Global Nuclear Energy Market

Global Nuclear Energy Market Size, Share, Growth Analysis, By Type(Nuclear Fission, Nuclear Fusion), By Application(Electricity Generation, Industrial Process Heat) - Industry Forecast 2024-2031

Report ID: SQMIG55A2028 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Global Nuclear Energy Market News

  • In February 2022, France revealed intentions to construct six new nuclear power reactors and commission an additional eight units, alongside advancing the development of small modular reactors. These initiatives aim to bolster the country's carbon-free energy capacity while curbing energy demand. Furthermore, numerous nuclear power projects are either under construction or in the planning stages globally, indicating substantial market development in the nuclear energy sector in the foreseeable future. 
  • Also in February 2022, the state-owned China National Nuclear Corp. (CNNC) inked a contract with the Argentine government to construct the Atucha III nuclear power plant, utilizing China's Hualong One technology. Valued at USD 8 billion, this agreement marks a revival of a previously stalled deal and is poised to enhance nuclear capacities within Argentina. Atucha III is projected to generate a gross power output of 1,200 MW with an initial operational lifespan of 60 years, contributing significantly to the expansion of nuclear energy resources in the country. 
  • Additionally, in February 2022, West Virginia Governor Jim Justice ratified legislation abolishing the United States' prohibition on nuclear power plant construction. As the second-largest coal producer in the nation, West Virginia has historically relied heavily on coal for energy production, accounting for approximately 5% of the country's total energy output in 2020. However, the state is now exploring diversification strategies, including a shift towards nuclear power, to reduce dependence on coal and embrace cleaner energy alternatives.
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Global Nuclear Energy Market size was valued at USD 84.81 billion in 2022 and is poised to grow from USD 87.18 billion in 2023 to USD 108.74 billion by 2031, growing at a CAGR of 2.8% in the forecast period (2024-2031).

The competitive landscape of the nuclear energy market is characterized by a mix of global players, regional utilities, and government entities. Established industry leaders like EDF (Électricité de France), Exelon Corporation, Rosatom, and E.ON SE dominate the market due to their extensive experience, operational expertise, and large nuclear power plant portfolios. These companies have a significant presence across multiple regions and are often at the forefront of advancing nuclear technology and safety standards. 'EDF (Electricité de France)', 'Exelon Corporation', 'Rosatom', 'E.ON SE', 'Tokyo Electric Power Company Holdings (TEPCO)', 'Dominion Energy', 'Southern Company', 'China National Nuclear Corporation (CNNC)', 'Korea Electric Power Corporation (KEPCO)', 'Nuclear Energy Corporation of South Africa (NECSA)', 'Ontario Power Generation', 'Electric Power Development Co., Ltd. (J-Power)', 'Nucleoeléctrica Argentina S.A. (NA-SA)', 'Engie', 'Vattenfall AB', 'Areva Group', 'Fortum Corporation', 'TVO (Teollisuuden Voima Oyj)', 'Kansai Electric Power Co., Inc.', 'Duke Energy Corporation'

Since nuclear energy produces a minimal carbon footprint, it stays in line with the recent guidelines to lower greenhouse gas emissions to win the fight against climate change. Nuclear power is the answer when businesses look for a reliable and green replacement for fossil fuel energy sources.

Growing Interest in Carbon-Free Energy: The growing focus on reducing carbon emissions and inhibiting climate change is driving the interest in nuclear energy as a source of reliable and low-carbon energy. As industries shift to more sustainable energy systems, the nuclear power sector provides a helpful alternative because it can produce large amounts of uninterrupted electricity while refraining from emitting greenhouse gasses.

The world's largest nuclear energy market was in the Asia-Pacific area. China, which has been making substantial investments in the growth of its nuclear power capacity, and served as the market leader. The development of new nuclear power plants and China's lofty nuclear energy deployment plans helped the country take the lead in the industry.

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