The global 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.
Market Overview:
Nuclear power plants use nuclear fission to generate electricity for the power grid. They produce negligible greenhouse gas emissions during operation and can provide reliable base load power. Nuclear technology allows utilities to use less fossil fuels and produce more energy with smaller land requirements compared to other energy sources.
Market key trends:
Growth in demand for clean and reliable base load power generation is expected to drive the global nuclear power market during the forecast period. Utilities around the world are increasingly opting for nuclear energy to reduce dependence on fossil fuels and meet carbon reduction goals. In addition, many countries are extending operational lifetimes of existing reactors by 20-30 years through upgradation programs. Countries like China, UAE, and India have expanded their nuclear power programs with new build plans over the next decade. Technologies such as small modular reactors also offer cleaner energy alternatives and are gaining traction. However, high capital costs and challenges in waste storage can restrain the growth of nuclear power to some extent.
Segment Analysis
The global nuclear power market is segmented into reactor type, end-use and geography. Based on reactor type, the nuclear power market is categorized into high temperature gas-cooled reactor (HTGR), pressurized water reactor (PWR), boiling water reactor (BWR), pressurized heavy water reactor (PHWR), and others. The PWR segment dominates the market with approximately 297 operating PWR reactors worldwide as of 2021. PWRs are the most widely used reactors globally due to their higher power generation capacity and ability to use low enriched uranium as fuel.
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 demand for clean energy production.
The market size for nuclear power is expected to reach US$ 399.09 GW in 2023. North America dominates the global nuclear power market and is expected to remain the largest market during the forecast period. This is attributed to higher investments in nuclear energy generation in countries like US and Canada. Asia Pacific is expected to be the fastest growing market for nuclear power owing to rapid industrialization and demand for energy in emerging economies like China and India.
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. GE-Hitachi Nuclear Energy and Westinghouse Electric Company are among the top players operating worldwide on the back of their product innovation and portfolios.
Read More,
https://www.insightprobing.com/nuclear-power-market-trends-size-and-share-analysis/
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