DUBLIN, Aug. 4, 2023 /PRNewswire/ — The “Nuclear Electricity Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global nuclear electricity market is projected to witness substantial growth, with revenues expected to rise from $204.41 billion in 2022 to $217.4 billion in 2023, representing a remarkable compound annual growth rate (CAGR) of 6.4%. This growth trajectory is anticipated to continue, as the market is forecasted to reach $271.08 billion by 2027, with a CAGR of 5.7%.
Major players in the nuclear electricity market, including EDF Group, Exelon Corp, Duke Energy Corp, Enel SpA, and NextEra Energy, Inc., are poised to play a pivotal role in driving the market forward.
The nuclear electricity market encompasses revenues earned from pressurized water reactors (PWR), boiling water reactors (BWR), advanced gas-cooled reactors (AGR), light water graphite-moderated reactors (LWGR), fast neutron reactors (FNR), and operable nuclear power plants. The market’s value encompasses related goods sold by service providers or included within their service offerings, with a focus on goods and services traded between entities or sold to end consumers.
Notably, the main types of reactors utilized in nuclear power generation are pressurized water reactors (PWR), fast breeder reactors (FBR), pressurized heavy-water reactors (PHWR), boiling water reactors (BWR), light water graphite reactors (LWGR), and gas-cooled reactors (GCR).
The versatile pressurized water reactor (PWR) stands out, providing energy generation while propelling nuclear submarines and navy vessels. Different technologies, such as generation I, generation II, generation III, and generation IV, find application across residential, commercial, and industrial sectors.
Asia Pacific emerged as the largest region in the nuclear electricity market in 2022, with Western Europe following as the second-largest region. The nuclear electricity market covers countries including Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
This positive growth outlook for the global nuclear electricity market highlights the continued importance of nuclear energy in meeting the world’s increasing electricity demands while driving towards a sustainable energy future. The market’s expansion is expected to be fueled by ongoing technological advancements and the strategic initiatives of key industry players.
The growing demand for electricity is expected to be a key driver of the nuclear power generation market in the forecast period. This can be attributed to growing economies and rising populations, especially in developing countries such as China, India, Brazil, and some African countries.
According to the International Energy Agency (2019), global electricity demand rises at 2.1% per year by 2040, twice the rate of primary energy demand. This raises electricity’s share in total final power consumption from 19% in 2018 to 24% in 2040. Both China and India will account for a major portion of this growth.
According to government data, India’s energy consumption increased 13.38 percent to 110.94 billion units (BU) in October 2020, mainly driven by buoyancy in industrial and commercial activities. Furthermore, the global household appliances market is expected to grow to $396 billion by 2022, supporting the demand for electricity and driving the nuclear electricity 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 a rising number of cyber-attacks. For instance, on October 2022, Tata Power, an Indian-based electric power distribution company, suffered a cyber-attack for which the company has taken steps to retrieve and restore the systems.
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 lower carbon emissions. According to the World Nuclear Association (WNA) 2020, nuclear energy now provides about 10% of the world’s electricity from about 440 power reactors.
Around 50 more reactors are under construction, equivalent to around 15% of the existing capacity. In 2021, nuclear plants provided 2653 TWh of electricity, up from 2553 TWh in 2020. New nuclear markets such as Bangladesh, Turkey, and Vietnam are also making progress in nuclear power plant construction.
A selection of companies mentioned in this report includes
- EDF Group
- Exelon Corp
- Duke Energy Corp
- Enel SpA
- NextEra Energy, Inc.
Key Topics Covered:
1. Executive Summary
2. Nuclear Electricity Market Characteristics
3. Nuclear Electricity Market Trends And Strategies
4. Nuclear Electricity Market – Macro Economic Scenario
4.1 COVID-19 Impact On Nuclear Electricity Market
4.2 Ukraine-Russia War Impact On Nuclear Electricity Market
4.3 Impact Of High Inflation On Nuclear Electricity Market
5. Nuclear Electricity Market Size And Growth
5.1. Global Nuclear Electricity Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Nuclear Electricity Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Nuclear Electricity Market Segmentation
6.1. Global Nuclear Electricity Market, Segmentation By Reactor Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Pressurized Water Reactors (PWR)
- Fast Breeder Reactor (FBR)
- Pressurized Heavy-Water Reactor (PHWR)
- Boiling Water Reactor (BWR)
- Light Water Graphite Reactor (LWGR)
- Gas-Cooled Reactor (GCR)
6.2. Global Nuclear Electricity Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Residential
- Commercial
- Industrial
6.3. Global Nuclear Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Generation I
- Generation II
- Generation III
- Generation IV
7. Nuclear Electricity Market Regional And Country Analysis
7.1. Global Nuclear Electricity Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Nuclear Electricity Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/ndshsf
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