Market Overview:
The global Nuclear Power Market is estimated to be valued at US$ 389.68 Bn or GW in 2023 and is expected to exhibit a CAGR of 1.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Nuclear energy is a sustainable and low-carbon emitting source for power generation and meets the base-load power needs across various countries. It offers clean, reliable and affordable source of electricity.

Market key trends:
Several countries are increasing their investment in nuclear energy to meet rising power demand and decarbonize their respective economies. According to International Atomic Energy Agency (IAEA), nuclear power generation increased by around 3.5% in 2021 compared to previous year. Countries including China, India and Russia are actively working to expand their nuclear energy fleet to meet rising power needs and reduce dependency on fossil fuels. Countries in Asia Pacific region lead in construction of new nuclear reactors owing to rapid economic development and growing power needs. SMR or Small Modular Reactors are also gaining traction globally as they offer flexible, scalable and safer nuclear technology. Their small size allows incremental capacity additions as per power demand.
Market key trends:
The global nuclear power market is witnessing increasing focus on sustainable energy generation. There has been a growing focus on reducing carbon emissions as well as ensuring energy security through domestic production of electricity. Countries around the world are emphasizing on expanding their nuclear power capacities to meet rising energy demands in a sustainable manner. Moreover, scaling up of small modular reactor (SMR) projects is also expected to support the growth of the nuclear power market during the forecast period. SMRs offer benefits such as reduced construction costs and schedules as they can be constructed at factories and transported to sites for installation.

SWOT Analysis
Strengths: Nuclear power is a reliable source of base load electricity with low carbon emissions. Existing nuclear plants also have competitive generation costs.
Weaknesses: Higher investment and construction costs compared to other energy sources. Issues around management of nuclear waste and safety concerns.
Opportunities: Growing focus on decarbonization of energy production can boost investments in new nuclear projects. Rising demand for reliable clean energy from emerging economies.
Threats: Public opposition towards nuclear energy due to safety and waste storage issues. Stiff competition from renewable sources of energy such as solar and wind. Delays and cost overruns in new nuclear projects.

Key Takeaways
The Global Nuclear Power Market size was valued at 389.68 GW in 2021. The market is expected to grow at a CAGR of 1.2% over the period of 2023-2030.

Regional Analysis
The Asia Pacific region dominated the global nuclear power market in 2021 with China, India, and Japan accounting for the major share. The region is expected to continue its lead during the forecast period due to strong focus of emerging countries to meet fast growing energy needs as well as reduce emissions.

Key players analysis
Key players operating in the nuclear power market are 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., and Rosatom Corp. Major players are focusing on partnerships for technology transfer and new project development.

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