Nuclear Power Market is Expected to be Flourished by Growing Demand for Clean Energy

 

Nuclear Power Market

Nuclear power is a low-carbon technology that can generate energy without emitting any greenhouse gases or air pollutants. Nuclear energy is produced through the fission of uranium atoms within reactors at nuclear power plants. Countries worldwide are increasingly recognizing nuclear power as a strategic energy source that complements renewable energy sources like solar and wind by providing baseload, low-carbon electricity at all hours of the day. Nuclear reactors provide a stable output of electricity and can operate continuously for up to 24 months before refueling is needed. The global nuclear power market is dominated by light water reactor technologies which are widely deployed for commercial power generation.

The global nuclear power Market is estimated to be valued at US$ 399.09 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for growth of the nuclear power market is the growing demand for clean and reliable sources of energy production across the globe. Countries are increasingly investing in nuclear energy to reduce dependency on fossil fuels and meet climate targets for decarbonization of the power sector. Nuclear power produces zero direct greenhouse gas or criteria air pollutant emissions during operation. Moreover, proliferation of small modular reactors (SMRs) is also anticipated to boost market growth over the forecast period. SMRs offer inherent safety advantages over traditional nuclear reactors as they can be factory-fabricated and shipped to sites as modules, reducing both costs and risks. Their small size also allows for staggered construction that matches electricity demand growth.\

Segment Analysis

The global nuclear power market is dominated by the commercial sub-segment which accounts for over 70% share. Commercial nuclear reactors dominate as they are used to generate electricity on a large scale to cater the rising energy needs of multiple industrial and commercial sectors globally. Countries are increasingly investing in commercial nuclear power plants to produce cost effective and reliable base load electricity.

PEST Analysis

Political: Many countries are formulating supportive nuclear policies and regulations to attract investments in the nuclear power sector. However, some nations are opposing nuclear energy over safety and waste disposal concerns.

Economic: Nuclear power is a cost effective source of generating base load electricity. However, high capital costs for setting up nuclear plants is a challenge. Ongoing geopolitical tensions also impact investment decisions.

Social: Population growth and rapid urbanization is driving the rising global energy demand. Nuclear energy is accepted as a clean alternative to mitigate environmental issues. However, concerns around safety and health risks persist among local communities near nuclear plants.

Technological: Countries are working on developing innovative small modular nuclear reactor technologies which can be deployed faster and at lower costs. Use of latest digital technologies is helping improve operational efficiency of nuclear plants.

Key Takeaways

The Global Nuclear Power Market Demand is estimated to be valued at US$ 399.09 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.

Regional analysis:

The Asia Pacific region dominates the global nuclear power market with over 40% share led by China, India and Japan. This region is anticipated to maintain its dominance during the forecast years due to rapid capacity additions across India and China which are undergoing massive infrastructure development.

Key players analysis:

Key players operating in the nuclear power market are 3A Composites GmbH, Multi-Pak USA, Inc., Laird Plastics, United Industries Group, Inc., Acrylitec Displays, Ray Chung Acrylic Enterprise Co., Ltd., Mitsubishi Chemical Corporation, Plaskolite, LLC, Lucite International, Evonik Industries AG. 3A Composites GmbH is a leading manufacturer of nuclear grade acrylic sheets globally.

For more details on the report, Read- https://www.pressreleasebulletin.com/nuclear-power-market-growth-market-size-share-analysis/