Nuclear Power Market expected to reach USD 46.10 Bn by 2031 | GE-Hitachi Nuclear Energy Inc.

Market Overview:

The global nuclear power market is estimated to be valued at USD 35.27 Bn in 2024 and is expected to reach USD 46.10 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031.

Market Dynamics:

The nuclear power market is expected to showcase significant growth over the forecast period owing to increasing focus on clean energy solutions to reduce carbon emissions. Governments across major economies are focusing on expanding nuclear power generation capacity to transition towards clean energy. For instance, China is investing heavily in new nuclear reactors to meet its commitment towards carbon neutrality by 2060. Further, improving safety standards and technological advancements in small modular reactors are also fueling the market growth. Adoption of advanced technologies such as machine learning and Internet of Things (IoT) are enabling improved operational efficiency of nuclear power plants.

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Major Opportunity: Decommissioning of Aged Nuclear Facilities

A big market opportunity for nuclear power companies lies in decommissioning of old and aged nuclear facilities across regions. As the first generation of commercial nuclear power plants across America and Europe approach their end of design life in coming decade, opportunities will arise for decontamination, dismantling and demolition of these plants. Decommissioning is a complex, lengthy and expensive process requiring specialised tools, equipment and manpower. It typically involves infrastructure upgrades, radioactive waste management and safe removal of activated/contaminated components. Spent fuel also needs to be safely stored or disposed of. As many plants globally are expected to retire in next 10-15 years, demand is rising for specialised services required. Major nuclear players are strategically investing in building capabilities to take up growing decommissioning contracts worldwide. This provides a complementary business avenue for long run.

Major Trend: Rise of Small Modular Reactors

A defining trend observed in the nuclear power market currently is the increased focus on deployment of small modular reactors (SMRs). To tackle the challenges related to high upfront costs and long construction periods of traditional large plants, SMRs offer an attractive alternative going forward. SMRs are much smaller in size of less than 300 MW capacity and can be constructed at centralized facilities as prefabricated modules and transported fully built to plant sites on trucks, rails or ships. This modular approach facilitates shorter construction schedules at lower costs without compromising on safety features. SMRs also enable flexible, scalable and distributed power generation that can be tailored to regional grids better. With their passive safety systems and lower power requirements, SMRs are well-suited for non-electric applications such as district heating and hydrogen production as well. Leading countries are now investing heavily in developing SMR designs and technologies with some expected to start commercial operation this decade.

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Top Companies Featured in This Report:

★ 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.
★ Rosatom Corp.
★ KEPCO Engineering & Construction
★ Areva
★ Framatome
★ Bharat Heavy Electricals Limited
★ SENPEC

Market Segmentation:

By Product Type:

★ By Reactor Type: Pressurized Water Reactor and Pressurized Heavy Water Reactor , Boiling Water Reactor , High-temperature Gas-cooled Reactor , Liquid Metal Fast Breeder Reactor , and Other Reactor Types

By Applications:

★ By Application : Energy , Defence , and Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

The report offers insights on the following aspects:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Analysis of Nuclear Power Market Competition Landscape by Players

Chapter 4: Assessment of Nuclear Power Market Size by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, recent developments, and investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Nuclear Power sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

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