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Nuclear Power Generation Market is expected to reach US$ 299.1 billion by 2030

Published: Thursday, 22 Feb 2024 by The Insight Partners Share on :
 
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Rise in Investment Toward Establishing Nuclear Power Plants

According to our latest market study on "Nuclear Power Generation Market Forecast to 2030 – Global Analysis – by Reactor Type and End User," the market is expected to grow from US$ 271.4 billion in 2022 to US$ 299.1 billion by 2030; it is expected to register a CAGR of 1.2% from 2022 to 2030.

The burning of fossil fuels is the main source of power generation, and it contributes to ~30% of CO2 emissions globally. Reducing carbon emissions is extremely important owing to which many countries across the globe are employing various measures to decrease their dependency on fossil fuels and shift to cleaner energy sources. Despite the attempts of numerous utilities, governments, and other businesses to reduce carbon footprints with the acceleration of renewable energy, it remains uncertain if wind, solar, and other cutting-edge technologies such as carbon capture, long-term energy storage, and hydrogen will be able to keep up with the expected rise in power demand and achieve net-zero goals. In this context, nuclear power has certainly grown to play a major role in global electricity supply. It has a lower carbon footprint and can be indispensable in the future energy transition and energy mix, as it can offer constant, emission-free electricity. Thus, the growing inclination toward nuclear power plants is positively influencing the nuclear power generation market growth. Nuclear power is a viable source of power generation that can be essential in the future energy transition and energy mix, as it can offer constant, emission-free electricity. Thus, the requirement for nuclear power plants to meet the power generation targets of the future is predicted to fuel the market growth in the coming years.

Nuclear Power Generation Market Share — by Region, 2022

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Source: The Insight Partners Analysis

The scope of the nuclear power generation market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, France, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, and the Rest of Asia Pacific), Middle East & Africa (South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil and Argentina). Europe, North America, and Asia Pacific are key regions showing rapid growth in the market. Government policies to lower carbon emissions, environmental protection, and directives to support the application of sustainable alternatives are also boosting the market growth in countries such as the US, France, Germany, China, India, Japan, South Korea, and Brazil.

Currently, the US, Canada, France, Russia, China, South Korea, South Africa, and Brazil are major markets for nuclear power generation. As there is a need for energy security and sustainability, nuclear power is favored. It provides a steady and consistent energy source, less vulnerable to price fluctuations and supply interruptions compared to fossil fuels. Apart from growing industrialization, the global increase in energy demand is mostly compelled by population growth. Further, nations need various dependable energy sources to reduce their reliance on fossil fuels, ensuring a stable energy supply for economic growth and national security. These factors are boosting the nuclear power generation market growth.   

A few countries in North America and Western Europe have been observing limited growth in electricity generation capacity, especially nuclear energy, for many years; however, governments of certain countries in Asia are executing plans to establish new nuclear power plants to meet the country’s demand for clean electricity. According to the World Nuclear Association, there are 148 nuclear reactors in operation, and 39 are under construction, of which approximately two-thirds of the reactors under construction worldwide are in Asia. Therefore, the nuclear power generation market size is likely to surge by 2030 owing to growing energy demand and the increasing number of nuclear power plants.

In terms of revenue, Europe dominated the nuclear power generation market share in 2022. Europe accounted for 44.9% of the total market globally in 2022 and is anticipated to maintain its dominance during the forecast period. However, Europe is showing a declining growth rate over the forecast period owing to the shutdown of nuclear plants. Nuclear power generation in Europe accounted for 939.16 TWh in 2022. France generates electricity from 58 pressurized water nuclear reactors. It has generated 279 TWh of electricity from nuclear power plants, which represents more than 65% of the total electricity generated in the country. Spain has a significant history of nuclear power generation, with various nuclear reactors in operation. Seven operational nuclear reactors, including six pressurized water reactors and one boiling water reactor, generate 58.43 TWh. The rising electricity demand necessitates a stable and consistent energy source, emphasizing the significance of nuclear power generation to ensure a consistent power supply.

Additionally, Spain, like many other countries, is committed to lowering greenhouse gas emissions and preventing climate change. Nuclear power stands as a low-carbon energy solution, which makes it a significant part of the country's sustainability efforts. Russia has 37 operational nuclear reactors with a net capacity of 27.7 GWe and generates 20% of the country's electricity. In addition, the UK generates 43.5 TWh of electricity from nuclear power plants. The UK generates electricity from nine operable nuclear reactors. These reactors generate 14.8% of the total electricity generated in the country. Nuclear power generates zero carbon emissions and doesn't produce other toxic greenhouse gases through its operation. The lifecycle emissions of nuclear energy are also significantly lower than in fossil fuel-based generation. Emissions-free nuclear energy is both clean and safe, as such it is a viable alternative to fossil fuels. The growing focus on clean energy and low carbon emission in various end use industry is boosting the growth of the nuclear power generation market globally.

The nuclear power generation market analysis is carried out by identifying and evaluating key players in the market across different regions. Electricite de France; China National Nuclear Corporation; KEPCO; Dominion Energy Inc.; General Electric; Duke Energy Corporation; Enel SpA; NextEra Energy, Inc.; State Atomic Energy Corporation; and Constellation Energy Corporation are a few major players profiled in the nuclear power generation market report. Product innovation, geographical expansion, and merger and acquisition are some of the prime business strategies adopted by the major players operating in the market.

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