Global Nuclear Power Market is projected to grow at a CAGR of 12.8% by 2030| report by introspective market research

The Global Nuclear Power Market size is expected to grow from USD 80.55 billion in 2022 to USD 211.12 billion by 2030, at a CAGR of 12.8% during the forecast period (2023-2030).

Market Overview:

Governments and major energy firms are investing in the nuclear power energy industry in response to the rising demand for renewable energy and diminishing fossil fuel reserves. The global nuclear energy market is projected to rise at a significant pace as a result of the rising demand for energy that can meet the demand for new infrastructure without emitting carbon or negatively affecting the environment in other ways. Rather than selling energy directly to end consumers, many nuclear power plants sell to the wholesale market.

Top Key Players for the Nuclear Power Market:

China National Nuclear Cooperation (CNNC), Larsen and Toubro (L&T), NIAEP ASC, Westinghouse Electric Company, Atomic Energy of Canada, Bharat Heavy Electricals, GE Hitachi, KEPCO, Mitsubishi Heavy Industries, Bruce Power, CEZ Group, Nukem, and Other Major Players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for the Nuclear Power Market:

Drivers:

Rise in Awareness Regarding the Techno-economic Benefits of Nuclear Reactor Technology

Nuclear power energy's ability to produce electricity with lower carbon emissions than fossil fuels has been driving the market's development. Furthermore, nuclear power production is one of the most dependable sources of energy, with low carbon emissions. It also guarantees long-term predictability of energy prices.

However, the low initial cost of constructing a nuclear power plant, as well as the availability of alternative power generation sources such as renewable energy, are expected to limit demand growth over the forecast period.

Opportunities:

Rising Environmental Issues and Rising Energy Demand

In the face of rising environmental issues and rising energy demand, nuclear energy production has emerged as the most dependable alternative for meeting electricity needs while also reducing greenhouse gas emissions. Nuclear power generation is a renewable energy technology that can effectively meet the rising electricity demand. The development of nuclear reactor technology allows for improved fuel use and a life cycle of up to 60 years, which can be expanded further. Because of its low maintenance and guaranteed power supply features, the new small nuclear turbine is being used in many countries; further, development is likely to increase the safety and efficiency of different types of nuclear power plants.

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Segmentation Analysis of the Nuclear Power Market:

By Type, The Pressurized Water Reactor (PWR) is a prominent nuclear reactor design in the global nuclear power market. It operates by using pressurized water to transfer heat from the reactor core to produce steam, which drives turbines to generate electricity. PWRs are known for their safety features and wide deployment in many countries for producing nuclear energy.

By Application, Electric power generation is a critical application within the nuclear power market. Nuclear reactors use controlled fission reactions to release a significant amount of heat energy, which is then converted into electricity through steam turbines and generators. This reliable and low-carbon method of power generation contributes to the global energy mix while minimizing greenhouse gas emissions.

By Type

• Pressurized Water Reactor (PWR)
• Boiler Water Reactor (BWR)
• Pressurized Heavy Water Reactor (PHWR)
• Gas Cooled Reactor (GCR)
• Others

By Application

• Electric Power Generation
• Industrial
• Medical
• Food & Agriculture
• Others

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Regional Analysis of the Nuclear Power Market:

North America dominates the nuclear power industry in terms of geography, owing to large-scale installations in the United States. Furthermore, European environmental regulations have prompted countries like Spain, Germany, and France to invest in the nuclear power market. Due to the development of new nuclear power plants in China, Asia Pacific is projected to be the fastest-growing market for nuclear energy.

By Regional Outlook

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In February 2022- State-owned China National Nuclear Corp. (CNNC) signed a contract with the Argentine government to build the USD 8 billion Atucha III nuclear power plant using China's Hualong One technology. This is being done to revive a deal that had been stalled for years.​Atucha III is expected to have a gross power of 1,200 MW and an initial useful life of 60 years. This would allow the expansion of nuclear capacities in the country.

In February 2022- West Virginia Governor Jim Justice signed a bill eliminating the United State's ban on nuclear power plants.​ West Virginia is the second-largest coal producer in the country and accounted for around 5% of the nation's total energy production in 2020. The state is looking to increase its dependence on coal over nuclear power.​

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