Press release
What's Driving the Nuclear Electricity Market 2025-2034: Increasing Demand For Electricity Driving The Growth Of The Nuclear Electricity Market
Nuclear Electricity Market Size
The steady increase in the size of the nuclear electricity market has been noted in recent years. The projected growth from a value of $270.08 billion in 2024 to $281.57 billion in 2025 represents a compound annual growth rate (CAGR) of 4.3%. Factors contributing to this growth during the historical period include reduced carbon emissions, energy security, governmental backing, and a long lifespan.
The size of the nuclear electricity market is anticipated to experience consistent growth in the upcoming years. By 2029, it is projected to increase to a value of $328.08 billion, with a compound annual growth rate (CAGR) of 3.9%. This growth during the forecast period can be credited to contexts such as climate change mitigation, energy transition, the aging nuclear fleet, and public acceptance. Key trends that are forecasted to emerge during this period encompass global cooperation, advancements in technology, the establishment of nuclear innovation centers, an emphasis on green financing and ESG matters, grid integration, and the development of advanced reactor designs.
What Are the Main Catalysts for Growth in the Nuclear Electricity Market?
The escalation in the need for electricity is projected to significantly impact the growth of the nuclear power generation market during the forecast period. This surge can be linked to expanding economies and increasing population demographics, particularly in emerging economies like China, India, Brazil and certain African nations. For example, The Indian Express, a renowned Indian e-newspaper, reported in March 2023 that India saw a power demand growth of 8% in 2022, almost doubling the growth trajectory of the Asia Pacific region, exceeding 149.7 terawatt-hours. In the early two months of 2023, this demand skyrocketed by 10% in comparison to the previous year. Commercial and industrial sectors account for more than half of India's annual power consumption; with households making up a quarter and agriculture consuming just over one-sixth in recent years. As a consequence, the burgeoning need for electricity stands as a prominent factor promoting the expansion of the nuclear electricity market in the future.
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Which Businesses Are at the Forefront of Nuclear Electricity Market Development?
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
What Are the Latest Innovations in the Nuclear Electricity Market?
Leading companies in the nuclear electricity sector are directing their investments to nuclear innovation firms like TerraPower to enhance competitiveness. The focal point of this investment is TerraPower's leading technology, Natrium, which integrates a sodium fast reactor with an economically viable energy storage system based on molten salt. For instance, in November 2022, Luxembourg's premier steel and mining company, ArcelorMittal, invested $25 million in TerraPower, a pioneering nuclear power innovator. Based in the US, TerraPower specializes in the design and development of nuclear reactors. Natrium, with its blend of cost-effective sodium fast reactor and molten salt energy storage system, delivers clean, adjustable energy, and seamlessly integrates with renewable energy-rich grids.
How Is the Nuclear Electricity Market Segmented?
The nuclear electricity market covered in this report is segmented -
1) By Reactor Type: Pressurized Water Reactors (PWR), Fast Breeder Reactor (FBR), Pressurized Heavy-Water Reactor (PHWR), Boiling Water Reactor (BWR), Light Water Graphite Reactor (LWGR), Gas-Cooled Reactor (GCR)
2) By Technology: Generation I, Generation II, Generation III, and Generation IV
3) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Pressurized Water Reactors (PWR): Small Modular PWRs, Conventional Large PWRs
2) By Fast Breeder Reactor (FBR): Sodium-Cooled FBR, Lead-Cooled FBR, Gas-Cooled FBR
3) By Pressurized Heavy-Water Reactor (PHWR): Advanced PHWRs, Conventional PHWRs
4) By Boiling Water Reactor (BWR): Advanced BWR (ABWR), Economic Simplified BWR (ESBWR)
5) By Light Water Graphite Reactor (LWGR): RBMK (Reaktor Bolshoy Moshchnosti Kanalny), EGP (Experimental Graphite Reactors)
6) By Gas-Cooled Reactor (GCR): Magnox Reactors, Advanced Gas-Cooled Reactors (AGR)
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Where Is the Nuclear Electricity Market Growth Most Prominent?
Asia-Pacific was the largest region in the nuclear electricity market in 2023. Western Europe was the second-largest region in the nuclear electricity market. The regions covered in the nuclear electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Nuclear Electricity Global Market Report?
- Market Size Analysis: Analyze the Nuclear Electricity Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Nuclear Electricity Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Nuclear Electricity Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Nuclear Electricity Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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