DELRAY BEACH, Fla., Dec. 19, 2024 /PRNewswire/ -- The global Nuclear Power Market is anticipated to grow from estimated USD 38.84 billion in 2024 to USD 44.71 billion by 2029, at a CAGR of 2.9% during the forecast period. The major factors driving the market growth of the nuclear power market include various driving factors such as many governments view nuclear power as a strategic constituent of their energy policy, and provide subsidies, tax incentives, or direct investment to build up nuclear projects. For example, some countries like China, Russia, and France have long-term plans to expand their nuclear power capacity. In addition, governments also set regulatory frameworks that ensure the safe development of nuclear energy. Similarly, Volatile and rising prices of fossil fuels such as oil, gas, and coal also make nuclear energy even more appealing as a cost-competitive alternative. Since fuel is needed in only small amounts in nuclear plants, uranium price volatility does not significantly affect the general energy costs.
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Power Generation by application
Power generation application is expected to account largest market share during the forecast period. Nuclear power plants produce enormous amounts of electricity uninterruptedly and thus are the choice option for increased energy production based on increasing urbanization, industrialization, and technological development. Their baseload capability to produce stability and reliability in power is essential, especially in emerging economies where electricity consumption keeps rising. Since the energy generation from wind and sun is intermittent, a high output by nuclear power ensures constant energy generation while reducing dependence on fossil fuel as energy needs expand more globally.
Large nuclear reactor, by capacity
Large reactors generate a lot of electricity, hence achieving economies of scale. Their high output helps to cover increasing energy demand in a much better way that brings the economies in the long term. The plants become favorites because they provide a constant and stable power supply for big industrial sectors and urban centers. Moreover, Large nuclear reactors create stable baseload power, hence stabilizing the grid, primarily because of the growing integration of renewables in countries. This helps ensure a stable, consistent supply of energy, and, as such, large reactors are capable of supplying a long power system demanding a constant generation of electricity.
Asia Pacific is expected to be the largest region in the nuclear power market during the forecast period.
The Asia-Pacific region is a significant factor for the nuclear power market due to rapid industrialization, energy demand increase, and government initiatives under the goals of decarbonization. Among the countries, China, India, and South Korea have been leaders by investing massive amounts in developing new nuclear plants and advanced reactor technologies. China is dominant in terms of the ambitious energy strategy and large-scale reactor deployment. Furthermore, supportive policies and technological innovations foster growth. The region's push toward reducing greenhouse gas emissions, combined with factors such as urbanization and economic growth, promotes the adoption of nuclear power and makes the Asia-Pacific region the world's largest-growing nuclear energy market.
Key Players
Some of the major players in the Nuclear Power Market are The State Atomic Energy Corporation ROSATOM (Russia), EDF (France), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), AtkinsRéalis (Canada), Westinghouse Electric Company LLC. (US), Rolls-Royce plc (UK), NuScale Power, LLC. (US), China National Nuclear Corporation (China), Holtec International (US), ULTRA SAFE NUCLEAR (US), and Seaborg Technologies (Denmark) Among others.
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The State Atomic Energy Corporation Rosatom
The State Atomic Energy Corporation Rosatom (Russia), is one of the diversified corporations involved in all stages of the nuclear production chain. The company specializes in nuclear energy, nuclear plants, nuclear reactors & services, nuclear power generation, uranium enrichment, innovation, nuclear fuel, nuclear equipment, nuclear engineering, electricity trading, nuclear decommissioning, radioactive waste management, and nuclear fuel cycle. its business segments include uranium exploration and mining, nuclear fuel fabrication, nuclear power plant design and construction, power generation, and radioactive waste management.
With over 400 organizations, including research institutes and a unique fleet of nuclear-powered icebreakers, ROSATOM is Russia's largest power generation company and a major player in global nuclear technology markets. The corporation also engages in innovative projects, such as wind power and nuclear medicine, and leads the Proryv (Breakthrough) Project, which aims to close the nuclear fuel cycle and enhance clean energy production.
Westinghouse Electric Company LLC
Westinghouse Electric Company LLC. (US) is one of the leading service providers and product suppliers in the nuclear power industry, specializing in nuclear power, plant upgrades, nuclear fuel, new plant, and outage services. Westinghouse Electric Company LLC provides products, solutions, and services including mission-critical nuclear fuel, maintenance services, engineering solutions, instrumentation and control systems, and manufactured components. It also offers services related to the decontamination, decommissioning, and remediation of power plant sites as well as technologies, equipment, and engineering and design services for new power plants.
Westinghouse Electric Company LLC offers small modular reactors such as integral pressurized water reactors and microreactors. The company played a pivotal role in the nuclear era by building the world's first commercial pressurized water reactor in Shippingport, Pennsylvania.
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