Nuclear power uses highly radioactive substances such as uranium to create energy. The fuel is then converted into ceramic pellets that are equivalent to 150 gallons of oil. These pellets are then stacked into 12-foot metal fuel rods. The fuel rods are called fuel assemblies. The steam produced from the reactor's fission turns a turbine to produce electricity. This method produces no greenhouse gas emissions.
Market Statistics:
The global nuclear power market is expected to record a CAGR of approximately 1.2% during the forecast period 2022–2030, reaching a nuclear installed capacity of 440.23 GW by 2022 from 389.68 GW in 2021.
Global Nuclear Power Market: Drivers
Increasing focus of government to expand the number of nuclear power reactors is projected to augment market growth. Moreover, technological advancement and increasing initiatives to adopt the nuclear power plant is again anticipated to foster market growth. For instance, in November 2021, India and the United States have extended the Memorandum of Understanding for cooperation on nuclear energy for 10 more years
Global Nuclear Power Market: Opportunities
Growing number of acquisition and merger in the nuclear power market is expected to bring profitable growth opportunities. For instance, in February 2022, FPL Energy, LLC, a subsidiary of FPL Group, Inc. announced it has reached an agreement to purchase the two-unit, 1,033-megawatt Point Beach Nuclear Power Plant located near Two Rivers, Wisconsin, about 30 miles southeast of Green Bay, from Wisconsin Electric Power Company, a subsidiary of Wisconsin Energy Corporation
Global Nuclear Power Market: Restraints
Difficulties associated with the gaining funds for nuclear power plant is expected to act as restraining factor for the market. Moreover, lower cost of renewables generated from negligible emissions is again anticipated to limit the market growth.
Global Nuclear Power Market - Impact of Coronavirus (Covid-19) Pandemic
According to 2021 nuclear power operating data, nuclear power operators around the world sustained reliable nuclear power plant (NPP) operation during the COVID-19 pandemic, The IAEA has released its annual nuclear power status data for 2021, collected by the Power Reactor Information System (PRIS), the IAEA’s publicly available and comprehensive database on nuclear power. The utilization of available nuclear power capacity provided reliable, low-emission electricity throughout the COVID-19 pandemic.
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https://www.coherentmarketinsights.com/market-insight/nuclear-power-market-5063
Key Takeaways:
The global nuclear power market is expected to record a CAGR of approximately 1.2% during the forecast period 2022–2030, reaching a nuclear installed capacity of 440.23 GW by 2022 from 389.68 GW in 2021.
By Reactor type Pressurized Water Reactor and Pressurized Heavy Water Reactor segment held dominant position in the global nuclear power market in 2021, accounting for 79.84% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
fig.1 Global Nuclear Power Market Value Share (%), By Reactor Type 2021
Market Trends:
Increasing investment in nuclear power plant across North America region is anticipated to be trend in the market. For instance, The Bipartisan Infrastructure Law President Joe Biden signed into law in November includes a $6 billion program intended to preserve the existing U.S. fleet of nuclear power reactors.
Ongoing several contract for boosting the installation of nuclear power is also projected to uplift the market growth. For instance, February 2021, L&T Construction bags major contract to build 2 units of Kudankulam plant. The Kudankulam Nuclear Power Plant is India's first Light Water Reactor (LWR) of six units with a generation capacity of 1000 MWe each
Global Nuclear Power Market: Competitive Landscape
- 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.
- Rosatom Corp.
Global Nuclear Power Market: Recent Developments
- In July 2021, Westinghouse Electric Company announced the launch of front-end engineering and design work under a grant from the United States Trade and Development Agency to progress the nuclear energy program in Poland.
- In April 2021, Skoda JS A.S. announced it won a tender at the Hungarian nuclear power plant Paks. In April 2021, the nuclear power plant Paks in Hungary had evaluated. They told the tender result for the performance of reactor pressure vessel in-service inspections at units 2, 3, and 4. They have also revealed that inspections at Paks Nuclear Power Plant will be done with the help of a modular inspection system manufactured and developed by the company
- In January 2022, CNNC announced the China’s Fuqing nuclear power plant’s unit 6 was connected the grid in Fujian Province, with a capacity of 1161MWe Hualong One (HPR1000) reactor