Global Nuclear Electricity Market Report 2022 – Market Forecast, Trends And Strategies
10 Jan, 2022
The global nuclear electricity market size is expected to grow from $166.13 in billion 2021 to $179.89 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The growth in the nuclear electricity market 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 nuclear electricity market is expected to reach $239.17 billion in 2026 at a CAGR of 7.4%.
What is the Global Nuclear Electricity Market?
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.
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What drives the Global Nuclear Electricity Market?
The growing demand for electricity is expected to be a key driver of the nuclear electric power generation market in the forecast period. This can be attributed to growing economies, rising populations, especially in developing countries such as China, India, Brazil, and some African countries. This raises electricity’s share in total final power consumption from 19% in 2018 to 24% in 2040. China and India will account for a major portion of this growth. According to the government data, India's energy consumption increased 13.38 percent to 110.94 billion units (BU) in October 2020, mainly driven by buoyancy in industrial and commercial activities. Furthermore, the global household appliances market is expected to grow to $396.2 billion by 2022 supporting the demand for electricity and driving the nuclear electric power generation market going forward.
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https://www.thebusinessresearchcompany.com/report/nuclear-electricity-global-market-reportGlobal Nuclear Electricity Market Segments
The global nuclear electricity market is 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, Generation IV
By Geography: The regions covered in the nuclear electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Nuclear Electricity Global Market Report 2022provides market size and growth forecasts for the global nuclear electricity market, global nuclear electricity market share, nuclear electricity market segments and geographies, nuclear electricity market competitive landscape including leading competitors’ revenues, profiles and market shares. The nuclear electricity market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Nuclear Electricity Industry Playersinclude EDF Group, Exelon Corp, Duke Energy Corp, Enel SpA and NextEra Energy, Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.