by Nuclear power involves harnessing the energy released during nuclear fission or nuclear fusion and using it to generate electricity or for other applications like propulsion of aircraft carriers and submarines. It uses the heat generated from nuclear fission in a reactor to produce steam that drives steam turbines which are connected to electric power generators. The main components of a nuclear power plant are the nuclear reactor with its nuclear fuel, control rods, pressure vessel; steam turbines connected to electric generators; condensers and cooling towers. Nuclear power is a zero-emission source of energy as it does not produce any hazardous gases like carbon dioxide during power generation. Its widespread adoption can help reduce dependence on fossil fuels and mitigate climate change.
The global Nuclear Power Market is estimated to be valued at US$399.09 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the nuclear power market is the increasing demand for clean energy across the globe. Nuclear power offers a low-carbon solution to meeting electricity needs while reducing dependence on fossil fuels. According to the International Energy Agency, nuclear energy production in 2021 avoided around 2 billion tonnes of carbon dioxide emissions annually. Also, nuclear power plants have a high capacity factor of over 90% and can operate uninterrupted for months, ensuring a stable supply of baseload electricity. However, rising construction costs and time overruns remain a major challenge for the industry. Stringent regulations around nuclear safety and waste disposal also increase financial burdens. Nevertheless, growing investments in small modular reactors that are cheaper to build and safer may provide new opportunities.
SWOT Analysis
Strength: Nuclear power generates electricity without carbon emissions, helping avoid the worst impacts of climate change. Nuclear plants can operate around the clock and on demand, providing a stable baseload source of power. The technology is mature and well-understood after decades of development and operation.
Weakness: Nuclear power requires significant upfront costs to build plants and their operations carry risks of accidents or issues with long-term nuclear waste storage. Public perception of risks associated with radiation accidents makes some hesitant about expanding nuclear power.
Opportunity: Many countries seek clean, stable sources of energy and nuclear power avoids the intermittency challenges of solar and wind. New small modular reactor designs promise lower costs and increased safety over traditional large plants. Advances in waste storage and fuel recycling could help address concerns over nuclear waste.
Threats: Competition from low cost natural gas and falling prices for renewable energy like solar and wind threatens the viability of new nuclear plants. Political and regulatory challenges from the nuclear industry’s critics could restrict expansion plans. Global concerns over nuclear weapons proliferation complicate international cooperation on civilian nuclear technology.
Key Takeaways
The Global Nuclear Power Market Demand is expected to witness high growth over the forecast period of 2023 to 2030, expanding at a CAGR of 7.4%. With a market size of US$ 399.09 GW in 2023, the market is projected to reach US$ 641.45 Mn by 2030 as countries prioritize clean, low-carbon energy sources.
Regional analysis comprises: North America currently dominates the nuclear power market, supported by the large nuclear fleet in the United States. However, the Asia Pacific region is expected to be the fastest growing market, led by significant planned nuclear capacity additions in China and India. Both regions are focusing on smaller modular reactor designs with improved economics compared to traditional large plants.
Key players
Key players operating in the nuclear power market are 3A Composites GmbH, Multi-Pak USA, Inc., Laird Plastics, United Industries Group, Inc., Acrylitec Displays, Ray Chung Acrylic Enterprise Co., Ltd., Mitsubishi Chemical Corporation, Plaskolite, LLC, Lucite International, and Evonik Industries AG. These companies are leading manufacturers of reactor components and fuel for nuclear plants worldwide. Companies are innovating materials and designs to improve safety and economics.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
