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Los Angeles, May 18, 2023 (GLOBE NEWSWIRE) -- The primary driver of the nuclear power market is the growing trend towards sustainable solutions and reducing the impact of carbon emissions on the environment. In addition, there is an increasing awareness of the benefits of nuclear power among consumers, which is complemented by supportive initiatives and policies implemented by the government. These factors are expected to contribute significantly to the growth of the nuclear power market in the forecast period.
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Nuclear power is a type of energy that is generated by splitting the nucleus of an atom in a process called nuclear fission. This process releases a large amount of energy, which can be harnessed to produce electricity. The industry is expected to continue to grow in the coming years, driven by increasing demand for electricity, concerns about climate change and the need to reduce greenhouse gas emissions, and the growing popularity of nuclear power as a low-carbon alternative to fossil fuels.
Further, many governments around the world have policies and regulations in place that encourage investment and development in the nuclear power industry. For example, some governments offer subsidies or tax incentives for nuclear power projects, while others provide loan guarantees or other forms of financial support. This support can help reduce the risks associated with investing in nuclear power and can encourage the development of new projects. Also, advances in reactor design, materials, and safety systems have improved the efficiency, safety, and cost-effectiveness of nuclear power plants. These advancements have made nuclear power more attractive to investors and consumers, as they can help reduce the cost and risk of building and operating nuclear power plants.
North America held the largest revenue share of 39% in 2022. To encourage the adoption of nuclear power solutions, the region's government is providing a variety of incentives, including tax credits and funding for research in the reactors used in nuclear power generation . Concerned about the effects of climate change and energy security, the region is attempting to reduce its reliance on fossil fuels and increase its use of nuclear energy for generating electricity. Almost 19.6% of the electricity in the US was produced by nuclear power in 2021. The government in the region is also focusing on development of advanced reactor systems to meet future energy needs.
Asia Pacific is expected to register a rapid CAGR during the forecast period. The increasing population and urbanization is expected to increase the demand for energy in the region. This is driving up investment in new energy infrastructure, such as nuclear power solutions. Furthermore, the rapidly growing middle-class population is also expected to increase the energy demand and further opening new opportunities for nuclear power solutions.
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Scope of this report
| Coverage || Details |
| Market Demand in 2032 || 511.25 giga-watt |
| CAGR || 1.45% || |
| North America || 39% in 2022 |
| Key Players || GE Hitachi Nuclear Energy, Westinghouse Electric Company LLC, China National Nuclear Corporation, Electricite de France, Cameco Corp., Nuscale Power, Rosatom, Energy Harbor Nuclear Generation LLC, Centrus Energy, Orano SA, Constellation Energy Corporation, Korea Hydro & Nuclear Power Co., Ltd., FirstEnergy Corp., Engie SA, and Others |
By Reactor Type , the boiling water reactors (BWRs) segment is like to grow at a considerable CAGR during the forecast period in the global nuclear power market. This is owing to the benefits that come along with the use of it. BWRs can reduce the possibility of fire and have cheaper building costs as well. The BWR has improved in terms of economy and safety with each version. The BWR's more simplified designs results in lower capital costs for plants, materials costs, and operation and maintenance expenses. Consequently, the demand for BWR is likely to increase in the years to come. By Application , the energy segment held the largest share in the global nuclear power market. This is owing to the increasing demand for energy specifically from populated and developing economies like India and China. Furthermore, the increasing concerns about climate change and shift towards reducing carbon emissions is also likely to support the segmental growth of the market.
Rising Environmental Concerns
The leading contributor to climate change is the emission of greenhouse gases. Failure to significantly reduce these emissions by the end of the current century could result in global warming exceeding 2°C and possibly reaching 5°C compared to pre-industrial levels. The European Union has set ambitious targets to limit global warming to a maximum of 2°C and has intensified its efforts since the adoption of the Paris Agreement. The EU aims to reduce emissions by 40% by 2030, compared to 1990 levels, and strives for a carbon-neutral Europe by 2050. Nuclear power has emerged as a low-carbon energy source that has helped to reduce CO2 emissions significantly. Nuclear power has cut world CO2 emissions by approximately 74Gt over the last 50 years, or nearly two years' worth of the overall global energy-related emissions. It also cleans the air by eliminating thousands of tonnes of dangerous air pollutants per year, which contribute to acid rain, lung cancer, smog, and cardiovascular disease. Nuclear energy, despite delivering large volumes of carbon-free power, produces more electricity on less area than any other clean-air source.
Nuclear fuel is also quite dense. It is around one million times more than that of other traditional energy sources, and as a result, the amount of wasted nuclear fuel is not as large as you may believe. All of the spent nuclear fuel generated by the nuclear energy industry over the previous 60 years could fit on a football pitch at a depth of less than 10 yards! That garbage can also be recycled and reprocessed. Thus, nuclear power has emerged as a solution to the growing environmental concerns.
Increasing Government Support and Initiatives
The rising government support and initiatives are expected to augment the growth of the nuclear power market during the forecast period. For instance, in June 2022, President Biden announced another step forward in the United States' commitment to sustainable energy. The US will provide $14 million to a Front-End Engineering and Design (FEED) research that will serve as the foundation for the construction and operation of a small modular reactor (SMR) power plant in Romania. It was also announced that this research will deploy an SMR in Romania in collaboration with the United States-based NuScale Power LLC. Also, the British government in April 2022 announced that a new government organization called Great British Nuclear will be established to advance new projects backed by significant funding, and will introduce the US $144.31 million (£120 million) Future Nuclear Enabling Fund. This decade, it is intended to move a number of projects forward as quickly as possible, including Wylfa site in Anglesey. This might mean accelerating nuclear in Britain by providing up to 8 reactors or one reactor each year rather than one every ten years. Thus, these initiatives are likely to provide growth opportunities for the market in the near future.
Ag e ing Nuclear Fleet
Despite increased capacity in developing economies, the average age of the world's reactor fleet has been rising due to a substantial slowdown in the rate of commissioning of nuclear reactors in developed economies in recent years. However, the majority of nuclear power reactors in developed economies today were built in the 1970s and 1980s. Due to the big construction wave in the 1970s and 1980s, as well as the slower rate of construction in subsequent years, the world's nuclear fleet is ageing.
The average age of nuclear capacity worldwide is 32 years. It is 35 years in advanced economies. Outside of Japan and Korea, approximately 90% of advanced economies' nuclear reactors are more than 30 years old. In developing economies, the average age is only 25 years. With the exception of Russia, the majority of reactors in those growing economies are less than 20 years old. In addition, older factories begin to close in advanced economies, partly due to phase-out programs, but also due to market circumstances and regulatory hurdles. Due to ageing, capacity is expected to fall as retirements catch up with fleet ageing: approximately a quarter of capacity is expected to be shut down by 2025. Consequently, this is likely to limit the growth of the market in the years to come.
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In March 2023, GE Hitachi Nuclear Energy (GEH) proclaimed that its BWRX-300 small modular reactor (SMR) has completed the phase one and two of the Canadian Nuclear Safety Commission's (CNSC) Vendor Design Review (VDR) process, marking an important pre-licensing milestone in Canada. In March 2023, Indonesia and the United States formed a strategic alliance to promote Indonesia's interest in installing small modular reactor (SMR) technology to satisfy its climate goals and energy security.
By Reactor Type
Pressurized Water Reactors (PWRs) Boiling Water Reactors (BWRs) Pressurized Heavy Water Reactors (PHWRs) Others
By Reactor Size
Large Reactors Small Modular Reactors (SMRs)
Energy Hydrogen Production
North America Europe Asia-Pacific Latin America Middle East and Africa
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