Nuclear Electricity Global Market To Reach Value Of Almost $77 Billion In 2025

8 Sep, 2021

The nuclear electric power generation market consists of sales of nuclear electric power and related services that convert nuclear energy into electrical energy. The nuclear electric power generation industry includes establishments that operate nuclear power plants which use uranium as a fuel to generate electricity. Nuclear power plants use the heat produced during nuclear fission. In nuclear fission, which takes place inside the reactor of a nuclear power plant, atoms are split apart to form smaller atoms, releasing energy. The heat produced in the reactor core during nuclear fission is used to boil water into steam, which converts the blades of a steam turbine. As the turbine blades turn, they drive generators that produce electricity. The electrical energy produced is directly provided to power transmission systems, which are used to move large quantities of power from generating facilities to substations and distribution systems, which are used for short distances, generally to transport electricity to customers locally.

Global Nuclear Electricity Market Size:

The global nuclear electricity market is expected to grow from $65.24 in billion 2020 to $66.42 billion in 2021 at a compound annual growth rate (CAGR) of 1.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $76.74 billion in 2025 at a CAGR of 4%.

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Trends In The Global Nuclear Electricity Market

Global issues such as energy security, climate change, and electricity demand growth have led to an increase in the use of nuclear energy for power generation. Nuclear technology provides large amounts of power with significantly low carbon emissions. According to the world nuclear association (WNA) 2020, Nuclear energy now provides about 10% of the world's electricity from about 440 power reactors. Around 50 more reactors are under construction, equivalent to around 15% of the existing capacity. In 2019 nuclear plants provided 2657 TWh of electricity, up from 2563 TWh in 2018. New nuclear markets such as Bangladesh, Turkey, and Vietnam are also making progress in the nuclear power generation plant construction. According to a report by the International Atomic Energy Agency (IAEA) on nuclear power generation, in 2018, 11% of the world’s total electricity was provided by nuclear power plants, and 12 countries were using nuclear power for at least 30% of their national power generation.

Global Nuclear Electricity Market Segments:
The global nuclear electric power generation market is further segmented –
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)
By End-User: Residential, Commercial, Industrial
By Technology: Generation I, Generation II, Generation III, and Generation IV
By Geography: The global nuclear electric power generation market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among countries, the China and India nuclear electric power generation markets account for the largest share in the global nuclear electric power generation market.

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Nuclear Electricity Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides nuclear electric power generation market overviews, analyzes and forecasts market size and growth for the global nuclear electric power generation market, nuclear electric power generation market share, nuclear electric power generation market players, nuclear electric power generation market segments and geographies, nuclear electric power generation market’s leading competitors’ revenues, profiles and market shares. The nuclear electric power generation market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.