Nuclear power plants are used to generate electricity with the help of the process of nuclear fission. In nuclear fission, atoms are split apart to form smaller atoms, releasing energy. This process is undertaken with the help of nuclear reactors and rankine cycle. In this this process, using reactor and Rankine cycle heat are generated by reactor converting the water into steam, which in turn, spins a turbine and a generator. This industry includes nuclear power plants, which use uranium as a fuel to generate electricity. The heat generated during the burning of a nuclear reactor core is used to boil water into steam, which transforms the stains of a hot engine. When the turbine spots turn, they drive generators that generate electricity. Nuclear plants cool the water and get into the water in a separate building at the power plant known as cooling tower, or they use the water of lakes, rivers, or oceans. The distilled water is then used to produce steam.
COVID-19 scenario analysis:
- The coronavirus outbreak has slowed down the economic growth of almost every country across the world and has put the world in a standstill position.
- It has affected almost every industry in one way or the other.
- Fossil fuels, renewable source of energy, and the nuclear power generation system also play an important role in providing electric supplies in many countries during this pandemic.
- Workers not available on the site of nuclear power generation have become the biggest cause of hindrance in the market due to lockdown situations all over the world.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Acceptance of the adoption of nuclear technology as a possible alternative to nuclear energy is expected to continue with the development of nuclear power during the forecast period. The industry is expected to grow at a rapid rate due to inflation that can fulfill the demand created for the expansion of infrastructure without having a negative impact on the environment.
Rising energy demand for cleaner generation of electricity is the key driver for the growth of market. Asia-Pacific is considered to be the biggest market due to large number of nuclear power plants available.
Rapid rise in number of industries across the globe has led to rise in demand for energy.
Technological advances embedded in daily activities have increased the need for energy in the past. The rise in clean energy coupled with fuel savings is expected to raise energy concerns. This concern encourages energy companies and governments to invest in the nuclear energy market.
The high final cost associated with hazardous waste generated by power plants is expected to hamper the future market growth.
Key benefits of the report:
- This study presents the analytical depiction of the global nuclear electric power generation market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global nuclear electric power generation market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global nuclear electric power generation market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Nuclear Electric Power Generation Market Report Highlights
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