The Global Market for Nuclear Power is Projected to Reach 3.5 Thousand TeraWatt-hours (TWh) by 2022

Worrisome Increase in GHG Emissions from Fossil Fuel Drives Focus on Low-Carbon Nuclear Power, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Nuclear Power market. The global market for Nuclear Power is projected to reach 3.5 thousand TeraWatt-hours (TWh) by 2022, driven by spiraling electricity demand and the ensuing need to revive focus on nuclear power as the most reliable and environment friendly approaches of generating electricity on a large scale.

Worldwide energy consumption from all energy sources is on the rise in order to cater to the ballooning global population. While consumption of liquid fuels is expected to continue rising in industrial transportation and commercial sectors irrespective of price fluctuations, utilization in the power sector is declining as utilities switch to alternative fuels. Non-fossil-fuel energy sources such as nuclear power and renewable energy, as well as less carbon-intensive energy source such as natural gas are gaining traction reflecting the growing concerns about energy security, environmental pollution, and the high cost of fossil fuels. While fossil fuels continue to supply the bulk of global energy demand, renewable energy and nuclear energy are the fastest growing energy sources, followed by natural gas, owing to favorable government policies and financial support. Nuclear power provides a source of clean, reliable and long-term energy that safeguard from fuel price volatility and climate change issues. Myriad benefits of nuclear power that is sustaining market growth despite facing tough times in view of the Japanese Fukushima nuclear disaster include reliability, elimination of weather dependence, long term cost benefits, environmentally clean, control of Greenhouse (GHG) gas emissions, and low solid waste volume compared to coal.

Despite controversies and uncertainties surrounding its operations and humble performance in recent years, the global nuclear power generation is projected to grow at a healthy rate in the coming years as growing concerns over energy security, gas emissions and rising fossil fuel prices continue to encourage the development of new reactors. Other important factors poised to benefit market prospects include growing number of new plant constructions; uprating and life-extension of existing nuclear reactors; tougher safety norms; growing interest in Small Modular Reactors (SMR) comprising designs with power generation capacity of 300 MW to 500 MW; and transformation of nuclear power policies by governments across the world boosting public confidence in the safety and security profile of nuclear energy. Though nuclear power promises huge potential, several issues curtail its growth. Safety, high investment costs and security of nuclear power reactors prove to be biggest challenges to market prosperity. Other factors impeding market growth include the large pool of aging reactors, delays in construction of new reactors, and competition from subsidized renewable energy resources.

As stated by the new market research report on Nuclear Power, Europe represents the largest market worldwide, followed by the United States. The U.S. emerged as the leading producer of nuclear electricity over the years, followed by Russia, France, and Japan. While established nuclear countries such as the U.S. and U.K are expected to remain the core markets for nuclear energy projects, future demand is anticipated from the Asian market, in particular China and India. China is poised to overtake Russia and South Korea in nuclear electricity generating capacity with about 28 GW of nuclear power capacity already under different stages of construction. Japan represents the fastest growing market with a CAGR of 21.6% over the analysis period.

Key players covered in the report include Axpo Group, Bruce Power, CEZ, a.s., China National Nuclear Corp., Chubu Electric Power Company Inc., Dominion Resources, Inc., E.ON SE, EDF (Electricité de France) SA, EDF Energy Plc, ENBW Energie Baden-Württemberg AG, ENDESA SA, Enel Spa, ENGIE Electrabel, Entergy Corporation, Exelon Corporation, JSC Atomenergoproekt, Korea Hydro & Nuclear Power Co., Ltd., NNEGC Energoatom, Nuclear Power Corporation of India Limited, Ontario Power Generation, ROSATOM, Rosenergoatom Concern OJSC, The Kansai Electric Power Company, Inc., The Tokyo Electric Power Co., Inc., and Vattenfall Europe AG, among others.

The research report titled “Nuclear Power: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, issues, challenges, mergers, acquisitions, and other strategic industry activities of major players worldwide. The report provides market estimates and projections in terms of annual nuclear power generation in TeraWatt-hours (TWh) for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, UK, Spain, Russia, Sweden, Ukraine, and Rest of Europe), Asia-Pacific (China, India, Pakistan, South Korea, and Taiwan), and Rest of World (Argentina, Brazil, Mexico, and South Africa).

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