NEW YORK, April 23, 2018 (GLOBE NEWSWIRE) -- The global nuclear power market is projected to witness a CAGR of 8.9%, and is likely to reach USD 205.2 billion by 2024. Rise in the worldwide demand for clean energy , particularly from residential and industrial sectors, also the decreasing fossil fuel reserves and is expected to foster the market growth from 2018 to 2024. It has been observed that there is a clear demand for new generating capacity to replace old fossil fuels, especially the ones which emit lot of carbons in order to meet the demand of the consumers in the coming years. Nuclear energy being a low carbon alternative for conventional sources of energy such as coal and other fossil fuels has expanded its application across a wide range of industries. Increasing technological advancements with regard to power generation as well as decommissioning of nuclear facilities after the end of their life span has further actuated the market demand over the forecast period.
PWR segment was the largest owing to increasing installation rates across the world.
Nuclear reactors can be classified into two major types, namely, water-cooled reactors as well as gas-cooled reactors. Water-cooled reactors such as pressurized water reactors (PWR), boiler water reactors (BWR), and pressurized heavy water reactors (PHWR) have been witnessed to be in significant use. However, owing to the expanding installation rates along with their ease of operation, PWR segment dominated the market in 2017 and is anticipated to continue its dominance over the next seven years. As per the World Nuclear Association currently there are 450 nuclear power reactors under operation, and majority of which constitute of PWRs.
Nuclear Power Market - Regional insight
Europe region accounted for the largest share of the global industry on account of the presence of key nations such as France, Russia and Germany. Moreover, presence of stringent government regulations in the region so as to limit the carbon emissions has promoted growth in Europe. However, North America is anticipated to propel at a fastest CAGR over the forecast period due to the U.S. being a primary market with largest number of nuclear power reactors in the world.
The report segments nuclear power market on the basis of reactor type, application and region. To view a summary of this report, go to the link provided below: https://www.energiasmarketresearch.com/global-nuclear-power-market-outlook/
Key findings from the report:
- The global nuclear power market is likely to reach USD 205.2 billion by 2024
- Pressurized water reactor (PWR) segment accounted for the major share of the market in 2017, and the trend is expected to continue over the forecast period
- Electric power generation segment held the maximum share of the market in 2017
- North America is anticipated to witness the highest CAGR over the forecasted period, whereas, Europe held the major share of the market
- Some of the key companies operating in the industry include Studsvik AB, China General Nuclear Power Corporation, Bruce Power, Orano Group, GE Hitachi Nuclear Energy, CEZ, a. s., EDF Energy, Duke Energy Corporation, Magnox Ltd., Tokyo Electric Power Company, among others
- As of 2017, Duke Energy announced its plan to invest $30 million in the installation of North Carolina’s two largest energy storage systems as part of the company’s Western Carolinas Modernization Plan. This has been done in order to continue the company’s commitment towards building a smarter energy future
By Reactor 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
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World (ROW)
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