Market Overview:
Nuclear Power Market Size Was Valued at USD 80.55 Billion in 2022, and is Projected to Reach USD 211.12 Billion by 2030, Growing at a CAGR of 12.8% From 2023-2030.
Nuclear poweris the use of nuclear reactions to produce electricity. Nuclear power can be obtained from nuclear fission, nuclear decay, and nuclear fusion reactions. Presently, the vast majority of electricity from nuclear power is produced by nuclear fission of uranium and plutonium in nuclear power plants. Nuclear decay processes are used in niche applications such as radioisotope thermoelectric generators in some space probes such as Voyager 2. Generating electricity from fusion power remains the focus of international research. Most nuclear power plants use thermal reactors with enriched uranium in a once-through fuel cycle. Fuel is removed when the percentage of neutron-absorbing atoms becomes so large that a chain reaction can no longer be sustained, typically for three years. It is then cooled for several years in on-site spent fuel pools before being transferred to long-term storage.
Top Key Players Covered In The Nuclear Power Market:
- China National Nuclear Cooperation (CNNC) (China)
- Larsen and Toubro (L&T) (India)
- Westinghouse Electric Company (US)
- Atomic Energy of Canada (Canada)
- Bharat Heavy Electricals (India)
- GE Hitachi (Japan)
- KEPCO (South Korea)
- Mitsubishi Heavy Industries (Japan)
- Bruce Power (Canada)
- CEZ Group (Czechia), and Other Major Players.
Market Dynamics and Factors:
Increasing energy demand and the production of clean electricity are expected to enhance the market outlook. Various nations across the globe are looking for efficient and clean ways, such as nuclear power stations, to overcome the energy demand that is fueling the market growth. During the forecast period, several nuclear power plants are planned to be installed in various countries to minimize dependency on fossil-fueled power generation and reduce carbon emissions. During the forecast period, the growth of the market being studied is expected to be dominated by upcoming nuclear power projects for electricity.
The unrepeatable and substantial usage of major equipment such as boiling water reactors (BWR), pressurized water reactors (PWR), and Canada Deuterium Uranium (CANDU) reactors in nuclear plants is predicted to offer ample opportunities for market players. As nuclear reactors are majorly powered by fuel assemblies, they can be a profit-making addition to the portfolio of nuclear power plant equipment manufacturers. With the increase in fuel assemblies, the demand for fuel rods is expected to rise substantially. Japan’s Fukushima Daiichi nuclear disaster has created negativity related to the employment of nuclear energy, thus making the adoption and commission of nuclear plants a bit difficult. Despite the pessimistic notions related to the disaster, there are permissible opportunities anticipated to grow on the back of the decommissioning of the old nuclear plants.
Nuclear Power Market Report Highlight:
- By Type, the Pressurized Water Reactor (PWR) segment is anticipated to lead the growth of the Nuclear Power market in the forecasted timeframe. The growth is majorly attributed to the rising number of projects and increasing investments related to pressurized water reactors. Also, PWR has stability at high temperatures, which makes them easy to operate the reactors from a stability standpoint.
- By Application, the Electric Power Generation segment is expected to have the highest share of the Nuclear Power market over the projected period. The purpose of a nuclear power plant is not to produce or release “Nuclear Power.” The purpose of a nuclear power plant is to produce electricity. The rising demand for electricity worldwide is dominating the Nuclear power market during the forecast period.
- The Asia-Pacific region is expected to have the highest share of the Nuclear Power market over the projected period. This is attributed to the rapid increase in the demand for power in this region. Furthermore, power shortages and chronic smog in countries such as India and China, are attributed to the growth of clean energy such as nuclear energy.
Key Industry Development:
- In October 2023, NuScale Power secures a landmark contract to supply reactor internals for the VOYAGER small modular reactor (SMR) demonstration project, heralding a significant leap forward in nuclear energy innovation. This collaboration marks a pivotal moment in advancing SMR technology, showcasing its potential to revolutionize global energy production with enhanced safety, efficiency, and adaptability.
- In November 2023, GE Hitachi Nuclear Energy Breaking ground in nuclear innovation, the unveiling of the BWRX-300 SMR design marks a watershed moment in the realm of boiling water reactors. This next-generation design boasts unparalleled safety enhancements and streamlined construction methods, positioning it as a frontrunner in the evolution of nuclear power technology, promising safer and more efficient energy production for the future.
Nuclear Power Market Segmentation:
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
For this report, Introspective Market Research has segmented the Nuclear Power Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
