Global demand for energy has been at an all-time high throughout the last decade. The forces of industrialisation, urbanisation, and rising electricity consumption are propelling governments and private entities to seek alternative sources of clean energy generation. In both developed and developing nations, the resounding call to embrace green energy generation techniques has been influencing new developments in the nuclear power market. At the same time, governments have set ambitious targets to promote the use of nuclear power, particularly for electricity generation. This scenario has offered unique business opportunities to key players in the market. In the coming years, such factors, coupled with robust technological advancements and green innovation, are set to give a positive outlook to the global nuclear power market.
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Emerging Tech Drives Innovation in Nuclear Reactors Meant for Energy Generation
Concerns over environmental health are propelling government authorities around the world to make dedicated efforts toward reducing greenhouse gas emissions. Thus, several nations have positioned nuclear power as a promising source of sustainable and clean energy. This is impacting new technological advancements in the market, unlocking novel growth prospects. Notably, in the near future, green innovation in the nuclear power market is likely to have a strong impact on the energy sector as opposed to other sectors, including defence and military industries. The inclusion of cutting-edge technologies in nuclear reactors developed for energy generation is expected to help climate-conscious governments to curb GHG emissions and proactively respond to the global climate crisis in an efficient, sustainable, and meaningful manner.
Operational Benefits of PWRs Continue to Positively Influence Their Demand in Nuclear Power Market
On the basis of reactor type, the nuclear power market can be segmented into liquid-metal fast-breeder reactors, boiling water reactors, pressurised water reactors (PWRs) and pressurised heavy water reactors, and high-temperature gas-cooled reactors. Among these, PWRs have been the most widely used type of reactor for several years and this trend is predicted to sustain in the future. The growth in PWR adoption can be attributed to increasing investments in this technology due to its operational advantages. PWRs have high stability even at extreme temperatures, making them easier to operate which is ultimately influencing their demand in the market. Consequently, PWRs are expected to account for a considerable share of the market, making headways for steady revenue generation.
Asia Pacific Exhibits Strong Promise to Rise as a Formidable Nuclear Power Market
North America and Europe have long been the strongest regional markets. However, the Asia Pacific has been rapidly rising as a formidable contender in the global nuclear power market. This is majorly owing to APAC’s targeted focus on constructing nuclear power plants to meet its increasing energy demand. Notably, China is set to dominate Asia Pacific market due to its robust project pipelines, favourable government support to build nuclear reactors, and aim to scale national decarbonization efforts. India is also predicted to be an emerging market as it envisions bolstering its nuclear power capacity.
Key Market Players
Main players in the global nuclear power industry include Toshiba Corporation, Mitsubishi Heavy Industries Ltd., General Electric, Westinghouse Electric Company LLC, SKODA JS AS, Dongfang Electric Corp. Ltd., KEPCO Engineering Construction, GE - Hitachi Nuclear Energy, China National Nuclear Corporation, Shanghai Electric, and Larsen Toubro Limited among others.
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