Nuclear Electric Power Generation Market:
WiseGuyReports.com adds “Global Nuclear Electric Power Generation Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
The nuclear electric power generation market consists of sales of nuclear electric power and related services that convert nuclear energy into electrical energy. The nuclear electric power generation industry includes establishments that operate nuclear power plants which use uranium as a fuel to generate electricity. Nuclear power plants use the heat produced during nuclear fission. In nuclear fission, which takes place inside the reactor of a nuclear power plant, atoms are split apart to form smaller atoms, releasing energy. The heat produced in the reactor core during nuclear fission is used to boil water into steam, which converts the blades of a steam turbine. As the turbine blades turn, they drive generators that produce electricity. The electrical energy produced is directly provided to power transmission systems, which are used to move large quantities of power from generating facilities to substations and distribution systems, which are used for short distances, generally to transport electricity to customers locally.
The global nuclear electric power generation market reached a value of nearly $69.3 billion in 2019, having grown at a compound annual growth rate (CAGR) of -2.6% since 2015, and is expected to grow at a CAGR of 3.26% to nearly $78.8 billion by 2023.
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The nuclear electric power generation market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the nuclear electric power generation market in 2019.
The nuclear electric power generation market covered in this report is segmented by reactor type into pressurized water reactors, fast breeder reactor, pressurized heavy-water reactor, boiling water reactor, light water graphite reactor, gas-cooled reactor and by end-user into residential, commercial, industrial.
The growing demand for electricity is expected to be a key driver of the nuclear electric power generation market in the forecast period. This can be attributed to growing economies, rising populations, especially in developing countries such as China, India, Brazil, and some African countries. Global electricity demand is projected to grow from 25,000 TWh in 2017 to 38,700 TWh by 2050, an increase of 57%. China and India will account for a major portion of this growth. Electricity consumption in India is expected to grow at a CAGR of 7.1% from 2017 to 2022. Furthermore, the global household appliances market is expected to grow from $283.8 billion in 2018 to $396.2 billion in 2022 at a CAGR of 8.7%, supporting the demand for electricity and driving the nuclear electric power generation market going forward.
The power generation industry and the downstream power distribution industries are digitizing their assets, and are increasingly relying on technology. The industry is becoming increasingly vulnerable to rising number of cyber-attacks. For instance, in September 2019, Kudankulam Nuclear Power Plant (KKNPP), which is India’s biggest nuclear power plant and feed India’s southern power grid suffered a cyber-attack in which the nuclear power plant’s administrative network was breached in the attack.
Global issues such as energy security, climate change, and electricity demand growth have led to an increase in the use of nuclear energy for power generation. Nuclear technology provides large amounts of power with significantly low carbon emissions. As of April 2017, nuclear power plants accounted for about 10% of the world’s total electricity production, with 30 countries operating 449 nuclear reactors to generate electricity, and 60 new nuclear plants under construction in 15 countries. New nuclear markets such as Bangladesh, Turkey, and Vietnam are also making progress in the nuclear power generation plant construction. According to a report by the International Atomic Energy Agency (IAEA) on nuclear power generation, in 2018, 11% of the world’s total electricity was provided by nuclear power plants, and 12 countries were using nuclear power for at least 30% of their national power generation.
Major players in the market are EDF Group, Exelon Corp, Duke Energy Corp, Enel SpA and NextEra Energy, Inc.Nuclear Electric Power Generation Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global nuclear electric power generation market.
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