WELLESLEY, Mass., Sept. 12, 2018 (GLOBE NEWSWIRE) -- Global expansion of the nuclear electric power generation market is expected through 2023, according to a new BCC Research report. With many developing and underdeveloped economies taking steps to provide stable access to electricity, the nuclear electric power generation market is expected to grow at a compound annual growth rate (CAGR) of 3.8% to nearly $156.2 billion by 2023.
The report Nuclear Electric Power Generation: Global Markets to 2023 focuses on market growth as a result of nuclear electric products, such as Pressurized Water Reactors (PWR), Fast Breeder Reactor (FBR), Pressurized Heavy-Water Reactor (PHWR), Boiling Water Reactor (BWR), Light Water Graphite Reactor (LWGR) and Gas-Cooled Reactor (GCR).
Major players in the market include: EDF Group, Exelon Corp., Duke Energy Corp., Enel SpA, NextEra Energy, Inc. and others.
Research Highlights
- Pressurized Water Reactors (PWR) accounted for the largest share of the nuclear electric power generation market in 2018 at $92.0 billion. The highest growth is projected to come from PWR, which is forecasted to grow at a CAGR of 4.4%.
- North America is the largest nuclear electric power generation market, accounting for 41% of the global market.
- The U.S. is the largest market in terms of value and in the nuclear electric power generation. China and India are forecasted to have the fastest growth, growing at a CAGR of 14.0% and 6.3%, respectively.
“The nuclear fuel power generation market is expected to benefit from a rise in energy demand, especially from developing countries such as China and India,” the report notes. “Economic development in these countries is giving manufacturing activity a boost, thereby increasing the demand for electricity. For instance, in 2017, global demand for energy increased by 2.1%, more than twice the rate in 2016. China and India accounted for more than 40% of this rise in energy demand.”
Economic expansion and technological advances, such as advanced small modular reactors and 3D printing of nuclear parts, are also expected to drive the market.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.