by Nuclear power is a form of energy generated from nuclear fission or nuclear fusion in a controlled manner using nuclear reactors. It is carbon-free and produces no greenhouse gas emissions during operation. Nuclear power reactors operate by using heat from nuclear fission to generate steam that powers turbines which generate electricity. The electricity is distributed through power lines. Countries around the world use nuclear power as it provides reliable baseload electricity without air pollution. Growing demand for clean energy is driving greater interest in nuclear power.
The global nuclear power market is estimated to be valued at US$56 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising energy demand is one of the key drivers for the growth of the nuclear power market. According to the International Energy Agency, global energy demand is estimated to grow by over 25% between 2018 and 2040, with most of the growth from countries that do not currently use nuclear power. To meet this rising demand while reducing dependence on fossil fuels, many countries are increasingly turning to nuclear energy. Nuclear power can provide large amount of baseload, non-intermittent power critical to support economic growth. The other driver is government support in the form of policies and investments to expand nuclear power capacity. Countries around the world have formulated strategic plans and roadmaps to increase the share of nuclear power in their energy mix to reduce emissions.
SWOT Analysis
Strength: Nuclear power provides a stable source of energy and reduces dependence on fossil fuels. It produces negligible greenhouse gas emissions compared to coal and natural gas. The operational costs of nuclear plants are low as the fuels have high energy density.
Weakness: Setting up nuclear power plants require huge capital investments and have long construction periods. The radioactive waste disposal is an environmental and social challenge.
Opportunity: Developing Small Modular Reactors provides an opportunity to build smaller nuclear plants at lower costs. Advanced technologies like thorium reactors offer cleaner and safer nuclear power.
Threats: Stringent regulations and changing policies and subsidies pose major threats. Growing renewables and energy storage technologies increase competition in the power markets. Opposition from environmental groups and safety concerns dampen growth.
Key Takeaways
The Global Nuclear Power Market Share is expected to witness high growth.
Regional analysis: Asia Pacific dominates the nuclear power market currently attributed to the fastest growing countries like China, India boosting their nuclear capacity substantially. Countries like China, India, Russia, South Korea have shown high commitment to nuclear energy over the forecast period. Europe and North America are relatively mature markets but witness plant lifetime extensions to sustain or raise capacities.
Key players operating in the nuclear power market are ROSATOM, Cameco, KazAtomProm, Westinghouse Electric Company, CNNC, etc. ROSATOM is the global leader in designing, building, operating nuclear power plants and supplying nuclear fuel. Cameco is a major supplier of uranium and refining services. KazAtomProm dominates uranium mining and nuclear fuel fabrication in Kazakhstan. Westinghouse is a pioneer in pressurized water reactor technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
