DUBLIN--(BUSINESS WIRE)--The "Nuclear Power Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The global nuclear power market is projected to witness a Compound Annual Growth Rate (CAGR) of over 1.5% during the forecast period, according to recent market analysis. Despite the negative impact of COVID-19 in 2020, the market has rebounded, reaching pre-pandemic levels.

Key Highlights

Nuclear Energy's Role in Carbon Emission Reduction Drives Market Growth

Nuclear energy's ability to generate electricity with lower carbon emissions compared to fossil fuels has been a driving force behind the market's growth. Over the medium term, this advantage is expected to contribute to the steady rise of nuclear power adoption worldwide.

Challenges to Market Growth

While nuclear energy offers environmental benefits, high initial setup costs for nuclear power plants and the availability of alternative power generation sources, such as renewable energy, pose challenges to the market's growth during the forecast period.

Future Opportunities from Generation IV Nuclear Energy Technologies

Nations across the globe are actively researching and developing Generation IV nuclear energy technologies, aiming to promote safety, technical advancements, economic viability, and environmental sustainability in nuclear energy. These initiatives are expected to create multiple opportunities for the market's future growth.

Asia-Pacific Poised for Significant Growth

Asia-Pacific is projected to witness substantial growth in the nuclear power market during the forecast period, primarily due to its significant share of nuclear energy production in countries like China and India.

Nuclear Power Market Trends

Energy Segment to Dominate the Market

The energy segment is expected to dominate the nuclear power market, supported by the growing population, expanding economies, rapid urbanization, and increasing energy demand. As per the International Energy Agency (IEA), global energy needs are expected to rise by 26% by 2050, with a doubled global electricity demand, particularly in emerging and developing economies.

Prominent Nuclear Power Projects Globally

Countries like China, India, and France have ambitious plans to invest in nuclear power plants to meet their growing electricity demands and reduce carbon emissions. China aims to build at least 150 new reactors in the next 15 years, and India's Department of Atomic Energy plans to expand its current nuclear power capacity to about 22.480 GW by 2031. France, too, is set to develop six new nuclear power reactors and advance small modular reactors to increase carbon-free energy capacity.

Asia-Pacific to Drive Market Growth

In contrast to North America and Europe, where nuclear electricity generating capacity growth has been limited, the Asia-Pacific region is actively planning and constructing new nuclear power plants to meet its increasing demand for clean electricity. China's advanced nuclear technology and stringent standards have led to significant expansion in its nuclear sector, with capacity expected to increase by 10.3% annually between 2018 and 2027. India and South Korea are also committed to increasing their nuclear power generation capacity, further propelling market growth in the Asia-Pacific region.

Nuclear Power Market Competitor Analysis

The nuclear power market is moderately consolidated, with major players including GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, KEPCO Engineering & Construction, SKODA JS AS, and China National Nuclear Corporation, among others.

As the world aims for a sustainable energy future, nuclear power remains a critical component of the energy mix, offering a low-carbon alternative to fossil fuels and supporting global efforts to combat climate change.

A selection of companies mentioned in this report includes

• Electricite de France SA (EDF)
• 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.

For more information about this report visit https://www.researchandmarkets.com/r/q6het6

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