Nuclear Power Market to Gain from Augmented Demand for Clean Energy Globally

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The global nuclear power market is expected to grow at an exponential CAGR in the years to come. Nuclear power can be defined as a kind of technology that involves employment of nuclear reactions that emit nuclear energy to produce heat, force, as well as electricity. It is extensively employed in steam turbines for the generation of electricity in a nuclear power plant. Nuclear energy is usually generated via a controlled nuclear chain reaction. The heat that is given off is further deployed to produce steam, operate a steam turbine, and boil water.

Nuclear energy has gradually emerged as the energy of the future. In addition, through researches and studies, nuclear power plants have been proven much effective as compared to thermal power plants. It has been observed that governments are trying to lay more emphasis on the advancement of nuclear power plants to reduce the level of pollution produced from fossil fuel. The nuclear technology is gaining huge recognition and demand across the globe due to rising applications.

The factors that are playing a key role in boosting the market growth may include rise in the industrialization, urbanization, augmented demands for clean power, rising prerequisite to reduce fossil fuel reserves and lower the energy import bills, mounting investments by the government and leading energy companies, rise in the demand for energy, and augmentation in the needs by the infrastructure sector without carbon emissions.

Moreover, rise in the population, enhancement in the lifestyle and advancement in the power generation facilities across the globe are also contributing simultaneously in the market growth.

Global nuclear power market is segmented on the basis of type as boiling water reactors (BWR), pressurized heavy water reactors (PHWR), pressurized water reactors (PWR), and others. The factor that is acting as a major hurdle in the market growth may include soaring costs of storing and supervising radioactive waste produced in the plants. Moreover, the concerns regarding the security associated with the use of nuclear energy are also burgeoning day by day.

It has been estimated that the nuclear power market will witness a huge upsurge in the next couple of years due to rising scope and applications across various sectors. Nuclear power market is segmented based on technology as Generation I, Generation II, Generation III, and Generation IV. Nuclear Power Market is segmented into North America, Europe, China, Japan, Southeast Asia, and India.

Among all the geographical regions, North America is currently leading the market and it is taking up the largest share in the market, the reason being rise in the industrialization, technological advancements, augmentation in the awareness among the end users, augmented demand from various commercial sectors, large-scale installation, and rise in the applications. United States has been recognized as one of the prominent contributors in the market growth.

On the contrary, Europe and Asia Pacific are also emerging with a huge growth, the reason being presence of huge market players, implementation of stringent regulations by the authorities regarding environment, rise in the investments by the leading manufacturers, and mounting construction of novel nuclear power plants in these regions. The key players operating in the nuclear power market are recognized as Bruce Power, E.ON SE, CEZ Group, Nukem GmbH, and China General Nuclear Power Corporation.

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