Overview of the global nuclear energy market
As per the World Nuclear Association, there are about 435 operational nuclear power reactors across 31 countries in the world. An additional 71 reactors are under construction in 15 countries, which is the largest rate of nuclear reactor construction seen in 25 years, as reported by the U.S.-based Nuclear Energy Institute.
The numbers clearly indicate the enhanced propensity among global economies to adopt nuclear technology as a viable alternative to fossil fuels for power generation. Controversial views regarding the safe deployment of nuclear technology and the notoriety gained by accidents in nuclear reactors such as Fukushima, Three Mile Island, and Chernobyl hasn’t deterred plans of developing economies for nuclear portfolio expansion. Despite decisions against the expansion of nuclear power by a handful of leading economies, construction of new nuclear plants in China and Russia is expected to keep the demand for nuclear energy high during 2014 and 2020.
Despite having such strong proponents for growth, the heavy damage wreaked by nuclear reactor accidents has raised alarm about the safety of nuclear energy. Owing to controversies shrouding nuclear power plants some countries, particularly some in Europe, have taken the decision to phase out nuclear energy. High cost of storing and monitoring radioactive waste generated in nuclear energy plants has also surfaced as a major growth inhibitor. Nevertheless, depleting fossil fuel reserves and the need to reduce energy import bills will drive demand from the global nuclear energy market in the near future. Moreover, nuclear power plants are more effective than thermal power plants, owing to which nuclear energy is being touted as the energy of the future.
The report has segmented the global nuclear energy market into Generation I, Generation II, Generation III, and Generation IV, on the basis of technology. Geography-wise, North America leads the nuclear energy market owing to large-scale installation in the U.S. In addition, environmental regulations in Europe have also encouraged countries such as Spain, Germany, and France to invest in the nuclear energy market. However, Asia Pacific is expected to emerge as the fastest growing market for nuclear energy owing to the construction of new nuclear power plants in China.
Companies mentioned in the research report
The report discusses in detail the recent development and financial standings of some of the leading global entities operating in the market, such as China General Nuclear Power Corporation, Bruce Power, E.ON SE, CEZ Group, and Nukem GmbH.
