New York, June 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nuclear Power Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06241305/?utm_source=GNW
Nuclear power operators around the world sustained reliable nuclear power plant (NPP) operation during the COVID-19 pandemic, according to International Atomic Energy Agency (IAEA). Factors such as the ability of nuclear energy to generate electricity with lower carbon emissions, as compared to that of fossil fuels has been driving the growth of market studied. Moreover, nuclear power generation is among one of the most reliable ways of generating electricity along with reduced carbon emission. Additionally, it provides long term certainty over electricity costs. However, the high initial cost of setting up of nuclear power plant along with the availability of alternative power generation sources such as renewable energy is likely to restrain the growth of the market during the forecast period.
Key Highlights
Energy segment has dominated the market in the past and is expected to do the same during the forecast period.
Nations across the world are researching and developing the generation IV nuclear energy technologies to promote to promote safety, technical, economical, and environmental advancements in Nuclear energy. This in turn, is likey to create several opportunities for the market in the future.
Asia Pacific is expected to witness significant growth in the nuclear power market during the forecast period, owing to the significnt share of nuclear energy majorly in China and India.
Key Market Trends
Energy Segmet Expected to Dominate the Market
Nuclear energy is the energy released from the nucleus or the core of an atom made up of protons and neutrons. Nuclear energy can be produced either in nuclear fission (when the nuclei of atoms split into several parts) or by fusion (when nuclei fuse together). In today’s world, nuclear fission is used to produce electricity, while nuclear fusion technology to produce power is at the Research and Development (R&D) phase.?
The growing population and the economy, coupled with rapid urbanization globally, are expected to increase energy demand significantly in the coming years. The global primary energy demand in 2020 reached more than 556 exajoules witnessing a 10% compared to about 505 exajoules in 2010. According to the International Energy Agency (IEA), global energy needs are expected to rise by 26% by 2050. The global electricity demand is likely to almost double due to emerging and developing economies.?
As of October 2021, about 441 commercial nuclear power plants were operating across 32 countries. The United States accounts for the largest nuclear electricity generation capacity and generates more nuclear electricity than any other country. France, with the second-largest nuclear electricity generation capacity.?
Several countries have plans to invest in nuclear power plants in the coming years. For instance, in November 2021, China has announced that it is planning to build at least 150 new reactors in the next 15 years, which is more than the rest of the world has made in the last 35 years. The country’s move also comes when it has been experiencing power shortages and blackouts, leading to Beijing’s unprecedented decision. The cost of the new nuclear ambition of China has been estimated to be around USD 440 billion. Earlier, the China General Nuclear Power Corporation announced that it was looking, by 2035, to significantly expand its nuclear capacity.?
The Indian government is also committed to expanding its nuclear power capacity as part of its massive infrastructure development program. In December 2021, the department of the atomic energy minister in India announced plans to expand the current nuclear power capacity of 6.78 GW to about 22.480 GW by 2031. Additionally, the net-zero targets in India are likely to be met through a combination of various clean energy sources, including nuclear power, in the coming years.?
Further, in February 2022, France announced plans to develop six new nuclear power reactors, building a further eight, and push ahead with the development of small modular reactors to reduce the country’s energy demand while increasing its carbon-free energy capacity. Moreover, there are several other nuclear power plants globally in the construction or planning phase. Such significant nuclear plans and investment scenarios are likely to witness a substantial development of the nuclear power market in the coming years.?
Therefore, owing to the above points, the energy segment is expected to dominate the nuclear power market during the forecast period.
Asia-Pacific is Expected to Witness Significant Growth
In contrast to North America and Europe, where growth in nuclear electricity generating capacity has been limited for many years, several countries in the Asia-Pacific are planning and building new nuclear power plants to meet their increasing demand for clean electricity.?
As of 2021, China has the most extensive new-build program for nuclear energy globally. The strong project pipeline is expected to strengthen the outlook for the Chinese nuclear power market, which has previously suffered from regulatory headwinds stemming from the government’s decision to suspend approvals for nuclear reactors until a re-examination of plans has been done been concluded after the 2011 Japanese Fukushima Disaster.?
China uses the most advanced technology and stringent standards for developing nuclear power plants and strictly manages the entire life cycle of nuclear power plants from design, construction, and operation to decommissioning. As of December 2021, China has around 52 nuclear power reactors in operation with a combined capacity of 49.77 GWe. The country generated around 366.2 TWh of electricity from nuclear power, representing 4.7% of the total electricity generation in the country, as of 2020.?
The Chinese nuclear sector is expected to continue to expand at a robust rate during the forecast period and beyond, with capacity increasing by a rate of 10.3% per year between 2018 and 2027, resulting in more than 95 GW of installed nuclear power capacity. This is in line with the aims of decarbonizing the country’s electricity generation and amassing nuclear expertise to export technology.?
The Indian government is dedicated to growing its nuclear power generation capacity to meet the increasing electricity demand in the country. According to the Indian government, the country’s nuclear capacity is expected to reach about 22.5 GWe by 2031. ?
As of December 2021, the country has 23 operable nuclear reactors with a combined capacity of 6.88 GWe, and seven reactors with a combined capacity of 5.19 GWe are under the construction stage.
South Korea currently generates about one-quarter of its electricity from nuclear power, with a mixture of imported coal and gas used to produce the balance. As of October 2021, the country has 24 operable nuclear reactors with a combined capacity of 23.15 GWe, four reactors with a combined capacity of 5.6 GWe, and two reactors with a combined capacity of 1.24 GWe under construction, planned, and proposed stages, respectively.?
Therefore, owing to the above points, Asia-Pacific is expeced to witness a significant market growth during the forecast period.
Competitive Landscape
The nuclear power market is moderately consolidated. The key players in this market include GE-Hitachi Nuclear Energy, Inc., Westinghouse Electric Company LLC, KEPCO Engineering & Construction, ŠKODA JS a.s., China National Nuclear Corporation, and others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06241305/?utm_source=GNW
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