According to Stratistics MRC, the Global Nuclear Power market is expected to grow at a CAGR of 4.2% during the forecast period 2015-2022. Many nations around the world are looking at nuclear power to protest the earth’s climate from greenhouse gas emissions and from combustion of fossil fuels. Nuclear power is the only carbon free source and contributing a major part of power supplies. Whereas, anti-nuclear activists and other environmentalists are strongly opposing the Nuclear power. Increasing demand for energy from industrial and residential sectors is expected to drive the market growth.
Although having such strong proponents for growth, the heavy damage by nuclear reactor accidents has raised fear about the safety of nuclear energy. Due to controversies, nuclear power plants in some countries, particularly some in Europe, have taken the decision to phase-out nuclear energy. The huge costs of storing and monitoring radioactive waste generated in nuclear energy plants proves to be a major growth inhibitor. Although decisions are against in the expansion of nuclear power by leading economies, construction of new nuclear plants in China and Russia is likely to maintain the demand for nuclear power.
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According to World Nuclear Association, there are about 435 operational nuclear power reactors across 30 countries in the world. An additional 71 reactors are under construction in 15 countries, which is the largest rate of nuclear reactor construction seen in 25 years.
The numbers clearly specify the improved susceptibility among global economies to adopt nuclear technology as a feasible alternative to fossil fuels for power generation. North America has largest nuclear power market owing to the large-scale installations in the U.S. In Europe, environmental regulations have also encouraged countries such as Germany, France and Spain to invest in the nuclear energy market. Asia Pacific is expected to emerge as the fastest growing market for nuclear energy owing to the construction of new nuclear power plants in China and India.
Some of the key players in global Nuclear Power market include Alstom SA, Bruce Power, Babcock & Wilcox Company, Eletronuclear, China General Nuclear Power Corporation, Hitachi-GE Nuclear Energy Ltd, Mitsubishi Heavy Industries Ltd, CEZ Group, Uranium Corporation of India, Siemens, E.ON SE, Nuclear Power Corporation of India, Shanghai Electric, Nukem GmbH and United Uranium.
• Pressurized Water Reactors (PWR)
• Boiling Water Reactors (BWR)
• Pressurized Heavy Water Reactor (PHWR)
• High Temperature Gas Cooled Reactor (HTGR)
• Fast Neutron Reactors (FBR)
• Other Technologies
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• Rest of the World
o Middle East
o South Africa
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