The Global Nuclear Power market is valued at 400GW in 2014 with a CAGR of 4% it is expected to reach 694GW by 2022. Many nations around the world are looking at nuclear power to protest the earth's climate from greenhouse gas emissions and from combustion of fossil fuels. Nuclear power is the only carbon free source and contributing a major part of power supplies. Whereas, some of anti-Nuclear activists and other environmentalists are strongly opposing the Nuclear power.
Despite having such strong proponents for growth, the heavy damage by nuclear reactor accidents has raised fright about the safety of nuclear energy. Due to controversies, nuclear power plants in some countries, particularly some in Europe, have taken the decision to phase-out nuclear energy. The huge costs of storing and monitoring radioactive waste generated in nuclear energy plants proves to be a major growth inhibitor. Although decisions are against in the expansion of nuclear power by leading economies, construction of new nuclear plants in China and Russia is likely to maintain the demand for nuclear power.
The numbers clearly specify the improved susceptibility among global economies to adopt nuclear technology as a feasible alternative to fossil fuels for power generation. North America has largest nuclear power market owing to the large-scale installations in the U.S. In Europe, environmental regulations have also encouraged countries such as Germany, France and Spain to invest in the nuclear energy market. 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 and India.
Global Nuclear Power markets are mainly segmented by technology, by geography. Based on Technology, Nuclear Power markets are segmented into Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR) and Pressurized Heavy Water Reactor (PHWR). Nuclear Power Market, by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The key players in the Nuclear Power market include, Alstom SA, Eletronuclear, Hitachi-GE Nuclear Energy Ltd, United Uranium, Mitsubishi Heavy Industries Ltd, Nukem Energy, Shanghai Electric, Uranium Corporation of India, Nuclear Power Corporation of India, and Siemens.