Nuclear Power Market registers substantial growth Propelled by growing focus on reducing carbon footprint
Nuclear power is a form of energy produced by controlled nuclear fission or nuclear fusion. Nuclear power plants are used around the world to generate electricitysafely and reliably. Some key advantages of nuclear power include low carbon emissions, high power density and stable baseload capacity. With growing focus on reducing carbon emissions and transitioning to cleaner sources of energy, demand for nuclear power has increased steadily.
The global Nuclear Power Market is estimated to be valued at US$ 399.09 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing focus on limiting carbon emissions from fossil fuel-based power plants has propelled the demand for nuclear power globally. Nuclear power produces significantly lower carbon emissions compared to coal and natural gas-based power generation. According to the International Atomic Energy Agency (IAEA), a single 1000-megawatt nuclear power reactor prevents the emissions of up to 8 million tonnes of carbon dioxide annually. Many countries are increasingly investing in new nuclear power facilities and reactor upgrades to reduce their reliance on carbon-intensive fuels. The low-carbon attributes of nuclear energy have made it a viable alternative for achieving long-term decarbonization goals set by various nations.
SWOT Analysis
Strength: Nuclear power is a reliable source of baseload electricity with zero carbon emissions. It can help countries meet their renewable energy and climate targets.
Weakness: High initial setup costs of nuclear plants. Public opposition to nuclear energy due to safety and waste storage concerns.
Opportunity: Growing demand for clean and reliable energy sources provides opportunities for nuclear power expansion. Emerging small modular reactor technologies can reduce costs.
Threats: Stiff competition from renewable sources of energy like solar and wind. Stricter regulations after nuclear accidents increase compliance costs.
Key Takeaways
The Global Nuclear Power Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for nuclear power in 2023 is US$ 399.09 Mn and it is projected to grow at a CAGR of 7.4% during the forecast period.
Regional analysis- Asia Pacific region dominates the global nuclear power market with China, India, and Japan contributing significantly. Countries in this region are increasingly investing in nuclear technologies to meet their growing electricity needs in a sustainable manner. North America and Europe are also major markets for nuclear power due to existing nuclear fleet.
Key players- Key players operating in the nuclear power market are 3A Composites GmbH, Multi-Pak USA, Inc., Laird Plastics, United Industries Group, Inc., Acrylitec Displays, Ray Chung Acrylic Enterprise Co., Ltd., Mitsubishi Chemical Corporation, Plaskolite, LLC, Lucite International, and Evonik Industries AG. These players are focusing on new reactor designs, fuel technologies, and operational efficiency improvements to make nuclear power more competitive.
For more details on the report, Read- https://perfectinsights.blogspot.com/2023/12/nuclear-power-market-is-expected-to-be.html
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