New York, United States, Aug. 21, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global nuclear power market size was valued at USD 34.43 billion in 2023. It is expected to reach from USD 35.49 billion in 2024 to USD 45.31 billion by 2032, growing at a CAGR of 3.10% over the forecast period (2024-2032).
Nuclear energy may produce power with reduced carbon emissions than fossil fuels. Nuclear power is one of the most dependable ways to generate electricity with zero carbon emissions. Additionally, it provides long-term security regarding electricity prices. The primary factor driving the anticipated significant increase in the worldwide nuclear power industry throughout the projected period is the acceptance of nuclear power plant development projects beginning in 2020. The main reasons propelling the nuclear power market are that there is a higher demand for energy than there is a supply, as well as increased knowledge of the advantages of clean energy and the depletion of fossil fuel supplies.
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Growing Need for Clean Energy Drives the Global Market
Nations worldwide have started to take action to minimize their carbon footprints due to the harm caused by the growth in carbon emissions. The Paris Agreement under the U.N. Framework Convention on Climate Change was signed to reduce carbon emissions in 2016. The agreement addresses adaptation, funding, and lowering greenhouse gas emissions. Global greenhouse gas (GHG) emissions must be drastically reduced to mitigate the dangerous effect of climate change. Given that the production of energy through fossil-based power plants accounts for a sizable amount of the net carbon emissions, it is projected that the demand for nuclear power plants will reduce the increase in carbon emissions.
Plants with Lifetime Extensions and Positive Policies Creates Tremendous Opportunities
Programs for long-term operation and senior management of nuclear power reactors are being implemented in many countries. Ensuring continued, secure, and sustainable operations supported by favorable policies in various countries helps to extend the reactor's lifespan beyond what it was initially meant for. The lifespan extension of nuclear power reactors has become standard among the Organization for Economic Co-operation and Development (OECD) members. When an operator applies for an extended operating license, they typically include technical developments, safety improvements, fuel performance and characteristics revisions, refueling schedules, and lead times.
Engineering analyses permitted most nuclear power reactors to continue operating after their initial 25–40 year anticipated lifespan. By the end of 2016, the NRC (Nuclear Regulatory Commission, United States) had renewed the licenses of over 85 reactors, extending their operational lives from 40 to 60 years. France's energy policy was modified to extend the projected phase-out of nuclear power as a portion of its electricity mix and to permit operating lifetime extensions of existing reactors beyond 40 years.
Regional Analysis
North America is the most significant revenue contributor and is anticipated to expand at a CAGR of 3.00% over the projection period. In North America, nuclear energy is a top priority. The U.S. and Canada are working on prolonging the lifespan of nuclear power plants while learning about the possibility of compact modular reactors. The United States operated the largest fleet of nuclear power reactors as of November 2021, with 93 units dispersed over roughly 30 states with a combined capacity of 95.5 GW. The United States is one of the major nuclear power producers in the world, generating more than 31% of all atomic energy in 2020. The country's nuclear reactors produced 790 TWh of electricity in 2020, just 2.3% less than they did in 2019.
One of Europe's significant contributors to the energy mix in 2020 was nuclear energy, which accounted for almost 22% of the total. However, the governments of certain large countries, including those of Germany, France, Spain, and others, plan to decommission some of their nuclear power reactors in the future. In operation, nuclear power plants typically last 30 to 40 years. Most of the reactors in Europe were built in the 1960s and 1970s, making them near this age and needing upgrades and life extensions. As a result, a drop in the addition of new capacity is projected in the European nuclear power market. Furthermore, it is launched that problems like water scarcity and investments in renewable energy will restrict the business.
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Key Highlights
- The global nuclear power market size was valued at USD 34.43 billion in 2023. It is expected to reach from USD 35.49 billion in 2024 to USD 45.31 billion by 2032, growing at a CAGR of 3.10% over the forecast period (2024-32).
- Based on application, the global nuclear power market is bifurcated into energy, defense, and others. The energy segment is the major contributor to the market and is estimated to boost at a CAGR of 2.90% during the forecast period.
- Based on reactor type, the market is bifurcated into pressurized water reactors and pressurized heavy water reactors, boiling water reactors, and others. The pressurized water reactor (PWR) segment is the major contributor to the market and is estimated to boost at a CAGR of 3.05% during the forecast period.
- North America is the major contributor and is expected to grow at a CAGR of 3.00% during the forecast period.
Competitive Players
- BHP Billiton
- Paladin Energy
- Bulgarian Energy Holding
- Electrabel
- Electronuclear
- Uranium One
- Bruce Power
- New Brunswick Power
- China Guangdong Nuclear Power Group
- Fortum
- Areva
- EDF
- Nukem Energy GmbH
- PreussenElektra GmbH
- Dominion Resources
- RWE AG
- Nuclear Power Corporation of India
- Ansaldo Energia
- Enel
- Tokyo Electric Power Company Inc.
- Rosatom
- Heathgate Resources
- Eskom
- Vattenfall
- NRG Energy
- Korea Electric Power Corporation
Recent Developments
- June 2024 - The state-owned nuclear enterprises Energoatom of Ukraine and the energy behemoth EDF of France agreed to collaborate on nuclear projects. The research of Nuward's small modular reactor technology and EDF's gigawatt-scale European pressurized reactor, as well as the "exchange of experience in the operation of nuclear power plants, maintenance of safety, reliability, and efficiency of reactors," are covered by the agreement.
- June 2024 - According to the New York Times, the co-founder of Microsoft is thrilled about TerraPower, a nuclear power startup developing a novel kind of reactor that is more compact and maybe put together more quickly than conventional nuclear power plants.
Segmentation
- By Applications
-
- Energy
- Defense
- Others
- By Reactor Type
-
- Pressurized Water Reactor and Pressurized Heavy Water Reactor
- Boiling Water Reactor
- High-temperature Gas-cooled Reactor
- Liquid Metal Fast Breeder Reactor
- Other Reactor Types
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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