Nuclear Power Industry Size to Worth Around USD 107.74 billion by 2031 | GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC

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:

Nuclear power generation is witnessing increasing focus owing to growing emphasis on clean energy sources for reducing carbon emissions. Nuclear energy produces negligible carbon emissions and plays a vital role in lowering dependence on fossil fuels. Additionally, rapid industrialization and urbanization have increased electricity demand significantly, which is further driving the need for adopting feasible clean energy alternatives such as nuclear power. It is estimated that nuclear energy currently prevents around 2 billion tonnes of carbon emissions annually that would have otherwise been produced through coal or gas-fired power plants. Governments across major economies are also providing subsidies and fiscal incentives for expansion of existing nuclear power facilities as well as construction of new plants. These factors are expected to boost the nuclear power market size during the forecast period.

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Nuclear Power Market Drivers

Increasing Demand for Clean and Reliable Energy Sources

Nuclear power is a clean source of energy that produces zero direct carbon emissions. With growing concerns about climate change and the need to transition away from fossil fuels, many countries are supporting the development of nuclear power as a means to generate reliable baseload electricity while reducing greenhouse gas emissions. Nuclear energy currently provides about 10% of the world's electricity and over half of its low-carbon electricity. Several nations have announced plans to invest in new nuclear reactors or extend the life of existing plants in order to meet rising energy needs sustainably.

Nuclear Power Market Opportunity

Expanding Role of Small Modular Reactors

Small modular reactors (SMRs) offer an opportunity to overcome many restraints currently facing large-scale nuclear power. SMRs have standard design features that can be fabricated in factories and transported to sites for automated assembly, significantly improving economics. Their smaller size allows for step-wise capacity expansion as needed. Due to passive safety features they require less upfront infrastructure investment. SMRs are highly scalable and can serve a variety of applications from grid electricity to industrial heat and remote community energy needs. This could open new markets and support greater adoption of nuclear technology globally.

Nuclear Power Market Trends

Increasing Focus on Sustainable Nuclear Fuel Cycles

There is a growing trend of exploring various fuel cycle options to improve the long-term sustainability and economics of nuclear power. Countries are looking at ways to maximize the energy potential from uranium through technologies like fast reactors and closed fuel cycles that can reuse and recycle spent fuel. Several nations are researching the feasibility of advanced fuel cycles involving fast reactors, reprocessing and transmutation that can fission long-lived radioactive waste from current light water reactors. Establishing sustainable fuel cycles could alleviate concerns around radioactive waste management and enhance public acceptance of nuclear technology.

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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)

Key Inquiries Addressed in this Report include:

📈 What was the size of the Nuclear Power Market in 2024, and what is the projected value by 2031?

📈 What is the present global market landscape for the Nuclear Power Market?

📈 What strategies offer optimal opportunities for growth maximization in the business?

📈 What recent trends are shaping the Nuclear Power Market?

📈 How does the market share of Nuclear Power Market revenue, sales, and size vary across specific geographical regions?

📈 Who are the prominent industry players in the Nuclear Power Market?

📈 Which segment of the Nuclear Power Market is experiencing heightened demand?

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.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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