Nuclear Power Market: Global Industry Analysis and Forecast (2023-2029)

Nuclear Power Market demand is exceeded 3298.88 TWh in 2022 and expected to reach 4341.10 TWh by 2029 at a CAGR of 4% during the forecast period of 2023-2029.
COVID-19 impact on market:
COVID-19 has the potential to have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. Our analysts, who are monitoring the situation throughout the world, believe that the market would provide producers with lucrative opportunities following the COVID-19 dilemma.

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Nuclear Power Market Dynamics:
The increase in the need for clean energy and reducing fossil power stock are motivating governments and major power companies to finance the nuclear power market. The worldwide nuclear power market is estimated to develop at a remarkable charge on the report of the rising need for power that could satisfy the demand created by added infrastructure framework without carbon releases or unfavorably influencing the environment in added remarkable methods.

Quick population development along with enhanced situation has developed in an increased power need from households. The increasing need for a diversity of consequences has operated industrial growth in different nations, thus rising power demands from the production zones. As of 2022, nuclear energy gives over 12% of the global power, and on top of 22% of the power in OECD nations.

Technological developments executed in day-to-day projects have developed power need over the past. Increasing clean energy need combined with consuming crude oil preserved is estimated to increase power worry. These worries are motivating power industries and governments to finance needs that could achieve the demand created by increasing infrastructure framework without having an unfavorable influence on the environment. As per the World Nuclear Associations, recently, there are above 435 functional energy plants around 30 nations in the globe. Over 72 reactors are below the manufacturing stage in 14 nations. The industry observed the highest atomic reactor manufacturing rate in 2022.

Increasing acquisition of nuclear automation as a workable possibility of crude oil for energy creation is estimated to operate the global market over the forecasted period. In spite of having such powerful supporters for development, the substantial harm created by nuclear reactor misfortune has increased alarm about the security of nuclear power. Due to disagreements covering nuclear energy plants some nations, especially some in Europe, have taken the resolution to terminate nuclear power.
Nuclear Power Market Segment Analysis:
Nuclear Power Market is segregated by Reactor Type (PWR, PHWR, BWR, HTGR, and FBR), by Equipment (Island Equipment and Auxiliary Equipment), and by Region (North America, Europe, Asia Pacific, Middle East, and Africa, and Latin America). Because of the rising worry for the protection the nuclear energy plants, drivers produce influence water atomic reactors, which are secured of all the obtainable types.

Moreover, the PWR reactor stops water from getting polluted with dangerous substances safeguarding environmental harms. There are 300 PWRs, with a volume of 283.97 Gigawatts Electric. U.S has 64 PWRs with a Capacity of 64.75 GWe, accompanied by China and France with 58, of 63.14 GWe and 45 PWR, 44.15 GWe volumes. Since PWR needs a well-built channel and enormous coercion to make sure that the extremely pressurized water decreased at a flowing state when comforting excessive temperatures, making the building of the PWR expensive. Thereby, the increasing need for PWRs is estimated to have a notable influence on the nuclear energy market throughout the predicted period. Furthermore, the approaching projects in the Asia Pacific zone mostly in China are estimated to be influenced by the PWR, taking into consideration the reality that more than 90% of the approaching plants will have the PWR type of atomic reactor. Apart from unfinished manufacturing, numerous PWRs are becoming organized for manufacturing, throughout 2022, therefore, operating the nuclear energy plant market throughout the predicted period.
Regional Insights:
On the basis of region, Nuclear Power Market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The Asia Pacific is estimated to be the dominant region in the global market. It is one of the developing nations in the globe where power creation volume and particularly nuclear energy are increasing remarkably. In Asia, there are around 130 functional nuclear energy reactors, out of which 36 are unaccomplished and sectors arranging to construct an extra 70-80. Significantly more are suggested. The Chinese government is designed to attain 58 GW of nuclear volume by 2021-2022, and 150 GW by 2030, and has organized a new assembling plan for nuclear energy, and the powerful activity channel nourish the viewpoint for the nuclear energy market. The Indian government is devoted to increasing its nuclear energy volume as part of its enormous infrastructure growth plan. The government anticipates nuclear volume to outreach 22.5 GWe by the year 2029. By the end of 2022, seven atomic reactors were under development in India, with a synthesizing volume of 5.4 GWe. Indonesia has also a superior deepness of occurrence and infrastructure development in nuclear automation than any other nation in Southeast Asia. Therefore, Asia Pacific is estimated to be operating the nuclear energy market throughout the estimated period
Nuclear Power Market Key Developments
Larsen and Toubro Limited and Doosan Corporation are constantly innovating new technologies to enhance the nuclear power market in the forthcoming year.

The objective of the report is to present a comprehensive analysis of the Nuclear Power Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Nuclear Power Market dynamics, structure by analyzing the market segments and projects the global market size. Clear representation of competitive analysis of key players By Type, price, financial position, Product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.
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Nuclear Power Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3298.88 TWh.


Forecast Period 2023 to 2029 CAGR:
4%
Market Size in 2029:
US $ 4341.10 TWh.


 Segments Covered:
by Reactor Type
PWR
PHWR
BWR
HTGR
FBR


by Equipment Type
Island Equipment
Auxiliary Equipment


by Application
Energy
Defense
Other Applications



Nuclear Power Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Larsen and Toubro Limited
2. JSC AEM-Technology
3. JSC ATOMSTROYEXPORT
4. Doosan Corporation
5. Dongfang Electric Corp Limited
6. AREVA SA
7. ALSTOM SA
8. Babcock and Wilcox Company
9. Hitachi GE Nuclear Energy Ltd.
10. Mitsubishi Heavy Industries Ltd.
11. Bruce Power
12. CEZ Group
13. China General Nuclear Power Corporation
14. E.ON SE
15. Nukem GmbH

Frequently Asked Questions:

1. Which region has the largest share in Global Nuclear Power Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global Nuclear Power Market?
Ans: The Global Nuclear Power Market is growing at a CAGR of 4% during forecasting period 2023-2029.

3. What segments are covered in Global Nuclear Power market?
Ans: Global Nuclear Power Market is segmented into reactor type, equipment type, Application and region.

4. Who are the key players in Global Nuclear Power market?
Ans: The important key players in the Global Nuclear Power Market are – Larsen and Toubro Limited, JSC AEM-Technology, JSC ATOMSTROYEXPORT, Doosan Corporation, Dongfang Electric Corp Limited, AREVA SA, ALSTOM SA,

5. What is the study period of this market?
Ans: The Global Nuclear Power Market is studied from 2022 to 2029.