Nuclear power plants generate electricity through the sustained nuclear fission reactions occurring within their reactor cores, making nuclear power an important source of base load power. Nuclear energy is among the most economic low-carbon options and is a reliable, continuous and efficient source of electricity. It causes no direct emissions of greenhouse gases during electricity generation. Nuclear power plants also have smaller land use footprint compared to other forms of electricity generation such as coal or natural gas power plants. The Global nuclear power market is primarily driven by the increasing demand for base load power and need to reduce carbon emissions to combat climate change.

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.

Key Takeaways

Key players operating in the nuclear power are 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 and Construction Co. Ltd, Mitsubishi Heavy Industries Ltd, Bechtel Group Inc., Japan Atomic Power Co., Rosatom Corp., KEPCO Engineering and Construction, Areva, Framatome, Bharat Heavy Electricals Limited, and SENPEC. The key players are focused on new nuclear reactor designs and technologies to reduce costs and expand nuclear power capacity globally.

The electricity especially in developing economies is driving increased investments in nuclear power plants. Countries are adding new nuclear capacity to ensure energy security and meet rising baseload power needs. Further, nuclear power is considered as one of the major sources of low-carbon electricity to help countries meet their COP21 climate commitments. This is supported by pro Nuclear Power Market Demand policies of nations and investments in new nuclear projects.

Globally countries are embarking on expansion of existing nuclear capacity as well as adding new nuclear reactors to meet the rising electricity demand and replace retiring coal and gas power plants. China, India, Russia, Korea and United Arab Emirates are focused on significant expansions of their nuclear capacities. Several other nations have also announced plans to introduce or expand nuclear power programs. This points towards increased globalization of the nuclear power market in coming years.

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