Nuclear Power Generation: Worldwide Demand for Clean Energy to Encourage the Market
A procedure termed fission, nuclear energy emerges from the splitting of uranium atoms and generates heat to produce steam, which is further used by a turbine generator in order to generate electricity. Nuclear power plants do not produce greenhouse gases as they do not burn fuel. The fission generates heat inside the reactor and then heats the water which surrounds the fuel rods. The water will convert into steam to turn the turbine and allow the generator to generate electricity.
The nuclear power generation market has witnessed a tectonic surge, mainly due to the surging worldwide demand for clean energy, especially from the industrial and residential sectors. The declining fossil fuel reserves are further estimated to encourage the nuclear power generation market across the global market. Demand for new generating capacity in order to replace old fossil fuel, which emits carbons will highly encourage the market’s growth across the globe. As nuclear energy is considered a low carbon alternative for conventional energy sources like coal and other fossil fuels, its application has expanded across industries. Advancing technologies, in terms of power generation and decommissioning of nuclear facilities has further actuated the market demand across the globe.
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The report contains a complete study of the competitive scenario of the x market and the existing trends that are anticipated to impact the market. It recognizes vital players of the market, including both key and emerging players. The report consists of the companies in the market share study to offer a more comprehensive overview of the key market players. Additionally, the report also includes significant strategic developments of the market such as partnerships, new product launch, agreements, acquisitions & mergers, research & development collaborations & joint ventures, and growth of major market players on a global and regional basis.
Westinghouse Electric Company
Larsen and Toubro
China National Nuclear Cooperation
Growing power plant expansions in China and Russia are likely to drive the nuclear power generation industry globally. Moreover, surging need to reduce energy import bills and depleting fossil fuel reserves are considered to impact the market positively. Moreover, better efficiency of nuclear power plants over thermal power plants is predicted to trigger its demand.
On the flip side, difficulty in nuclear waste management, including radioactive waste, is likely to restrict the market’s growth across the globe. Concerns associated with safe deployment of nuclear technology are influencing energy companies to emphasize on waste management. Several accidents in nuclear power plants like Fukushima, Three Mile Island, and Chernobyl have increased industry safety standards. These accidents have largely affected power plant expansions, especially in areas of Europe and the U.S. Thus, high cost of storage and harmful radioactive wastes, which are generated in power plants are estimated to deter the market growth in the foreseeable future.
The global nuclear power generation market has been segmented on the basis of type and application. By type, the market is segmented into pressurized water reactor (PWR), pressurized water reactor (PWR), pressurized heavy water reactor (PHWR), gas-cooled reactor (GCR), and others. By application, the market is segmented into industrial, residential, commercial, and others.
Geographically, the nuclear power generation market spans across America, Asia Pacific, Europe, and the Middle East & Africa. Considering the global scenario, America is considered to acquire the lion’s share, with North America being the largest producer in terms of nuclear electricity generation. The market is Europe will register significant growth due to strict mandates related to reduction in emissions. Meanwhile, the Asia Pacific is estimated to register a stable growth, with countries like China and India anticipated investing significantly in the industry. The region is also focused on other alternatives of renewable energy like thermal, wind, and solar due to soaring concerns regarding waste management.
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