Press release
Nuclear Electricity Market Report 2024: Strategies And Recent Developments | Électricité de France S.A., Exelon Corporation, Duke Energy Corporation, Enel SpA, NextEra Energy Inc
Nuclear Electricity Market Size
The Business Research Company offers in-depth market insights through Nuclear Electricity Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The nuclear electricity market size has grown strongly in recent years. It will grow from $215.19 billion in 2023 to $227.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to low carbon emissions, energy security, government support, long lifespan.
The nuclear electricity market size is expected to see strong growth in the next few years. It will grow to $278.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to climate change mitigation, energy transition, aging nuclear fleet, public acceptance. Major trends in the forecast period include international collaboration, technological advancements, nuclear innovation hubs, green financing and esg focus, grid integration, advanced reactor designs.
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Market Segmentation:
The main types of reactors 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 pressurized water reactor (PWR) is a form of nuclear reactor that generates energy while also propelling nuclear submarines and navy vessels. The different technologies include generation I, generation ii, generation III, and generation IV and are used by various sectors such as residential, commercial, and industrial.
Major Driver - Increasing Demand For Electricity Driving The Growth Of The Nuclear Electricity Market
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. For instance, in March 2023, according to Indian Express, an India-based e-newspaper, in 2022, India experienced an 8% increase in power demand, nearly double the growth rate of the Asia Pacific region, resulting in over 149.7 terawatt-hours. During the initial two months of 2023, demand surged by 10% compared to the previous year. Industrial and commercial sectors contribute to over 50% of India's yearly power consumption, with households representing a quarter, and agriculture covering more than one-sixth in recent years. Therefore, the demand for electricity and driving the growth of nuclear electricity market going forward.
Competitive Landscape:
Major companies operating in the nuclear electricity market include Électricité de France S.A., Exelon Corporation, Duke Energy Corporation, Enel SpA, NextEra Energy Inc., State Atomic Energy Corporation Rosatom, Korea Electric Power Corporation, Constellation Energy Group Inc., China General Nuclear Power Corporation, Enel Green Power S.p.A., General Electric Company, Hitachi Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Westinghouse Electric Company LLC, Areva SA, China National Nuclear Corporation, China National Nuclear Power Co. Ltd., Dominion Energy Inc., Southern Company, Bruce Power LP, Korea Hydro & Nuclear Power Co. Ltd., Rosenergoatom Concern JSC, TVEL Fuel Company, Urenco Limited
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Top Trend - Investing In Nuclear Innovation
Major companies operating in the nuclear electricity market are investing in nuclear innovation company such as TerraPower on its flagship technology called as Natrium to gain a competitive edge in the market. Natrium combines a sodium fast reactor with an economically competitive energy storage system based on molten salt. For instance, In November 2022, ArcelorMittal, Luxembourg-based leading steel and mining company, invested $25 million in breakthrough nuclear power innovator TerraPower. TerraPower is an US-based nuclear reactor design and development engineering company. The combination of a cost-effective sodium fast reactor and molten salt energy storage system through its leading technology, Natrium, offers clean, adaptable energy and harmonizes effortlessly with grids rich in renewable sources.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Nuclear Electricity Market Characteristics
3. Nuclear Electricity Market Trends And Strategies
4. Nuclear Electricity Market - Macro Economic Scenario
5. Nuclear Electricity Market Size And Growth
…..
27. Nuclear Electricity Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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