Energy Segment is Expected to Dominate the Global Nuclear Energy Market.
The
global population is growing, and economies are developing, which is leading to
increasing demand for energy. Nuclear energy can provide a reliable and low-carbon
source of baseload power to meet this growing demand.
According
to TechSci Research report, “Global Nuclear Energy Market - By Country,
Competition, Forecast & Opportunities, 2028”. The Global Nuclear Energy is anticipated to project
robust growth in the forecast period with a CAGR of 3.6% through 2028. Increasing energy demand
and the production of clean electricity are expected to enhance the market
outlook. Various nations across the globe are looking for efficient and clean
ways, such as nuclear power stations, to overcome the energy demand that is
fueling the market growth. For instance, in October 2021, Abu Dhabi National
Oil Co. (ADNOC) announced the utilization of solar and nuclear energy to
completely power its operations, declaring a supply contract with Emirates
Water and Electricity Co. for clean electricity supply. ADNOC’s grid power will
meet up to 100 % of its power requirements from nuclear and solar after the
contract. After the agreement, ADNOC will become the first prime oil and gas
company to decarbonize its power, according to the firm, and also claims to
pump some of the least carbon-intensive crudes globally. Furthermore, according
to a target by World Nuclear Association (WNA), 25% of the global electricity
is to be provided by nuclear energy by 2050. This requires around 1000 GW of
new nuclear capacity to be established, creating ample opportunities for major
players.
These
new technologies could make Nuclear Energy more competitive with other forms of
energy. Nuclear Energy is used not only to generate electricity, but also for a
variety of other applications, such as nuclear medicine, materials research,
and food irradiation. The demand for these applications is growing, which is
also helping to drive the Nuclear Energy market. The Nuclear Energy market is
facing a number of challenges, such as high upfront costs, long construction
times, and safety concerns. However, the drivers listed above are expected to
outweigh these challenges and lead to significant growth in the Nuclear Energy market
in the coming years. The Nuclear Energy market is expected to grow
significantly in the coming years, driven by a number of factors, including
increasing global energy demand, rising concerns about climate change, the need
to reduce reliance on fossil fuels, government support, and the development of
new reactor technologies. The Nuclear Energy industry is working to overcome
the challenges it faces, and if these challenges can be overcome, Nuclear
Energy can play a major role in meeting the world's growing energy needs and
reducing greenhouse gas emissions.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on " Global Nuclear Energy Market.”
Based
on the equipment type, the market is primarily bifurcated into the island
equipment and auxiliary equipment segments. The island equipment segment
dominates the market and is projected to hold a significant share in the
market, owing to its significant role in operation safety and has various
applications in a nuclear power plant. Besides, island equipment is
cost-effective as compared to auxiliary equipment. According to National
Renewable Energy Laboratory (NREL), island equipment holds around 12.6% of the
total capital cost of a nuclear power plant.The auxiliary equipment segment is
expected to grow at a significant rate during the forecast period. The growth
is attributed to the feature of auxiliary equipment to ensure reliability, as
the safety of nuclear power plants is rising significantly. In addition, they
ensure the radiation protection of power plants, safety nuclear power plant
systems, and special water purification systems of nuclear plants.
Based
on the reactor type, the global nuclear power equipment market is segmented
into Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), Pressurized
Heavy Water Reactor (PHWR), and others. The PWR segment dominates the market
and is estimated to hold a major market share. The growth is majorly attributed
to the rising number of projects and increasing investments related to
pressurized water reactors. Also, PWR has stability at high temperatures, which
makes them easy to operate the reactors from the stability standpoint.
According to IAEA 2021 statistics, there are 442 operational reactors across
the globe, of which 302 are PWR with a capacity of 287 GWe. The U.S. has 63
PWRs, followed by France and China with 56 and 47 respectively.
Key
market players in the Global Nuclear Energy Market are following:-
- Exelon Corporation
- EDF (Électricité de France)
- Rosatom
- Toshiba
- Westinghouse Electric Company
- China National Nuclear Corporation
(CNNC)
- AREVA (now Orano)
- Korea Electric Power Corporation (KEPCO)
- Hitachi-GE Nuclear Energy
- Nuclear Power Corporation of India
Limited (NPCIL)
Download Free
Sample Report
Customers can also request for 10% free customization on
this report.
“The
unrepeatable and substantial usage of major equipment such as boiling water
reactors (BWR), pressurized water reactors (PWR), and Canada Deuterium Uranium
(CANDU) reactors in nuclear plants is predicted to offer ample opportunities
for market players. As nuclear reactors are majorly powered by fuel assemblies,
they can be a profit-making addition to the portfolio of Nuclear Energy manufacturers.
With the increase in fuel assemblies, the demand for fuel rods is expected to
rise substantially. Japan’s Fukushima Daiichi nuclear disaster has created
negativity related to the employment of nuclear energy, thus making the
adoption and commission of nuclear plants a bit difficult. Despite the
pessimistic notions related to the disaster, there are permissible opportunities
anticipated to grow on the back of the decommissioning of the old nuclear
plants.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management
consulting firm.
Nuclear Energy Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented By Type (Single-phase hybrid, Three-phase hybrid), By
End User (Residential, Commercial, Others), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Nuclear Energy Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Nuclear Energy Market.
Contact
Mr.
Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com