Nuclear Power Market Projected to Reach 439.39 Gigawatts by 2029, Exhibiting Steady Growth Amid Global Decarbonization Efforts
Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Nuclear Power - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to * ResearchAndMarkets.com's* offering.
*Market Resilience Post-Pandemic*
The global nuclear power market has shown resilient recovery, reaching pre-pandemic levels with estimations to grow from 411.51 gigawatts in 2024 to 439.39 gigawatts by 2029. A compounded annual growth rate (CAGR) of 1.32% is anticipated during this forecast period, bolstered by the pressing need for low-carbon energy sources and technological advancements within the sector.
*Driving Factors & Restraints*
The push for nuclear energy gains momentum with an increasing global focus on minimizing carbon emissions. This has notably steered the nuclear power market forward. However, challenges remain, including high initial capital costs and the burgeoning presence of renewable power sources, which may impede growth to some extent. Nonetheless, significant investments in Fourth Generation nuclear technology development could present new opportunities and notably influence the market landscape.
*Leadership in Energy Segment*
Nuclear power remains a pivotal source of low-carbon electricity generation globally, with a notable upswing in generation from 2,553 TWh in 2020 to 2,653 TWh in 2021. Dovetailing the rise in global energy demands, nuclear power holds a strategic position as a cornerstone in meeting future energy requirements, thereby anticipated to dominate the energy segment of the market through the forecast period.
*Asia-Pacific Leads Growth Trajectory*
The Asia-Pacific region emerges as the front-runner in terms of market growth, with significant increments in generating capacity noted across nations like China and India. These countries spearhead development, with ambitious projects that underscore their move towards clean energy and energy security. The region exhibits promising market potential, poised for substantial growth fueled by strategic government investments in nuclear capacity expansion.
*Sector Overview*
The nuclear power market reflects a moderate level of consolidation, with leading players driving innovation and growth. The market participants are pivotal in shaping the nuclear energy landscape, contributing to a sustainable energy future and addressing the surging global demand for electricity.
With nuclear power poised as a key player in the global transition to sustainable energy, the market is witnessing a steady progression with a long-term growth trajectory supported by continued investment, innovation, and policy support around the world.
*A selection of companies mentioned in this report includes, but is not limited to:*
· 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/ma1ogv
*About ResearchAndMarkets.com*
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*Attachment*
· Nuclear Power Market Nuclear Power Market Growth Rate By Region 2022 2027
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