How Has the Nuclear Electricity Market Evolved Historically and What is its Current Size?
The nuclear electricity market has seen considerable growth due to a variety of factors.
• In recent times, the nuclear electricity market has been steadily expanding. It is projected to increase from $270.08 billion in 2024 to $281.57 billion in 2025, with a compound annual growth rate (CAGR) of 4.3%.
Factors such as low carbon emissions, energy security, governmental support, and longevity have contributed to the observed growth during the historical period.
What Does Future Hold for The Nuclear Electricity Market By 2029?
The nuclear electricity market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the nuclear electricity market is anticipated to undergo consistent expansion in the upcoming years. It is predicted to reach $328.08 billion in 2029, with a compound annual growth rate (CAGR) of 3.9%.
The growth projected during this period can be linked to factors such as mitigation of climate change, energy transitions, an aging nuclear fleet, and public acceptance. Key trends likely to be seen during this forecast period comprise international cooperation, progression in technology, hubs for nuclear innovation, an emphasis on green financing and ESG, integration of grids, and advanced reactor designs.
What Are The Primary Growth Drivers In The Nuclear Electricity Market?
The escalating need for electricity is anticipated to be a principal propellant for the nuclear power production market in the upcoming years. This is predominantly due to burgeoning economies and expanding populations, particularly in emerging nations like China, India, Brazil, and certain African countries. For instance, as per a 2023 report by the Indian Express, a renowned Indian e-newspaper, India witnessed an 8% surge in power demand in 2022, almost twice the growth rate for the entire Asia Pacific region, amounting to over 149.7 terawatt-hours. In the starting two months of 2023, the demand ascended by 10% in comparison to the previous year. Industrial and commercial sectors account for over 50% of India's annual power usage, with residential areas constituting a quarter and agricultural sector representing more than one-sixth in recent years. Accordingly, the augmenting need for electricity is set to catalyze the expansion of the nuclear electricity market.
What Is The Segmentation Of The Global Nuclear Electricity Market?
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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What Emerging Trends Are Influencing The Growth Of The Nuclear Electricity Market?
Leading firms in the nuclear electricity market are strengthening their market status by investing in nuclear innovative companies like TerraPower, whom has created their signature technology, Natrium. Natrium incorporates a sodium fast reactor with an economically efficient energy storage system grounded in molten salt. For example, in November 2022, Luxembourg's chief steel and mining firm, ArcelorMittal, poured $25 million into TerraPower, a pioneering innovator in nuclear power. TerraPower is a nuclear reactor design and development engineering company based in the US. The blending of an affordable sodium fast reactor and molten salt energy storage system through TerraPower's standout technology, Natrium, delivers clean, flexible energy and blends seamlessly with renewable-rich grids.
Who Are the Key Players In The Nuclear Electricity Market?
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 Regional Insights Into The Nuclear Electricity Market?
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
