The global nuclear energy market reached a value of about 3013.6 TWh in 2021. The industry is projected to grow at a CAGR of around 4.3% in the forecast period of 2022-2027 to reach a value of about 3898.2 TWh by 2027.
The global nuclear energy industry report gives a comprehensive analysis of the industry including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. Nuclear Energy's capability to create power with lower carbon emissions than fossil fuels drive the market's growth. It is also one of the most reliable sources of electricity and ensures the long-term reliability of electricity bills. The critical demand indicator in the industry report is the highest category spender, Asia Pacific (China).
Nuclear Energy is the harnessing of nuclear reactions to generate power. It is energy stored in an atom's nucleus or core. It can be obtained by nuclear fission, nuclear decay, and nuclear fusion processes. It is an energy source that produces no emissions, delivers power 24 hours a day, and moves civilisation forward. The nuclear energy industry report comprises segments by reactor type (pressurised water reactor (PWR), pressurised heavy water reactor (PHWR), boiling water reactor (BWR), light water graphite reactor (LWGR), gas-cooled reactor (GCR), and others.), equipment type (island equipment and auxiliary equipment), application (energy, defence, and others), and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
China has the most extensive overall electric capacity of nuclear reactors under development globally, with nearly 14 gigawatts of its reactors under construction. There were 415 nuclear reactors in operation in 33 nations as of mid-2021, an increase of seven reactors from a year earlier. Their total capacity was up 1.9 percent from the previous year. Except where there is direct access to cheap fossil fuels, nuclear power is cost-competitive with other sources of electricity generation.
The energy segment is the leading segment due to the rising demand for power worldwide. Nuclear fission generates electricity; it has excellent potential for a clean and resourceful future. On the other hand, nuclear fusion technology is still in the research and development stage. With time, the factors like rising population and economic growth, paired with increasing urbanisation throughout the world, will boost energy consumption. As a result, it must be employed at its best to generate power. In addition, numerous other atomic power stations are under construction or in the planning stages across the globe. The growing interest of government and researchers in nuclear energy is likely to impact the market positively.
On the other side of it the general population thinks that the commercial nuclear power is hazardous and volatile process as there have been a couple of related mishaps in the past. Also, it’s a common thinking that the use of the nuclear fuel is a growing concern as people are doubtful about its transportation, storage, and disposal. Besides this there is a capital costs and investments are very high, along with issues in getting licenses and regulation approvals with extensive lead times and delays in construction have discouraged the interest of the people.
The global nuclear energy industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global nuclear energy developing and utilising regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Nuclear energy can generate electricity, but it must be extracted from the atom. In harnessing that energy, particles are divided to release energy in the nuclear fission process. A nuclear reactor/power plant is a collection of devices capable of controlling atomic fission to generate energy. Pellets of the element uranium are used as fuel in nuclear reactors to create nuclear fission. Uranium atoms are pushed to split apart in nuclear reactors. The atoms split, releasing tiny particles known as fission products. Other uranium atoms break because of fission products, which results in a chain reaction. Heat is produced by the energy released by this chain reaction. Its fission generates heat, which heats the reactor's cooling agent. Water is commonly used as a cooling agent; however, some nuclear reactors employ liquid metal or molten salt. Steam is produced by the cooling agent heated by nuclear fission.
Turbines, wheels rotated by a flowing stream, are powered by steam. Generators, or engines that generate energy, are driven by turbines. Nuclear poison rods can be used to control the amount of energy produced. They are materials that absorb part of the fission products produced by nuclear fission, such as a kind of xenon. The process will be slower and more regulated if more nuclear poison rods are present during the chain reaction. A stronger chain reaction may be achieved by removing the rods, resulting in more electricity.
The energy demand has risen due to technological developments used in daily activities. Additionally, the rising market for sustainable energy and decreasing fossil fuel supplies are projected to influence energy concerns. These concerns are incentivising corporations and governments to invest in nuclear power. As a result, the demand for atomic energy is being driven significantly. Over the forecast period, the market is expected to be caused by the rising use of nuclear technology as a viable alternative to fossil fuels for power generation. Industry development is predicted to be enhanced by the depletion of fossil fuel reserves and the growing desire to cut energy import expenses. The power plants are projected to drive the market due to their higher efficiency than thermal power plants.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The rising energy demand in tandem with worldwide climate change targets, and increased global investments in nuclear power facilities, the industry is expected to witness growth. Furthermore, many countries continue to see nuclear power as a critical alternative for improving energy security, reducing the impact of variable fossil fuel costs, and mitigating climate change and air pollution, leading to increased investments in research and development activities.
1. Executive Summary
2. Nuclear Energy Market Snapshot
2.1. Nuclear Energy Market Outlook
2.2. Region Overview
2.2.3. North America
2.2.4. Latin America
2.2.5. Middle East & Africa
3. Impact of Recent Events
4. Nuclear Energy Value Chain Analysis
5. Nuclear Energy Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Nuclear Energy Cost Structure
9. Nuclear Energy Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Nuclear Energy Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. GE- Hitachi Nuclear Energy
14.2. Kepco Engineering & Construction
14.3. China National Nuclear Corporation
14.4. Westinghouse Electric Company LLC
14.5. Skoda JS a.s.
The global nuclear energy market size was valued at 3013.6 TWh in 2021.
As per the services provided, the energy segment is anticipated to lead the market between the period 2021 – 2028.
The rising demand for clean energy is one of the essential drivers of the nuclear energy market growth.
Some of the leading players in the market are GE-Hitachi Nuclear Energy, Inc., Westinghouse Electric Company LLC, KEPCO Engineering & Construction, ŠKODA JS a.s., China National Nuclear Corporation, and others.
The electricity generation segment of the nuclear industry holds a significant share in the market.
The global nuclear energy market attained a value of 3013.6 TWh in 2021, driven by the rising demand for electricity worldwide. Furthermore, the need for a clean and resourceful future furthers the market's potential. Other factors like expanding population, economic growth, and increased urbanisation will drive energy demand over time. As a result, it must be used to its full potential to create electricity. It is aided by the growing number of nuclear power plants being built or in the planning stages worldwide—the market benefits from the government's and researchers' rising interest in atomic energy. The market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 4.3%. The market is projected to reach 3898.2 TWh by 2027.
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