New York, United States, August 21, 2024 (GLOBE NEWSWIRE) — According to the latest report from Straits Research, the global Size of the nuclear energy market was rated with 34.43 billion USD in 2023. It is expected that 35.49 billion USD in 2024 To 45.31 billion US dollars by 2032, grows at a CAGR of 3.10% over the forecast period (2024–2032).
Nuclear energy can generate electricity with less carbon emissions than fossil fuels. Nuclear energy is one of the most reliable ways to generate electricity without carbon emissions. Moreover, it offers long-term security in terms of electricity prices. The main factor behind the expected significant rise in the global nuclear energy industry during the forecast period is the acceptance of nuclear power plant construction projects from 2020 onwards. The main reasons for the rise in the nuclear energy market are that the demand for energy is higher than the supply, increasing knowledge about the benefits of clean energy and the depletion of fossil fuel supplies.
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Growing demand for clean energy is driving the global market
Due to the damage caused by the increase in carbon emissions, nations worldwide have started taking measures to minimize their carbon footprint. The Paris Agreement under the United Nations Framework Convention on Climate Change was signed in 2016 to reduce carbon emissions. The agreement addresses adaptation, financing, and reducing greenhouse gas emissions. Global greenhouse gas emissions must be drastically reduced to curb the dangerous effects of climate change. Given that energy production by fossil fuel power plants accounts for a significant portion of net carbon emissions, the demand for nuclear power plants is projected to reduce the increase in carbon emissions.
Investments with maturity extensions and positive policies offer enormous opportunities
Many countries are implementing programs for the long-term operation and management of nuclear power plants. Ensuring continuous, safe and sustainable operation, supported by favorable policies in various countries, helps extend the reactor life beyond the originally designed time. Nuclear power plant life extension has become standard practice among members of the Organization for Economic Co-operation and Development (OECD). When an operator applies for an extended operating license, it typically includes technical developments, safety improvements, revisions to fuel performance and characteristics, refueling schedules and lead times.
Technical analyses allowed most nuclear power plants to continue operating beyond their originally expected lifespan of 25 to 40 years. By the end of 2016, the NRC (Nuclear Regulatory Commission, USA) had renewed the licenses for over 85 reactors and extended their operating life from 40 to 60 years. France’s energy policy was changed to extend the planned phase-out of nuclear energy as part of the electricity mix and to allow an extension of the operating life of existing reactors beyond 40 years.
Regional analysis
North America is the largest revenue contributor and is expected to grow at a compound annual growth rate of 3.00% during the forecast period. In North America, nuclear energy is the top priority. The United States and Canada are working to extend the lifespan of nuclear power plants while exploring the possibility of compact modular reactors. The United States operated the largest fleet of nuclear power reactors as of November 2021, with 93 units in about 30 states with a total capacity of 95.5 GW. The United States is one of the largest nuclear power producers in the world, generating more than 31% of the total nuclear energy in 2020. The country’s nuclear reactors produced 790 TWh of electricity in 2020, just 2.3% less than in 2019.
One of the most important contributors to the European energy mix in 2020 was nuclear power, which accounted for almost 22% of the total. However, the governments of some large countries, including Germany, France, Spain and others, plan to shut down some of their nuclear power plants in the future. In operation, nuclear power plants typically last 30 to 40 years. Most reactors in Europe were built in the 1960s and 1970s, so they are almost that old and need to be modernized and their lifespan extended. As a result, a decline in the addition of new capacity in the European nuclear power market is forecast. In addition, it is claimed that problems such as water shortages and investments in renewable energy will limit business.
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Key Highlights
- The global Nuclear Energy Market was valued at USD 34.43 billion in 2023. It is expected to grow from USD 35.49 billion in 2024 to USD 45.31 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.10% during the forecast period (2024-2032).
- The global nuclear power market is segmented based on application into power, defense and others. The power segment is the largest contributor to the market and is expected to grow at a CAGR of 2.90% during the forecast period.
- Based on reactor type, the market is segmented into pressurized water reactors, heavy water reactors, boiling water reactors, and others. The pressurized water reactors (PWR) segment is the largest contributor to the market and is expected to grow at a CAGR of 3.05% during the forecast period.
- The largest contribution will come from North America, where an average annual growth of 3.00% is expected during the forecast period.
Competitive player
- BHP Billiton
- Paladin Energy
- Bulgarian Energy Holding
- Electrobel
- Electron Nuclear
- Uranium One
- Bruce Kraft
- Energy supply in New Brunswick
- China’s Guangdong Nuclear Power Group
- Fortum
- Areva
- EDF
- Nukem Energy GmbH
- PreussenElektra GmbH
- Dominion Resources
- RWE AG
- Nuclear Energy Corporation of India
- Ansaldo Energy
- Enel
- Tokio Electric Power Company Inc. (Tokyo Electric Power Company Inc.)
- Rosatom
- Heathgate Resources
- Eskom
- Vattenfall
- NRG Energy
- Korean Electricity Company
Recent developments
- June 2024 – State-owned nuclear companies Energoatom of Ukraine and energy giant EDF of France have agreed to cooperate on nuclear projects. The agreement will involve research into Nuward’s small modular reactor technology and EDF’s gigawatt-scale European pressurized reactor, as well as “exchanging experience in operating nuclear power plants, maintaining the safety, reliability and efficiency of reactors.”
- June 2024 – According to the New York Times, the Microsoft co-founder is excited about TerraPower, a nuclear power startup that is developing a new type of reactor that is more compact and potentially faster to assemble than conventional nuclear power plants.
segmentation
- By Applications
-
- energy
- defense
- Miscellaneous
- By reactor type
-
- Pressurized water reactor and pressurized heavy water reactor
- Boiling water reactor
- Gas-cooled high-temperature reactor
- Fast breeder reactor made of liquid metal
- Other reactor types
- By region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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