Nuclear energy is a form of clean energy which is produced by nuclear fission reaction of radioactive metals such as uranium. The nuclear fission reactions are carried out in nuclear reactors to produce heat which in turn is used to generate electricity. By technology, global nuclear power market can be segmented into Pressurized Water Reactors (PWR), Pressurized Heavy Water Reactor (PHWR) and Boiling Water Reactors (BWR).
Nuclear energy contributes around 11% of global electricity demand. Over the years, demand for nuclear energy has increased due to depleting fossil fuel resources, high global energy deficit and zero green gas emissions by nuclear energy. Safety has been a major concern for nuclear energy market growth, especially after Fukushima Daiichi nuclear disaster in 2011. After the nuclear disaster governments around the globe were subject to internal resistance to setup new nuclear power plants and some of the countries like Germany and Italy have decided to phase out from nuclear energy. In spite of decisions against expansion of nuclear energy by some countries, countries like China and Russia are setting up new nuclear reactors which are going to keep the nuclear demand high.
According to the World Nuclear Association, global installed power generating capacity stands at approximately 375 GWe and it is expected to grow by approximately 60% to reach 600 GWe by 2030. US meets around 20% of its power demand from nuclear energy and it is the largest producer of nuclear power and accounts around 30% of the global generation. Owing to setting up of new nuclear power plants in China, Asia Pacific is expected to emerge as a fastest growing nuclear energy market.
Major players operating in the nuclear power market include Eletronuclear, Alstom SA, Hitachi-GE Nuclear Energy Ltd, Nuclear Power Corporation of India, Mitsubishi Heavy Industries Ltd, United Uranium, Shanghai Electric, Uranium Corporation of India, Siemens, among others.
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