Global Nuclear Energy Market Overview
The key driver impacting the nuclear energy market is the increasing power and energy demand from households and industrial sectors. For instance, U.S. households also need the energy to power numerous home devices and equipment. Still, on average, more than half (51% in 2015) of a household's annual energy consumption is for just two energy end uses, as per the U.S. Energy Information Institute. In 2019, the standard yearly electricity consumption for a U.S. residential utility customer was 10,649 kilowatt-hours (kWh), a mean of about 877 kWh per month. Also, rapid population growth and improved lifestyle have resulted in augmented energy demand from households estimated to create huge market demand. Moreover, increasing power and energy demand from families and industrial sectors contribute to nuclear energy market demand later. Whereas with regards to volume, the market was calculated XX Megawatt in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global nuclear energy market size was valued at about USD 3,000 TWh in 2020 and is expected to grow at a CAGR of around 11% during the forecast period 2021 to 2027.
The rising power plant expansions in Russia and China will likely augment the need for nuclear energy in the forecast period. However, difficulty in managing nuclear waste that includes radioactive waste hinders the market in the long run. In addition, high cost is negatively impacting the market growth. Even though the technological advancements implemented in day-to-day activities have increased energy demand, which might provide massive market opportunities to the market's key players.
The Nuclear energy market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are CEZ Group, Bruce Power, Nukem GmbH, E.ON SE, and China General Nuclear Power Corporation, and Nukem GmbH.
In this research report, the nuclear energy market is segmented by region.
Analysis by Region:
In the regional outlook of the global Nuclear energy market, the Europe region dominates with the largest market share of 33% in 2020. It is due to the strict regulations regarding reduction in emissions. Moreover, a shift in the energy mix and high investments in the industry with increased operational power plants across the U.K. contribute to the tremendous market demand across the Asia Pacific.
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.