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Fusion Energy Market
Fusion Energy Market Forecasts To 2040 Regional Development, Trends, Strategy, and Profitability Analysis.
The leading application of the market is power generation.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, April 5, 2024 /EINPresswire / -- The fusion energy market is gaining worldwide attention from private billionaires to governments and institutions. The investments are pouring in for research and development activities and for conducting experiments. However, the market is in the nascent stage, and many executives advocating fusion energy as future of power generation are claiming to have the process ready by end of this decade. The market is being encouraged owing to support from the government as well which is in continuous pursuit of finding clean energy sources with little to no carbon emissions. The fusion energy market is estimated to be $429.6 billion in 2030 and is projected to reach $840.3 billion by 2040, growing at a CAGR of 7.1% from 2031 to 2040.
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The fusion reaction can occur when two or more light nuclei fuse together. It can be achieved in gaseous form, where gases are heated at very high temperature. At high temperature, the nucleus separates from its atoms. The two atoms must overcome electrostatic repulsion. The heating causes atom to become an ion and free its electrons and this ionization can only be achieved after they are subjected to high kinetic energy in form of heat. The cloud of ions and loose electrons known as plasma are magnetic in nature and thus can be controlled. There are different technologies on which the fusion energy generation experiments are being done such as magnetic confinement, inertial confinement, magneto-inertial, electrostatic hybrid, and Muon catalyzed fusion. Most worked on technologies are inertial and magnetic confinement.
The fusion reaction requires fuels that are abundantly available on Earth which are light element isotopes specifically of hydrogen. They are deuterium/tritium, deuterium, deuterium, helium-3, and proton boron. This fuel can be derived from water and lithium which are available in huge quantities. A few grams of deuterium and tritium can create terajoules of energy which is huge compared to what is produced at present.
The initial cost of building the fusion reactor plant or system is high. The capital investments that will be required to produce fuel, eliminate radioactive waste, and maintenance will be high. The high cost for the same is projected to lower once the process is established and fully functional. Electric generation in nuclear reactors is more economical than that of gas, oil, and coal plants, and we can state that it is a cost-competitive source of energy.
Nuclear power plants emit only negligible volumes of carbon dioxide into the atmosphere, and their nuclear fuel chain reaction does return radioactive wastes. The radioactive waste made with fusion is not the same as the fission reaction. the vessel wall is the only part that the high-energy neutrons will bombard. The activated materials need to be stored carefully for centuries which will only add to maintenance costs. The aforementioned reason discourages the fusion energy market growth.
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Deuterium alone is used as fuel and also for creating fusion energy where deuterium-deuterium (d-d) fuse. It requires a temperature of around 400-500 million degrees Celsius. When deuterium fuses with deuterium and forms helium-4 and thus the reaction produces lots of energy. The energy produced from deuterium atoms fuses. This fuel is considered as a highly potential fuel for a fusion reactor, a gallon of seawater could produce as much energy as 300 gallons of gasoline. However, the energy produced is relatively lower, and thus the combination with other nuclei is preferred over d-d fusion.
The ITER laboratory situated in France is set to conduct a series of experiments that will further Europe's position in the market. Furthermore, new entrants in the market are majorly from Europe and are capable of securing funding. This acts as a driving factor for the fusion energy market growth in the region.
The fusion energy market analysis is done based on technology, fuel, and region. By technology, the market is divided into inertial confinement and magnetic confinement. Depending on fuel, the market is divided into deuterium/tritium, deuterium, deuterium-helium 3, and proton boron. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
Competitive Analysis:
The Fusion Energy industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Fusion Energy market include,
Zap Energy Inc.
General Fusion
Commonwealth Fusion Systems
Hyperjet Fusion Corporation
Lockheed Martin Corporation
Helion Energy Inc.
TAE Technologies, Inc.
Marvel Fusion
Kyoto Fusioneering Ltd.
Agni Fusion Energy
First Light Fusion
Renaissance Fusion
Tokamak Energy Ltd.
HB11 Energy Holdings Pty Ltd
By technology, the magnetic confinement approach towards producing fusion energy will dominate the experiment and is expected to grow during the fusion energy market forecast period. This is because magnetic fields are ideal for confining a plasma because the separated ions and electrons follow the magnetic field lines due to their electrical charges.
By fuel, deuterium dominated the market and is expected to grow at an even higher pace. This can be attributed to the fact that it can be extracted cheaply from seawater and the total amount of deuterium present in one liter of water is capable of producing enough energy that equals to the combustion energy from 300 liters of oil.
By region, North America is expected to dominate the market, however, Europe is projected to grow during the projection period owing to increased activities, experiments, new entrants, and series funding in the region for fusion energy market opportunities.
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Key findings of the study:
- Magnetic confinement is projected to grow at the highest CAGR of approximately 7.2%, in terms of revenue, during the fusion energy market forecast period
- Deuterium/tritium fuel is projected to grow at a CAGR of 7.2% over the projection period
- The North America region is expected to dominate the fusion energy market share by over 66.7% in 2030
- A comprehensive analysis of the factors that drive and restrain the fusion energy market growth is provided.
- The qualitative data in this report aims at the fusion energy market trends and developments in the industry
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