by 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.
Market Overview:
Nuclear power plants generate electricity through steam turbines using heat generated from the fission of nuclear fuel such as uranium in a contained environment. Nuclear power offers low-carbon energy that does not produce greenhouse gases and air pollutants. It provides a stable baseload capacity to the power grid.
Market key trends:
One of the major trends in the nuclear power market is the development of small modular reactors (SMRs). SMRs offer several advantages compared to traditional large-scale nuclear reactors such as improved safety features, lower costs for development and construction, flexibility in power output, and are easier to transport and construct. Countries across the world are investing in SMR technology as it provides an attractive alternative to large reactors.
Segment Analysis
The global nuclear power market is segmented by reactor type into boiling water reactors (BWRs), pressurized water reactors (PWRs), and others. Among these, the pressurized water reactors segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. PWR reactors are the most common commercial nuclear reactors and account for over 60% of total nuclear generating capacity worldwide currently. Their operational safety, reliability, and economic viability have made PWR technology the preferred choice among utilities operating nuclear plants.
Key Takeaways
The Global Nuclear Power Market size was valued at 389.68 GW in 2021. It is expected to witness high growth, exhibiting a CAGR of 1.2% over the forecast period 2023-2030, due to increasing demand for clean and reliable energy sources.
The Asia Pacific region dominated the nuclear power market in 2021 with China, India, and Japan among the leading countries. Going forward, the Asia Pacific region is expected to continue its dominance mainly due to increasing nuclear energy adoption in China and India to meet rapidly rising energy needs.
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. Strategic partnerships, expansion into new markets, and development of advanced nuclear technologies are some of the key strategies adopted by these major players to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
