Global Nuclear Power Market Forecast and Opportunities, 2025

TechSci Research Report

NEW YORK, August 25, 2016 /PRNewswire/ --

The nuclear power sector is expected to grow in coming years on account of increasing focus on development of nuclear power generation in the developing countries globally. The increasing demand of electricity will result in development of new power generating facilities in the world. The demand of power in developing economies is anticipated to witness huge upsurge in near future which will require addition of power generation capacity. The governments across the world have made strategic plans to formulate energy mix of their respective countries which is aimed at reducing the green-house gases emissions. Nuclear power generation is one of the cleanest form of producing electricity which results in strong growth proponent of the same. Another factor which bolster the case of nuclear power generation is its low cost of producing electricity. The low cost of producing electricity coupled with zero carbon emissions makes it a strong contender among the different technologies pertaining to power generation. The increase in uranium reserves is another factor which is expected to spur the market for nuclear power generation globally. The abundance of uranium supply results in sufficient feedstock for nuclear power plants which is a big boost for its business. The governments across the world have increased focus on research and development activities pertaining to safety concerns regarding nuclear power generation. The development in design, construction of systems and components would spur the global nuclear power market.

     (Logo: http://photos.prnewswire.com/prnh/20140117/663730 )

Global Nuclear Power Market: Drivers and Restraints

The increasing focus on clean energy development mechanism supported by policy initiatives of the governments are major drivers for nuclear power generation market globally. The increasing demand for power and reduction in conventional fuel reserves increases the likelihood of development of nuclear power generation. In addition, the use of uranium for power generation over development of nuclear arsenal would create new opportunities for nuclear power markets globally. The major hurdle in development of nuclear power generation infrastructure is the nuclear waste that can be harmful for human life. The elimination of nuclear waste i.e. radioactivity takes many years which is a big challenge for nuclear power technology. The nuclear disasters in Chernobyl and Fukushima have posed serious challenge to nuclear power technology, which resulted in huge loss. In addition, the development of nuclear power plant requires higher investments in comparison to conventional thermal power plants and hurdles in availability of land for building a nuclear plant can be a big challenge for its development.