Nuclear Power Industry to Partake Significant Development During 2024 - 2031 | GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC

Market Overview:

The global nuclear power market is estimated to be valued at USD 35.27 Bn in 2024 and is expected to reach USD 46.10 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031.

Market Dynamics:

The Nuclear Power Market is expected to witness significant growth over the forecast period owing to two key drivers- improved safety technological developments and climate change mitigation efforts. Advanced nuclear reactor designs with passive safety features are gaining prominence to address safety concerns. Also, growing focus on decreasing carbon emissions is favoring the adoption of nuclear power as a clean energy alternative to fossil fuels. Countries worldwide are investing in small modular nuclear reactors as they offer improved safety due to smaller size and simplified design while being more cost-effective.

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Major Driver 1: Increasing demands for clean and reliable energy sources

Nuclear power is one of the main low carbon sources of baseload electricity generation. It produces almost no greenhouse gas emissions during operation. With the growing concerns over climate change, many countries are promoting nuclear power as a means to curb carbon emissions from fossil fuels like coal and natural gas. The increasing demand for reliable and clean energy sources from industrialization and economic development is driving more investments in nuclear reactors.

Major Opportunity: Small modular reactor technology

Small modular reactors (SMRs) offer the opportunity to overcome some of the challenges facing large-scale nuclear plants. SMRs have standard design features that allow factory fabrication and siting in smaller batches. This can significantly bring down upfront capital costs through modular construction and economies of scale in manufacturing. Their small size also enables flexible siting and incremental capacity addition. SMRs hold promise to make nuclear power more affordable and help its deployment in new markets and developing countries. Significant research is ongoing worldwide to commercialize SMR technology.

Major Trend: Increased investment in non-electrical applications of nuclear technology

While nuclear fission currently dominates the commercial nuclear sector, new generation technologies like advanced fission and nuclear fusion are attracting renewed interest and funding. Also, nuclear science is leveraging into other applications beyond just electricity generation. For example, research initiatives are exploring using small modular reactors to produce process heat for industrial applications like hydrogen production, desalination, synthetic fuel manufacturing etc. Such diverse non-electrical uses of nuclear energy can open new commercial opportunities and applications of nuclear technology across various industries in the future.

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Top Companies Featured in This Report:

★ GE-Hitachi Nuclear Energy Inc.
★ Westinghouse Electric Company LLC
★ STP Nuclear Operating Company
★ SKODA JS AS
★ China National Nuclear Corporation
★ Bilfinger SE
★ BWX Technologies Inc.
★ Doosan Heavy Industries & Construction Co. Ltd
★ Mitsubishi Heavy Industries Ltd
★ Bechtel Group Inc.
★ Japan Atomic Power Co.
★ Rosatom Corp.
★ KEPCO Engineering & Construction
★ Areva
★ Framatome
★ Bharat Heavy Electricals Limited
★ SENPEC

Market Segmentation:

By Product Type:

★ By Reactor Type: Pressurized Water Reactor and Pressurized Heavy Water Reactor , Boiling Water Reactor , High-temperature Gas-cooled Reactor , Liquid Metal Fast Breeder Reactor , and Other Reactor Types

By Applications:

★ By Application : Energy , Defence , and Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Insights from the Global Nuclear Power Market Analysis:

Market Size Evaluation: Assessing the value and sales volume of the Nuclear Power market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Nuclear Power market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Nuclear Power market.
Segment Analysis: Examining the market value and sales volume of Nuclear Power by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Nuclear Power market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Nuclear Power sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )

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