Ottawa, June 21, 2023 (GLOBE NEWSWIRE) -- Nuclear fusion is a process done under a tremendous amount of energy by combining two atomic nuclei, which further releases massive amounts of energy. The global nuclear fusion market is an industry related to the deployment and utilization of nuclear fusion as an energy source. The concept of nuclear fusion has been pursued as a potentially clean energy source. Nuclear fusion does not create any greenhouse effect or radioactive waste.
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The global market of nuclear fusion revolves around multiple aspects such as research and development, fusion reactor construction, supply chain, power plants, energy generation, and infrastructure. The process of nuclear fusion is commercially used during the research and development process. On the commercial level, nuclear fusion reactors have the potential to generate electricity on a massive scale. Multiple governments, research institutes, and private companies invest in activities associated with such fusion technologies for different end results.
Regional snapshot:
Europe holds a significant share of the global nuclear fusion market; the region is expected to maintain its position throughout the forecast period. The region contains substantial investments in research and development activities associated with fusion technology. The region’s leading position in the market is attributed to the strong presence of ITER in France, which is focused on creating energy by investigating multiple fusion energy techniques. Numerous ongoing fusion research programs are a part of the region’s significant growth. Several European governments have strongly supported fusion research through various policies, incentives in research and development activities, and funding. Additionally, the position of Europe in the market is anticipated to be sustained due to multiple collaborations and other commercial activities along with the technological advancements that promote the potential of fusion power.
Europe Nuclear Fusion Market Revenue Share, 2030 (%)
| By Country | 2030 | |
| Germany | 22.4 | % |
| France | 31.3 | % |
| UK | 20.0 | % |
| Rest of Europe | 26.3 | % |
Asia Pacific is expected to witness the fastest growth rate during the forecast period. As several countries have started participating in research and development activities in Asia Pacific, the nuclear fusion market will emerge in the upcoming period in the region. Countries such as South Korea, Japan, and China have substantial government support and funding for such research activities. Japan has already shown its significant contribution towards advanced fusion concepts.
Moreover, international business collaboration with ITER (Europe) for technology transfer is observed as a growth factor for the market in Asia Pacific. Several countries in Asia Pacific have adopted national fusion programs that supplement the R&D activities for multi-function test fusion reactors (for example, Fusion Innovation Program, Japan); this element highlights the potential of the nuclear fusion market in Asia Pacific for the upcoming years.
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Report Highlights:
By fuels, the deuterium segment holds a significant share of the global nuclear fusion market. Deuterium is a naturally occurring isotope of hydrogen that can be extracted from seawater, while tritium can be produced by irradiating lithium inside a fusion reactor. D-T fuel has been the primary focus of research due to its relatively easier ignition conditions and potential for achieving self-sustaining fusion reactions.
Global Nuclear Fusion Market Revenue Share, By Fuel 2030 (%)
| By Fuel | 2030 | |
| Deuterium/tritium | 74.3 | % |
| Deuterium | 14.3 | % |
| Others | 11.4 | % |
By technology, the inertial confinement segment is expected to be the attractive segment of the market. The technology is utilized widely for compressing and heating up the small quantity of fusion fuel. The inertial confinement technology results in east dissembling process which makes it an ideal technology for nuclear fusion process.
Global Nuclear Fusion Market Revenue Share, By Technology 2030 (%)
| By Technology | 2030 | |
| Inertial Confinement | 27.1 | % |
| Magnetic Confinement | 72.9 | % |
Market dynamics:
Driver:
Rising demand for clean energy
The nuclear fusion technique has the capability to offer a limitless supply of clean energy, as it does not produce greenhouse emissions. As the focus on reducing carbon footprint and transition increases, the demand for clean energy sources is observed to grow. Nuclear fusion energy can help in reducing the dependence on traditional energy sources, such as oil and gas. By developing a reliable fusion power infrastructure, regions and countries are expected to achieve massive energy security by reducing their dependency on other countries for energy resources. Energy generation associated with nuclear fusion techniques promotes more reliability as compared to energy generation with solar or wind power. This element makes the fusion technique more liable for massive clean energy generation. As the demand for clean energy increases, the demand for nuclear fusion techniques will grow by acting as a market driver.
Restraint:
Technological limitations
Multiple limitations associated with the operations hamper the growth of the market. The nuclear fusion process takes place in a plasma state at a higher temperature; this plasma confinement is a complicated task that may face limitations in achieving stable and long-lasting confinement. The market still lacks technological advancements, while addressing such limitations requires interdisciplinary research methods along with well-mannered engineering. The research process requires significant investment in infrastructure and experiments, which is practically impossible for small-scale end-users.
Opportunity:
Technological innovation
Multiple innovations in technologies associated with the operations of fusion methods are observed to open opportunities for the market’s growth. Fusion experiments require sophisticated diagnostic tools and control systems to monitor and regulate plasma behavior. Technological advancements in diagnostics, such as high-resolution imaging, real-time data analysis, and feedback control algorithms, enhance researchers' ability to understand and optimize fusion processes. These innovations enable faster progress in fusion research and pave the way for future commercialization. Fusion reactors rely on controlling and confining high-temperature plasmas. Technological innovations in plasma physics, such as improved plasma stability and confinement techniques, are essential for achieving sustained fusion reactions. Breakthroughs in plasma physics contribute to the overall progress of fusion research and bring commercialization closer.
Challenge:
Availability of other energy sources as an alternative
The energy infrastructure across the globe is already well-established while utilizing conventional energy sources. Already established supply chain, distribution networks, and well-mannered operations of energy consumption make it difficult to adopt or transform into a totally new energy generation technique. Moreover, the cost competitiveness and market saturation create a major challenge for the adoption of nuclear fusion techniques. Considering these factors, the availability of other energy sources creates a challenge for the market of nuclear fusion to grow.
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Recent Developments
- In May 2023, Germany-based Proxima Fusion start up announced that it has raised $7.5 million fund in order to develop revolutionary fusion energy machine. With the funds raised, the company aims to deploy a new nuclear fusion device.
- In December 2022, researchers from National Ignition Facility at Lawrence Livermore National Laboratory, California announced that they have achieved fusion ignition, the new milestone here is the fusion procedure produced more energy than it consumed before the procedure.
Market Segmentation
By Technology
- Inertial Confinement
- Magnetic Confinement
By Fuels
- Deuterium/tritium
- Deuterium
- Deuterium, helium-3
- Proton Boron
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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