LONDON, Sept. 14, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Nuclear Electricity Global Market Report 2023, the global nuclear electricity market is poised for substantial growth, with the market size projected to increase from $204.41 billion in 2022 to $217.4 billion in 2023, showcasing a robust compound annual growth rate (CAGR) of 6.4%. The nuclear electricity market is expected to continue its upward trajectory, reaching $271.08 billion by 2027, at a CAGR of 5.7%.
Driving Factors: Rising Demand for Electricity and Growing Economies
A key driver of the nuclear power generation market is the escalating demand for electricity, attributed to growing economies and expanding populations, particularly in developing nations like China, India, Brazil, and various African countries. According to the International Energy Agency, global electricity demand is projected to grow at a rate of 2.1% per year by 2040, double the rate of primary energy demand. This surge will elevate electricity's share in total final power consumption from 19% in 2018 to 24% in 2040, with China and India playing a significant role in this growth.
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Key Players and the Global Nuclear Energy Landscape
Major players in the nuclear electricity market, including EDF Group, Exelon Corp., Duke Energy Corp., Enel SpA, and NextEra Energy, Inc., are actively contributing to the growth of the sector. Global concerns such as energy security, climate change, and the surge in electricity demand have driven the increased adoption of nuclear energy for power generation. Nuclear technology offers the advantage of generating substantial power with significantly lower carbon emissions. As per the World Nuclear Association (WNA) in 2020, nuclear energy contributed approximately 10% of the world's electricity from around 440 power reactors, with an additional 50 reactors under construction, equivalent to 15% of existing capacity.
Regional Insights: Asia-Pacific Takes the Lead
In 2022, Asia-Pacific emerged as the largest region in the nuclear electricity market, with Western Europe following closely behind. The regions covered in the global nuclear electricity industry report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Nuclear Electricity Market Segmentation
The global nuclear electricity market is meticulously segmented into the following categories:
- Reactor Type: This classification includes 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).
- End-User: The market serves residential, commercial, and industrial segments.
- Technology: Segmentation by technology covers Generation I, Generation II, Generation III, and Generation IV.
The comprehensive Nuclear Electricity Global Market Report 2023 by The Business Research Company (TBRC) equips businesses with invaluable insights into this burgeoning market. It offers a deep understanding of market dynamics, trends, and opportunities, enabling companies to make informed decisions and capitalize on the robust growth of the nuclear electricity sector.
Nuclear Electricity Global Market Report 2023 by The Business Research Company provides insights on the nuclear electricity market size, nuclear electricity market segments, nuclear electricity market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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