Worldwide market call for nuclear power exceeded 2,400 TWh in 2021 and is predicted to grow at a CAGR of more than 4% between 2021 and 2026.
Nuclear energy accounted for more than 11% of global energy production in 2021 Escalatingcall for electricity and power from households and industrial sectors is predicted to drive expansion in the nuclear power market during the foreseen period. Growing call for clean energy and dwindling fossil fuel reserves are encouraging governments and major energy companies to invest in the nuclear power market. The global market for nuclear power is supposed to grow at a substantial rate due to the escalatingcall for energy that could meet the needs generated by additional infrastructure without carbon emissions or negatively impacting the environment in other important ways.
According to the World Nuclear Association, there are approximately 435 operational nuclear reactors in 31 countries around the world. 71 more reactors are under construction in 15 countries, representing the highest rate of nuclear reactor construction in 25 years, according to the US Institute of Nuclear Energy. The figures clearly indicate the greater propensity of world economies to adopt nuclear technology as a viable alternative to fossil fuels for power generation. Controversial views on the safe deployment of nuclear technology and the notoriety gained by accidents at nuclear reactors such as Fukushima, Three Mile Island and Chernobyl have not deterred developing countries from expanding their nuclear portfolios. Despite decisions against nuclear power expansion by a handful of prominent economies, the construction of new nuclear power plants in China and Russia is predicted to keep nuclear power call high in 2021 and 2020.
The UAE has announced the operations of the Barakah nuclear power plant. It is the first nuclear reactor in the United Arab Emirates to reach criticality. The factory is located in the Al Dhafra area of Abu Dhabi.
Technological advances implemented in daily activities have increased the call for energy in the past. The growing call for clean electricity, together with the depletion of fossil fuel reserves, is likely to raise energy concerns. The industry is estimated to grow at an accelerated rate due to the escalatingcall for energy that could meet the needs generated by the infrastructure expansion without negatively impacting the environment. The worldwide market for nuclear power is driven by the rising call for energy and the production of clean electricity around the world. As energy call continues to rise, countries are looking for clean and efficient ways, such as nuclear power, to generate power. Additionally, technological advancements in nuclear power have further fueled market expansion.
Despite staunch advocates for expansion, the serious damage caused by nuclear reactor accidents has sounded alarms about the safety of nuclear power. Due to controversies surrounding nuclear power plants, some countries, especially some in Europe, have made the decision to phase out nuclear power.
The depletion of fossil fuel reserves and the need to reduce energy import bills will drive call in the worldwide market for nuclear power in the near future. Also, nuclear power plants are more efficient than thermoelectric plants, thanks to which nuclear energy is presented as the energy of the future. The escalating expansion of power plants in Russia and China is expected to boost the nuclear power industry during the outlook period. The depletion of fossil fuel reserves and the escalating need to reduce energy import bills are determined to have a positive impact on the expansion of the industry. Higher efficiency of nuclear power plants compared to thermal power plants is predicted to drive the market in the future.
The high cost of storing and controlling radioactive waste produced at nuclear power plants has also become a major expansion inhibitor.
Nuclear Power Regional Analysis:
North America was the largest producer in 2021, and the United States led the nuclear power market with a market share of more than 30% in terms of nuclear power generation. The United States had 100 reactors that produced 798 billion kWh of electricity in 2021. This electricity production accounted for more than 19% of total call. Currently, 99 units are in operation and 5 are under construction. The European nuclear power market is likely to experience above-average expansion due to strict regulations to reduce emissions by 34% during the foreseen period. This should require a reorientation of the energy mix and significant investment in industry. The UK was the largest producer in 2021 with ten factories currently operating and eight under construction.
Asia-Pacific is foreseen to experience stable expansion over the next seven years. Countries like India and China are predicted to invest significantly in the nuclear power industry over the next seven years. The region is focusing more on other alternative renewable energy sources such as wind, solar and thermal due to growing concerns about waste management.
The coronavirus pandemic has called for drastic action in almost every aspect of life around the world. It is vital to maintain a reliable power supply and "keep the lights on". Nuclear generation provides about 10% of the world's electricity and contributes to electricity production in more than 30 countries. Nuclear generation has two characteristics that help maintain supplies. First, in most reactors, the fuel assemblies are employed for about three years. Therefore, there is more security of supply than in fossil fuel power plants, which require a constant supply of coal or gas. Nuclear refueling occurs every 12 to 18 months, and operating companies have developed strategies to focus on refueling during outages to reduce the number of employees needed. Secondly, the nuclear reactors work at high capacity factors, offering a more reliable and continuous supply than intermittent renewables like the wind and solar. Actions taken by governments around the world to address COVID-19 have resulted in lower electricity consumption in some countries, typically 10-25% reductions in lockdown periods.
The major players operating in the global nuclear power market are Atomstroyexport, Axpo Group, Bruce Power L.P., China General Nuclear Power Group, China National Nuclear Corporation, Dongfang Electric Corporation Limited, Doosan Babcock Limited, E.ON SE, EDF (Electricité de France) SA, ENGIE Electrabel, Exelon Corporation, GE Hitachi Nuclear Energy, Korea Hydro & Nuclear Power Co., Ltd., Mitsubishi Heavy Industries Ltd., NNEGC Energoatom, Nuclear Power Corporation of India Limited, Ontario Power Generation, Orano, ROSATOM, Shanghai Electric Group Company Limited, Tokyo Electric Power Company Holdings, Toshiba Corporation, and Vattenfall AB.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Nuclear Power Market, By Technology
6.1.1 Generation I
6.1.2 Generation II
6.1.3 Generation III
6.1.4 Generation IV
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Technology
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Technology
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Technology
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Technology
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Technology
8. Key Player Analysis
8.1 Bruce Power L.P
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 China General Nuclear Power Group
8.3 Exelon Corporation
8.4 GE Hitachi Nuclear Energy
8.5 Mitsubishi Heavy Industries Ltd
8.6 Nuclear Power Corporation of India Limited
8.8 Shanghai Electric Group Company Limited
8.9 Toshiba Corporation
8.10 Vattenfall AB
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures