Nuclear Electricity Market: Major Trends Reshaping the Future of the Industry

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What Will the Nuclear Electricity Industry Market Size Be by 2025?
In recent times, the size of the nuclear electricity market has consistently expanded. It is projected to rise from $269.48 billion in 2024 to $279.17 billion in 2025, with a compound annual growth rate (CAGR) of 3.6%. Factors such as low carbon emissions, energy security, governmental backing, and long lifespan have contributed to the growth observed in the historic period.

What's the Long-Term Growth Forecast for the Nuclear Electricity Market Size Through 2029?
Steady expansion is anticipated in the nuclear electricity market over the coming years, with projections indicating that it will reach a size of $328.54 billion in 2029, driven by a compound annual growth rate (CAGR) of 4.2%. This projected growth during the forecast period can be linked to aspects such as efforts to mitigate climate change, the transition to alternative energies, an aging nuclear fleet, and increased public acceptance. During this forecast period, significant trends are expected to include an emphasis on international collaboration, advancements in technology, the emergence of nuclear innovation hubs, focus on green financing and ESG considerations, grid integration, and the development of advanced reactor designs.

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What Are the Key Growth Drivers Fueling the Nuclear Electricity Market Expansion?
The proliferation of electricity needs is projected to be a dominant factor propelling the progress of the nuclear power generation market in the forthcoming years. This is primarily due to expanding economies and burgeoning populations, particularly in burgeoning countries including China, India, Brazil, and some African nations. For example, the Indian Express, a local e-newspaper in India, reported in March 2023 that India saw an 8% surge in power needs in 2022, which is almost twice the growth pace in the Asia Pacific area, culminating in over 149.7 terawatt-hours. In the first couple of months of 2023, there was a 10% uptick in demand compared to the previous year. Over half of India's annual power usage is from commercial and industrial sectors, households account for a fourth, and agriculture has been responsible for more than one-sixth in recent years. Thus, the increasing requirement for electricity is fuelling the growth of the nuclear electricity market in the future.

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What Are the Key Trends Driving Nuclear Electricity Market Growth?
Top corporations in the nuclear electricity market are strategically investing in nuclear innovation enterprises such as TerraPower and their prime technology called Natrium in order to maintain their competitive advantage in the industry. Natrium merges a sodium fast reactor and a cost-effective energy storage system that employs molten salt. For instance, the steel and mining heavyweight, ArcelorMittal, which is based in Luxembourg, poured an investment of $25 million into TerraPower, a pioneering nuclear power innovator, in November 2022. TerraPower, located in the US, specializes in the design and development of nuclear reactors. The technology Natrium, which unites a sodium fast reactor and a molten salt energy storage system in an economical manner, provides not only clean energy that can be adjusted as required but also integrates smoothly with grids rich in renewable sources.

How Is the Nuclear Electricity Market Segmented?
The nuclear electricitymarket 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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Which Companies Are Leading the Charge in Nuclear Electricity Market Innovation?
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

Which Regions Are Leading the Global Nuclear Electricity Market in Revenue?
Asia-Pacific was the largest region in the nuclear electricity market in 2024. 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

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