PUBLISHER: The Business Research Company | PRODUCT CODE: 1387956
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387956
“Nuclear Electricity Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nuclear electricity market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nuclear electricity? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The nuclear electricity market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Nuclear electricity generation involves a clean and efficient process in which water is heated to produce steam, subsequently driving turbines to generate electricity. The heat generated within the nuclear power reactor core due to nuclear fission is utilized to vaporize water, transforming it into steam, which in turn powers the blades of a steam turbine. As these turbine blades rotate, they operate generators responsible for producing electrical energy.
The primary types of nuclear reactors utilized in power generation encompass pressurized water reactors (PWR), fast breeder reactors (FBR), pressurized heavy-water reactors (PHWR), boiling water reactors (BWR), light water graphite reactors (LWGR), and gas-cooled reactors (GCR). Pressurized water reactors (PWR) not only produce energy but are also employed in the propulsion of nuclear submarines and navy vessels. Different reactor technologies, categorized as generation I, generation II, generation III, and generation IV, are utilized across various sectors, including residential, commercial, and industrial applications.
The nuclear electricity market research report is one of a series of new reports from The Business Research Company that provides nuclear electricity market statistics, including nuclear electricity industry global market size, regional shares, competitors with a nuclear electricity market share, detailed nuclear electricity market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear electricity industry. This nuclear electricity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The nuclear electricity market size has grown strongly in recent years. It will grow from $215.19 billion in 2023 to $227.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed during the historical period can be attributed to factors such as low carbon emissions, enhanced energy security, government support, and the long lifespan of the technology.
The nuclear electricity market size is expected to see strong growth in the next few years. It will grow to $278.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to factors such as climate change mitigation, the global energy transition, the aging nuclear fleet, and increased public acceptance of nuclear energy. Prominent trends expected in this forecast period include international collaboration, ongoing technological advancements, the establishment of nuclear innovation hubs, a focus on green financing and environmental, social, and governance (ESG) criteria, improved grid integration, and the development of advanced reactor designs.
The nuclear power generation market in the forecast period is anticipated to be significantly driven by the increasing demand for electricity. This can be attributed to the growth of economies and the rise in populations, particularly in developing countries like China, India, Brazil, and certain African nations. For instance, in March 2023, India witnessed an 8% surge in power demand during 2022, which was nearly double the growth rate of the Asia Pacific region, resulting in a total of over 149.7 terawatt-hours of power consumption. The first two months of 2023 saw a 10% increase in demand compared to the previous year. In recent years, the industrial and commercial sectors have accounted for over 50% of India's annual power consumption, with households representing a quarter and agriculture covering more than one-sixth. Therefore, the increasing need for electricity is expected to continue driving the growth of the nuclear electricity market.
The growth of the nuclear electricity market is also expected to be propelled by the increasing use of microgrids. Microgrids are localized energy systems that operate independently or in conjunction with the primary power grid. They play a crucial role in integrating and optimizing AI technology within the energy sector, enabling intelligent energy management, grid optimization, and the integration of renewable energy sources. These microgrids facilitate demand response, load balancing, and the incorporation of renewable energy. For example, a May 2021 survey conducted by the US-based consulting company Guidehouse, involving 1,200 adults in the US, revealed strong support for microgrids, with 79% of Americans favoring their use in the electric grid, up from 67% in the 2020 survey. The level of support for increased use of microgrids was higher among respondents who were more aware of microgrid technology. Hence, the increasing adoption of microgrids is expected to be a driving force behind the growth of the nuclear electricity market.
The power generation and downstream power distribution industries are increasingly digitizing their assets and relying on technology. However, this digital transformation also exposes the industry to a growing number of cyber-attacks. For instance, in October 2022, Tata Power, an Indian-based electric power distribution company, experienced a cyber-attack, prompting the company to take measures to recover and restore its systems.
To maintain a competitive edge in the market, major companies operating in the nuclear electricity sector are making strategic investments in nuclear innovation companies such as TerraPower, known for its flagship technology called Natrium. Natrium combines a sodium fast reactor with an economically competitive energy storage system based on molten salt. For example, in November 2022, ArcelorMittal, a Luxembourg-based leading steel and mining company, invested $25 million in TerraPower, a US-based nuclear reactor design and development engineering company specializing in breakthrough nuclear power innovation. TerraPower's technology, Natrium, combines a cost-effective sodium fast reactor with a molten salt energy storage system, offering clean and adaptable energy solutions that seamlessly integrate with grids rich in renewable sources.
Major companies operating in the nuclear electricity market include Electricite de France S.A., Exelon Corporation, Duke Energy Corporation, Enel SpA, NextEra Energy Inc., State Atomic Energy Corporation Rosatom, Korea Electric Power Corporation, Constellation Energy Group Inc., China General Nuclear Power Corporation, Enel Green Power S.p.A., General Electric Company, Hitachi Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Westinghouse Electric Company LLC, Areva SA, China National Nuclear Corporation, China National Nuclear Power Co. Ltd., Dominion Energy Inc., Southern Company, Bruce Power LP, Korea Hydro & Nuclear Power Co. Ltd., Rosenergoatom Concern JSC, TVEL Fuel Company, Urenco Limited
Asia-Pacific was the largest region in the nuclear electricity market in 2023. Western Europe was the second-largest region in the nuclear electricity market. The regions covered in the nuclear electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the nuclear electricity market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The nuclear electricity market includes revenues earned by entities by pressurized water reactors (PWR), boiling water reactors (BWR), advanced gas-cooled reactors (AGR), light water graphite-moderated reactors (LWGR), fast neutron reactors (FNR), and operable nuclear power plants. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.