Breaking Ground: The Future of Nuclear Fusion in 2024

"The Business Research Company recently released a comprehensive report on the Global Nuclear Fusion Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The nuclear fusion market size has grown strongly in recent years. It will grow from $313.1 billion in 2023 to $332.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to energy security concerns, environmental sustainability, international collaboration, government funding and support, advancements in fusion research.

The nuclear fusion market size is expected to see strong growth in the next few years. It will grow to $435.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to private sector investment, global energy transition, technological maturation, research and development initiatives, policy and regulatory support. Major trends in the forecast period include government support and funding initiatives, research on innovative fuel cycles, advances in plasma stability and control, R&D efforts in fusion materials and components, public awareness and education initiatives.

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Market Drivers and Trends:

Increased government funding for nuclear energy is expected to propel the growth of the nuclear fusion market going forward. Nuclear energy is energy created by breaking atoms in a reactor to heat water into steam, operate a turbine, and generate electricity. Several governments of developed countries are funding nuclear reactors, which increases the demand for the nuclear fusion market. For instance, in 2021, according to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, in the United States, 6 large-scale nuclear reactors came online and started operating with a combined capacity of 5.6 GW and, 2 reactors are expected to start operations by 2030 and would receive USD 3.2 billion in government funding. Furthermore, France is funding a total of USD 1.08 billion (EUR 1 billion), and China, is undergoing some projects such as the HTR-PM units at Shidao Bay already grid-connected in 2021, and others under construction which has several advanced nuclear technologies under development. Therefore, increased government funding for nuclear energy is driving the growth of the nuclear fusion market.

Advancements in technologies have emerged as the key trend gaining popularity in the nuclear fusion market. Major companies operating in the nuclear fusion market are developing innovative technologies to strengthen their position in the market. For instance, in June 2021, Zap Energy, a US-based company that commercializes fusion power created the first plasmas in FuZE-Q, a prototype device designed to achieve Q=1, where nuclear fusion inside plasma yields more energy than it consumes. This prototype shows the company's innovation of sheared-flow stabilization that continues to extend the lifetime of Z-pinch plasmas at 500 kiloamps (kA) of current. The technology used by the company is incredibly elegant and does not require any superconducting magnets and high-powered lasers.

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Major Key Players of the Market:

Lockheed Martin Corporation, Southern Company, General Atomics, TAE Technologies Inc., Culham Centre for Fusion Energy, Tri Alpha Energy Inc., Zap Energy Inc., Fusion Energy Solutions Inc., Helion Energy Inc., First Light Fusion Ltd., Tokamak Energy Ltd., NuScale Power LLC, Brilliant Light Power Inc., Marvel Fusion GmbH, Commonwealth Fusion Systems Inc., HB11 Energy, General Fusion Inc., HyperJet Fusion Corporation, Phoenix LLC, ITER Organization, Alectryon, Project Thunderbird, Field-Reversed Configuration, Focused Energy Inc., Princeton Stellarators Inc., Fusion for Energy, National Institute for Fusion Science, Max Planck Institute for Plasma Physics, Lawrence Livermore National Laboratory, LPP Fusion

Nuclear Fusion Market 2024 Key Insights:

• The nuclear fusion market size is expected to see strong growth in the next few years. It will grow to $435.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Government Funding Surge Expected To Drive Nuclear Fusion Market Growth
• Technological Advances Shaping The Nuclear Fusion Landscape
• Europe was the largest region in the nuclear fusion market in 2023

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This release was published on openPR.