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Nuclear Electricity Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Nuclear Electricity Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072046
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the nuclear electricity market are EDF Group, Exelon Corp, Duke Energy Corp, Enel SpA and NextEra Energy, Inc.

The global nuclear electricity market is expected to grow from $1947.2 billion in 2020 to $2078.17 billion in 2021 at a compound annual growth rate (CAGR) of 6.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2762.29 billion in 2025 at a CAGR of 7%.

The nuclear electricity market consists of sales of nuclear electric power and related services that convert nuclear energy into electrical energy.The nuclear electricity industry includes establishments that operate nuclear power plants which use uranium as a fuel to generate electricity.

Nuclear power plants use the heat produced during nuclear fission.In nuclear fission, which takes place inside the reactor of a nuclear power plant, atoms are split apart to form smaller atoms, releasing energy.

The heat produced in the reactor core during nuclear fission is used to boil water into steam, which converts the blades of a steam turbine.As the turbine blades turn, they drive generators that produce electricity.

The electrical energy produced is directly provided to power transmission systems, which are used to move large quantities of power from generating facilities to substations and distribution systems, which are used for short distances, generally to transport electricity to customers locally.

The growing demand for electricity is expected to be a key driver of the nuclear electric power generation market in the forecast period.This can be attributed to growing economies, rising populations, especially in developing countries such as China, India, Brazil, and some African countries.

According to the International Energy Agency (2019), global electricity demand rises at 2.1% per year to 2040, twice the rate of primary energy demand. This raises electricity’s share in total final power consumption from 19% in 2018 to 24% in 2040. China and India will account for a major portion of this growth. According to the government data, India’s energy consumption increased 13.38 percent to 110.94 billion units (BU) in October 2020, mainly driven by buoyancy in industrial and commercial activities. Furthermore, the global household appliances market is expected to grow from $283.8 billion in 2018 to $396.2 billion in 2022 at a CAGR of 8.7%, supporting the demand for electricity and driving the nuclear electric power generation market going forward.

The power generation industry and the downstream power distribution industries are digitizing their assets, and are increasingly relying on technology.The industry is becoming increasingly vulnerable to rising number of cyber-attacks.

For instance, in September 2019, Kudankulam Nuclear Power Plant (KKNPP), which is India’s biggest nuclear power plant and feed India’s southern power grid suffered a cyber-attack in which the nuclear power plant’s administrative network was breached in the attack.

The nuclear electricity market covered in this report is segmented by reactor type into pressurized water reactors, fast breeder reactor, pressurized heavy-water reactor, boiling water reactor, light water graphite reactor, gas-cooled reactor and by end-user into residential, commercial, industrial.

Global issues such as energy security, climate change, and electricity demand growth have led to an increase in the use of nuclear energy for power generation.Nuclear technology provides large amounts of power with significantly low carbon emissions.

According to the world nuclear association (WNA) 2020, Nuclear energy now provides about 10% of the world’s electricity from about 440 power reactors.Around 50 more reactors are under construction, equivalent to around 15% of the existing capacity.

In 2019 nuclear plants provided 2657 TWh of electricity, up from 2563 TWh in 2018.New nuclear markets such as Bangladesh, Turkey, and Vietnam are also making progress in the nuclear power generation plant construction.

According to a report by the International Atomic Energy Agency (IAEA) on nuclear power generation, in 2018, 11% of the world’s total electricity was provided by nuclear power plants, and 12 countries were using nuclear power for at least 30% of their national power generation.

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