The nuclear electric power generation market effectively consists of sales of nuclear electric power and connected services that convert nuclear energy into the electrical energy. The nuclear electric power generation industry involves establishments that operate nuclear power plants which utilize the uranium as a fuel to produce electricity. Nuclear power plants utilize the heat produced throughout nuclear fission. In nuclear fission, which takes place inside the apparatus of a nuclear power plant, atoms are split apart to create smaller atoms, releasing energy. The heat introduced in the reactor core during nuclear fission is utilized to boil water into steam, which transforms the blades of a steam turbine. As the turbine blades turn, they propel generators that introduce electricity. The electrical energy generated is directly delivered to power transmission systems, which are utilized to move large quantities of power from generating conveniences to substations and distribution systems, which are utilized for short distances, commonly to transport electricity to consumers locally.
According to the report analysis, ‘Nuclear Electric Power Generation Global Market Report 2020’ states that in the nuclear electric power generation global market there are several corporates which presently working more positively around the globe for leading the highest market growth and dominating the handsome value of market share during the short span of time while spreading the awareness related to the applications of such, decreasing the linked prices, employing the young work force, developing the applications of such, delivering the better consumer satisfaction, implementing the profitable strategies, analyzing and studying the strategies and policies of the government and competitors, and establishing the several research and development programs includes EDF Group, Exelon Corp, Duke Energy Corp, Enel SpA and NextEra Energy, Inc.
The worldwide nuclear electric power generation market reached a value of approximately USD 69.3 billion during 2019, having increased at a compound annual growth rate (CAGR) of -2.6% since 2015, and is predicted to augment at a CAGR of 3.26% to approximately USD 78.8 billion by 2023.The nuclear electric power generation market has been geographically classified into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Whereas, the North America was the largest economy in the nuclear electric power generation market during 2019.
The increasing requirement for electricity is projected to be a foremost driver of the nuclear electric power generation market in the review period. This can be ascribed to growing economies, growing populations, especially in under developed countries such as China, India, Brazil, and some African countries. Worldwide electricity requirement is predicted to increase from 25,000 TWh in 2017 to 38,700 TWh by 2050, an augment of 57%. China and India will register for a foremost portion of this growth. Electricity consumption across India is projected to increase at a CAGR of 7.1% from 2017 to 2022. Furthermore, the worldwide household appliances market is projected to grow from USD 283.8 billion during 2018 to USD 396.2 billion throughout 2022 at a CAGR of 8.7%, supporting the requirement for electricity and propelling the nuclear electric power generation market going forward. Therefore, during the coming years, it is anticipated that the market of nuclear electric power generation will increase around the globe more proficiently over the incoming years.
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Ankur Gupta, Head Marketing & Communications