Delray Beach, FL, Jan. 17, 2025 (GLOBE NEWSWIRE) -- The global Nuclear Power Market size is expected to grow from USD 38.84 billion in 2024 to USD 44.71 billion by 2029, at a CAGR of 2.9% according to a new report by MarketsandMarkets™. Nuclear power is produced through the energy released during nuclear fission. In nuclear power plants, electricity is generated by harnessing this process, where heavy atoms such as uranium-235 split when struck by a neutron. This splitting trigger a chain reaction, releasing more neutrons and significant heat. The heat is then used to produce steam, which drives turbines connected to generators, ultimately producing electricity.
The major factors driving the market growth of the nuclear power market include various driving factors such as many governments view nuclear power as a strategic constituent of their energy policy, and provide subsidies, tax incentives, or direct investment to build up nuclear projects. For example, some countries like China, Russia, and France have long-term plans to expand their nuclear power capacity. In addition, governments also set regulatory frameworks that ensure the safe development of nuclear energy. Similarly, Volatile and rising prices of fossil fuels such as oil, gas, and coal also make nuclear energy even more appealing as a cost-competitive alternative. Since fuel is needed in only small amounts in nuclear plants, uranium price volatility does not significantly affect the general energy costs.
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Nuclear Power Market Scope:
| Report Coverage | Details |
| Market Size | USD 44.71 Billion by 2029 |
| Growth Rate | 2.9% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Nuclear Power Market by type, capacity, connectivity, plant lifecycle stages, capacity application, and region. |
| Geographies Covered | Americas, Europe, Asia Pacific, and Middle East & Africa. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Significant focus on modernizing energy infrastructure |
| Key Market Drivers | Escalating demand for clean energy |
Power Generation is expected to be the largest segment in the nuclear power market during the forecast period
Power generation application is expected to account largest market share during the forecast period. Nuclear power plants produce enormous amounts of electricity uninterruptedly and thus are the choice option for increased energy production based on increasing urbanization, industrialization, and technological development. Their baseload capability to produce stability and reliability in power is essential, especially in emerging economies where electricity consumption keeps rising. Since the energy generation from wind and sun is intermittent, a high output by nuclear power ensures constant energy generation while reducing dependence on fossil fuel as energy needs expand more globally.
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Nuclear Power Market Dynamics:
Drivers:
- Escalating demand for clean energy
- Increasing nuclear power projects
- Surging adoption of SMR technology
Restraints:
- Requirement for high initial investment
- Nuclear waste management concerns
Opportunities:
- Significant focus on modernizing energy infrastructure
- Strengthening global partnerships to advance nuclear power
Challenges:
- Complex decommissioning process and high cost of modification
- Risks associated with nuclear proliferation
- Safety issues in nuclear power plants
Asia Pacific is expected to be the largest region in the Nuclear Power Industry
The Asia Pacific region is a significant factor for the nuclear power market due to rapid industrialization, energy demand increase, and government initiatives under the goals of decarbonization. Among the countries, China, India, and South Korea have been leaders by investing massive amounts in developing new nuclear plants and advanced reactor technologies. China is dominant in terms of the ambitious energy strategy and large-scale reactor deployment. Furthermore, supportive policies and technological innovations foster growth. The region's push toward reducing greenhouse gas emissions, combined with factors such as urbanization and economic growth, promotes the adoption of nuclear power and makes the Asia-Pacific region the world's largest-growing nuclear energy market.
Key Market Players:
Some of the major players in the Nuclear Power Companies are The State Atomic Energy Corporation ROSATOM (Russia), EDF (France), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), AtkinsRéalis (Canada), Westinghouse Electric Company LLC. (US), Rolls-Royce plc (UK), NuScale Power, LLC. (US), China National Nuclear Corporation (China), Holtec International (US), ULTRA SAFE NUCLEAR (US), and Seaborg Technologies (Denmark).
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