclear fission in nuclear
reactors. Key products include Pressurized Water Reactors (PWR), Boiling Water
Reactors (BWR), Pressurized Heavy Water Reactors (PHWR), and Generation IV
reactors such as Molten Salt Reactors (MSR) and Very High Temperature Reactors
(VHTR). Nuclear energy provides reliable baseload power to meet residential,
commercial and industrial electricity needs.
Market Dynamics:
The nuclear power market is primarily driven by increasing investments towards
expanding nuclear energy generation capacity. Additionally, rising demand for
steady baseload electricity from industrial and commercial sectors is also
boosting the nuclear power market growth. Further, factors like favorable
government policies and initiatives promoting deployment of new nuclear
reactors create a positive outlook for the nuclear power industry. However,
high capital costs involved in setting up nuclear power plants as well as
rising concerns over nuclear waste management may hinder the market growth.
SWOT Analysis
Strength: Nuclear power provides reliable baseload power generation with very
low greenhouse gas emissions. It allows countries to gain energy independence
by using domestic fuel resources. Nuclear power plants can operate continuously
for several months before refueling is required.
Weakness: Building nuclear power plants requires very high upfront costs and
long construction periods. There are also challenges in safely storing
radioactive nuclear waste for thousands of years.
Opportunity: Many countries are focusing on increasing the share of non-fossil
fuels in their energy mix to reduce carbon emissions. Nuclear power provides a
viable low-carbon alternative to fossil fuels for baseload power. The
development of safer small modular reactors can also provide new opportunities.
Threats: Public opposition towards nuclear power due to safety and waste
concerns pose challenges. Stricter regulatory requirements after accidents like
Fukushima have increased compliance costs for plant operators.
Key Takeaways
The global Nuclear
Power Market Growth is expected to witness high growth, exhibiting CAGR of 1.2% over the forecast period,
due to increasing focus on reducing dependence on fossil fuels and curbing
greenhouse gas emissions from the power sector. The market size is projected to
reach US$ 399.09 GW by 2030 from US$
399.09 GW in 2023.
Regional analysis: North America dominates the global nuclear power market
currently, owing to the large installed base of nuclear reactors in countries
like the US and Canada. However, the Asia Pacific region is expected to grow
the fastest due to significant planned additions of new nuclear capacity in
China, India and South Korea. Countries in this region are focusing on nuclear
power to meet the rapidly rising electricity demand while limiting emissions.
Key players operating in the Nuclear Power market are GE-Hitachi Nuclear Energy
Inc., Westinghouse Electric Company LLC, STP Nuclear Operating Company, SKODA JS
AS, China National Nuclear Corporation, Bilfinger SE, BWX Technologies Inc.,
Doosan Heavy Industries & Construction Co. Ltd, Mitsubishi Heavy Industries
Ltd, Bechtel Group Inc., Japan Atomic Power Co., and Rosatom Corp. These
companies are focusing on developing cost-effective small modular reactors and
offering nuclear plant construction and maintenance services.
Read More,
https://www.trendingwebwire.com/nuclear-power-market-trends-size-and-share-analysis/
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