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| Global Nuclear Power Market |
The global Nuclear Power Market is estimated to be valued at US$ 389.68 GW in 2023 and is expected
to exhibit a CAGR of 1.2% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Nuclear power is a low-carbon energy source which generates electricity through
the process of nuclear fission. Nuclear power plants use uranium as fuel and
generate electricity through heat production without directly emitting carbon
dioxide and other air pollutants. Nuclear power provides baseload electricity
which is reliable, economic and emissions-free. It is regarded as a viable
alternative to fossil fuels for large-scale electricity generation. The use of
nuclear power reduces dependence on imported fossil fuels and provides energy
security to nations.
Market key trends:
One of the key trends in the nuclear power market is small modular reactors
(SMRs). SMRs are designed to be smaller in size with shorter construction time
as compared to traditional nuclear power plants. They are more flexible and can
be deployed to supply energy to smaller electric grids or remote locations not
connected to larger transmission networks. SMRs can be manufactured in
factories and transported to sites for deployment, thereby reducing
construction costs and risks. Their compact size makes SMRs suitable for
non-electric applications such as district heating and desalination as well.
Various countries including U.S., Canada, China and Russia are investing in SMR
development to commercialize this innovative technology.
Porter’s Analysis
Threat of new entrants: The nuclear power industry requires massive capital
investments and strict regulatory approvals for establishing new plants. This
poses significant barriers for new companies.
Bargaining power of buyers: Utilities that purchase nuclear energy have some
bargaining power due to the large supply of energy options available. However,
nuclear energy provides a reliable baseload power.
Bargaining power of suppliers: A small number of companies dominate the nuclear
fuel, plant construction, and maintenance services markets. This gives them
significant influence over prices in the supply chain.
Threat of new substitutes: Renewable energy is increasingly becoming a economic
substitute for nuclear power. However, nuclear energy still provides
dispatchable clean energy needed to meet demand.
Competitive rivalry: Significant capital requirements, long planning and
development periods, and regulatory barriers reduce direct competition between
nuclear plant developers and operators.
Key Takeaways
The Global
Nuclear Power Market is expected to witness high growth, exhibiting CAGR of 1.2% over the forecast period,
due to increasing demand for clean and reliable baseload power. The market was
valued at 389.68 GW in 2021.
Regional analysis: North America dominated the global nuclear power market in
2021 and is expected to retain its position throughout the forecast period,
driven by investments to extend the lifespan of existing nuclear reactors in
the US. Asia Pacific is expected to be the fastest growing regional market, led
by new plant constructions underway in China, India and South Korea.
Key players: Key players operating in the nuclear power market include
GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, STP Nuclear
Operating Company, SKODA JS AS, China National Nuclear Corporation, Bilfinger
SE, BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd,
Mitsubishi Heavy Industries Ltd, Bechtel Group Inc., Japan Atomic Power Co.,
and Rosatom Corp. Major players are focusing on new plant developments and
technology innovation to remain competitive.
Read More: https://www.trendingwebwire.com/global-nuclear-power-market-is-estimated-to-witness-high-growth/