Report Code: A07261 | Pages: NA | Mar 2023 | 1627 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Nuclear Energy Market
Request Now !Nuclear energy is a source of energy for the generation of electricity that is used nuclear power plants. Two types of nuclear reactions required to produce energy include nuclear fission and nuclear fusion. Both of the reactions generate heat; however, nuclear fission is employed in the power plants. In a nuclear fission reaction, a heavy atom of uranium is broken down into smaller nuclei releasing immense amount of energy. This energy is used for the production of electricity in a nuclear power plant. Nuclear energy is considered to be a clean source of energy in comparison to the fossil fuels, as there is no emission of any harmful gases or pollutants; however, the disposition of toxic nuclear wastes is a major concern for the power plants.
Surge in population and improvement in lifestyle have boosted the demand for energy. Moreover, the demand for energy is driven by increase in industrialization and rise in urbanization in emerging economies. In addition, increase in demand has encouraged companies and governments of various countries to invest in the nuclear energy market. Furthermore, the depletion of fossil fuels and alarming rise in pollution have become major environmental concerns, and thus the usage of nuclear energy has increased, globally. The usage of nuclear energy is more economical on a large scale than using conventional fuel. For instance, a pellet of nuclear fuel weighing approximately 6 grams can produce the amount of energy that will be produced by a ton of coal or by over 120 gallon of oil.
However, severe mishaps such as the Chernobyl and Fukushima raised concerns about the safety standards of the industry, which restrain the growth of the global market. On the contrary, companies are focusing on advanced technologies such as protective gears and sensors for the safety measures at plants and safe disposal of radioactive wastes, which are anticipated to offer potential opportunities for the expansion of the global market.
North America is the largest producer of nuclear energy with U.S. leading the nuclear energy market with 30% market share. The Asia-Pacific region is expected to witness a steady growth with nations such as India and China investing on their research for better output.Â
Key benefits of the report
Nuclear Energy Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
Aspects | Details |
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By Technology |
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By Fuel |
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Key Market Players | Panasonic Corporation, Honeywell International Inc., Texas Instruments Incorporated, Emerson Electric Company, ABB Ltd., NXP Semiconductors, Microchip Technology Incorporated, ABB Limited, On Semiconductor, Maxim Integrated |
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