The nuclear power market is estimated to be valued at US$ 389.68 Bn in 2023 and is expected to exhibit a CAGR of 1.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Nuclear power is a major source of emission-free electricity generation and it plays an important role in decarbonizing the power sector. Nuclear power plants utilize the heat released from nuclear fission in a contained environment to produce steam that drives steam turbines for generating electricity. Countries around the world are increasingly adopting nuclear energy to meet the growing need for clean and reliable baseload electricity.

Market Dynamics:
The nuclear power market is expected to grow at a steady pace over the forecast period, driven by growing demand for clean energy solutions and government support through regulatory policies. Global energy demand is increasing every year due to rapid industrialization and urbanization. At the same time, the imperative to reduce greenhouse gas emissions is pushing governments and industries to adopt low-carbon energy sources. Nuclear energy meets both objectives of ensuring energy security and reducing carbon footprint making it an attractive option. Furthermore, various governments around the world are introducing nuclear power policies and regulatory frameworks to incentivize new plant construction as well as life extension of existing plants. For instance, UK recently announced its nuclear sector deal calling for significant private sector investment in new nuclear projects. Growing government support for nuclear energy through innovative financing policies and regulations is anticipated to fuel the market growth over the coming years.

SWOT Analysis

Strength: Nuclear power plants produce massive amounts of energy with minimal emissions. A single nuclear power plant can power over 1 million homes. They provide a stable source of baseload electricity.

Weakness: High upfront capital costs to build nuclear power plants. Lingering concerns over nuclear waste storage and safety issues. Public opposition can delay or halt new plant construction.

Opportunity: Increasing focus on reducing carbon emissions and transitioning to cleaner sources of energy. Growing demand for electricity especially in developing nations provides scope for expansion. Technological advances aimed at enhancing safety, efficiency and reducing costs.

Threats: Availability and cost of nuclear fuel can impact operations and profitability. Stringent regulations and changing policies around nuclear power. Emergence of cheaper renewable energy alternatives like solar and wind power. Security issues concerning nuclear material and facilities.

Key Takeaways

The Global Nuclear Power Market is expected to witness high growth, exhibiting CAGR of 1.2% over the forecast period, due to increasing focus on reducing carbon emissions and transitioning to sustainable sources of energy. In 2021, the nuclear power generating capacity stood at 389.68 GW globally.

Regional analysis Regional analysis shows that Asia Pacific dominates the global nuclear power market , accounting for over 50% share in 2021 led by countries like China, India, and Japan. This is attributed to presence of major emerging economies with rising energy demand. North America and Europe are other major markets driven by focus on clean energy goals in the US and EU nations respectively.

Key players Key players operating in the nuclear power market are GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, STP Nuclear Operating Company, SKODA JS AS, China National Nuclear Corporation, Bilfinger SE, BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd, Mitsubishi Heavy Industries Ltd, Bechtel Group Inc., Japan Atomic Power Co., and Rosatom Corp.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it