July 21, 2024
Nuclear Power Market

The global nuclear power market Growth Accelerated by Renewable Energy Integration

Nuclear power generation provides reliable baseload electricity with very low carbon emissions. Nuclear power plants produce electricity through the heat generated from nuclear fission in a contained environment. Nuclear energy systems offer several advantages including minimal greenhouse gas emissions, energy security, and grid stability.

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 integration of renewable energy is one of the key trends driving growth in the nuclear power market. Many developed countries are embarking on plans to increase the share of renewable energy such as solar and wind power in their electricity generation mix. However, renewable energy comes with intermittency issues due to the fluctuating nature of sunlight and wind. Nuclear power, on the other hand, provides reliable baseload power that can balance the intermittent output from renewable sources. By combining nuclear and renewable energy, countries can maximize decarbonization efforts while ensuring grid reliability. The flexible operation of modern nuclear power plants allows them to effectively integrate a higher share of renewables. This is expected to boost the demand for nuclear power plants in the coming years.

Segment Analysis

The global nuclear power market is dominated by the nuclear fission segment. Nuclear fission currently generates around 95% of the world’s nuclear energy as it is a relatively mature technology compared to the emerging nuclear fusion segment. Nuclear fission is dominating as it has a well-established supply chain for fuel, plant construction as well as decommissioning and nuclear waste management services.

Key Takeaways
The Global Nuclear Power Market Demand 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.

Regional analysis related content comprises:
The Asia Pacific region is expected to dominate the global nuclear power market during the forecast period. This is mainly due to the increasing investments by countries such as China, India and South Korea to meet their growing energy demands through nuclear power generation. China has the world’s largest number of nuclear reactors under construction. The region’s nuclear power generation capacity is projected to increase by over 60% in the next decade making it the fastest growing regional market.

Key players related content comprises:
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, Evonik Industries AG. These companies invest heavily in new plant construction and upgrading of existing facilities to strengthen their market positions.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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