The global market for Nuclear Power is projected to reach 3.1 thousand TeraWatt-Hours (TWh) by 2024, driven by spiraling electricity demand, worrisome increase in greenhouse gas (GHG) emissions from fossil fuel energy and the ensuing need to revive focus on low carbon nuclear power as the most reliable and environment friendly approaches of generating electricity on a large scale.
Few of the advantages of nuclear power that make it indispensable in the world’s sustainable energy mix portfolio include:
- zero CO2 emissions;
- higher continuity comparable to fossil fuel energy and thereby higher base load energy capability in comparison to other renewable energy sources;
- enables electrical planning; compact low polluting Infrastructure;
- stable and competitive cost and pricing;
- re-usable feedstock as unburnt Uranium-235 can be re-used after regeneration;
- high feedstock to energy conversion ratio with 1kg of fuel grade uranium capable of generating energy equal to 100 tons of coal or conversely 60 tons of oil;
- lower plant maintenance burden and longevity with nuclear plants capable of being operated to 60 years;
- and lower cost of uranium feedstock.
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In addition to these benefits, overhyped risks of nuclear power are gradually fading with breakthrough reactor technologies and design making nuclear plant safer to operate and radioactive waste safer to handle and manage. For instance, the development of closed fuel cycle technology promises to generate virtually zero waste. Other major factors driving growth include favorable government policies and incentives geared to support the industry’s resurgence; stringent regulations that mandate adherence to nuclear codes and standards; and growing demand for small modular reactors with 300 MW-500 MW power generation capacity for their ability to accelerate project completion and ROI. Europe represents the largest market worldwide, followed by the United States. Future growth will come largely from Japan with a CAGR of 14.7% over the analysis period supported by the country’s undying commitment to meet 20% to 22% of its energy needs from nuclear by 2030, despite recent reactor failures and damage caused by natural calamities.
Company and Industry News & Stories
- Rosatom, a Russian Company, to Construct a Nuclear Power Plant Project in China In Response to the Chinese Government’s Invitation to Build a Nuclear Plant in the Country
- Rosatom Launches New Floating Nuclear Power Plant in Pevek, Russia in a Move to Provide Power for the 100,000-Person Town
- Exelon Generation Acquires the Everett LNG Facility in a Move to Continuously Supply Liquefied Natural Gas to Mystic Generating Station’s Units 8 and 9
- Bruce Power Receives Power Reactor Operating License Renewal from The Canadian Nuclear Safety Commission
- IAEA Enters into an Agreement with NEI in a Move to Formalize Cooperation with One of the Most Important Nuclear Industry Trade Associations in the U.S.
Product Definition & Scope
- Nuclear Power or nuclear electricity is the electrical power produced through either a nuclear fusion or fission. Nuclear power can be defined as an “energy form”, which is generated by an atomic reaction, and capable of providing an alternative source of electricity to oil, coal or gas. Nuclear power is also the controlled usage of nuclear reactions to produce energy for performing several activities including heat, propulsion, and electricity generation. The current usage of nuclear power to perform significant work is limited to radioactive decay and nuclear fission. Nuclear power is produced using Uranium, a metal that is mined across various regions in the world. Nuclear power is capable of producing huge volumes of energy, consuming low quantity of fuel, without the pollution that is usually generated when fossil fuels are burnt.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, UK, Spain, Russia, Sweden, Ukraine, and Rest of Europe), Asia-Pacific (China, India, Pakistan, South Korea, and Taiwan), and Rest of World (Argentina, Brazil, Mexico, and South Africa)
- Axpo Group
- BWX Technologies, Inc.
- Dongfang Electric Corporation Limited
- EletrobrasTermonuclear S.A.
- ENGIE Electrabel
- GE Hitachi Nuclear Energy
- Tokyo Electric Power Company Holdings
- Vattenfall AB
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