The nuclear power market is estimated to be valued at US$ 399.09 GW in 2023 and is expected to exhibit a CAGR of 1.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Nuclear power plants generate electricity by harnessing the energy released via nuclear fission or fusion. Nuclear power offers clean, safe and reliable base-load electricity without carbon or other air emissions. It provides nearly 20% of the world's electricity though only about 10% of its energy.

Market key trends:
One of the major trends driving the growth of the nuclear power market is rising demand for clean and reliable energy. Countries worldwide are increasingly investing in nuclear power as it offers low-carbon emission source of energy. Nuclear power produces massive amounts of energy with minimal carbon emissions compared to fossil fuel power generation methods. Furthermore, growing concerns regarding energy security and stable electricity supply are also fueling the demand for nuclear power. However, high capital cost of setting up nuclear power plants and disposal of nuclear waste remains key challenges for wider adoption of this clean energy source.

Porter’s Analysis

Threat of new entrants: High capital requirements and regulatory hurdles present significant barriers to entry in the nuclear power market. Bargaining power of buyers: Large utilities and governments that purchase nuclear energy have considerable bargaining power over suppliers due to their size. Bargaining power of suppliers: A small number of suppliers control key nuclear technologies and components, giving them strong bargaining power. Threat of new substitutes: Growing preference for renewable energy presents a threat, though nuclear provides reliable base load power. Competitive rivalry: Intense competition exists between major nuclear power plant manufacturers and builders.

SWOT Analysis

Strengths: Nuclear energy is a reliable baseload power source with zero carbon emissions. It also enhances energy security by reducing reliance on fossil fuel imports. Weaknesses: High setup costs, risk of accidents, nuclear waste storage challenges, public perception issues. Opportunities: Emerging markets offer strong growth potential. Technological advances and smaller modular reactors address challenges. Threats: Increasing preference for renewable energy sources puts nuclear power at a disadvantage. Stringent regulations and financing difficulties also constrain growth.

Key Takeaways

The global Nuclear Power Market Growth is expected to witness high growth, exhibiting CAGR of 1.2% over the forecast period, due to increasing demand for reliable base load power generation. Asia Pacific holds the major share in the global nuclear power market and is expected to be the fastest growing region, attributed to rising energy needs of emerging economies such as China and India.

Regional analysis Europe dominates the nuclear power market currently. However, Asia Pacific is expected to overtake Europe due to presence of emerging economies like China and India rapidly investing in nuclear energy to meet their increasing power demands. Majority of the operating nuclear reactors are located in USA, followed by France.

Key players operating in the nuclear power market 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 & Construction Co. Ltd, Mitsubishi Heavy Industries Ltd, Bechtel Group Inc., Japan Atomic Power Co., and Rosatom Corp. Most key players are involved in new reactor construction, nuclear services and fuel fabrication.

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