Report Code: A08330 | Pages: NA | Mar 2023 | 1034 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Nuclear Fuels Market
Request Now !Nuclear fuel is used in a nuclear reactor to sustain a nuclear chain reaction. Materials used in producing heat to power turbines in the nuclear power station are known as nuclear fuel. Nuclear fuel is available in various forms, including metal, an alloy, or some sort of oxide. Nuclear fuels contain heavy fissile actinide elements, which are capable to sustain nuclear fission chemical process. Nuclear fuels are used in various industries and applications such as nuclear power plant and nuclear research labs. The nuclear fuel cycle begins with the mining of uranium and ends with the discarding of nuclear waste. Nuclear fuels are used for production of carbon-free electricity, which aids in maintaining the air quality. Nuclear power plants are designed to operate for longer period and refuel every 1.5–2 years.
COVID-19 scenario analysis
The nuclear fuel market includes companies, industries, and governmental bodies, which are involved in mining, refining, and storage of nuclear fuels and construction of nuclear reactors. The major application of nuclear fuels is in the nuclear reactor for supporting a nuclear chain reaction that is required for generating electric energy. The nuclear fuels such as uranium-235 and thorium-232 are radioactive metals, which are fissile in nature.
Rise in living standards of people will led to rise in electricity consumption and increase in fresh water requirement. Nuclear energy meets the increasing need for electricity industrial scale clean water. Furthermore, nuclear energy can be used for various industrial applications, such as seawater desalination, hydrogen production, district heating, or cooling. Thus, all these factors collectively boost the growth of the global market.Â
The energy demand in world is gradually growing as the result of increase in world population and improvement of the global economy. The Department of Atomic Energy (DAE) is anticipated to install total nuclear power capacity of 15,700 MW Â by 2031. Between 2020 and 2026, 48 power reactors will be set up, globally. Between 2020 and 2022, around 32 reactors are due to begin operations.Â
The outbreak of coronavirus has adversely impacted many industries Post lockdown, the automotive industry will require huge amount of nuclear fuel to launch their electric vehicles. India's largest passenger vehicle manufacturer, Maruti Suzuki plans to launch the electric car hatchback Wagon R in 2020, which will be cost-effective, environment friendly, and cheaper to maintain.Â
Increase in demand for massive energy in industrial boiler systems and commercial sectors coupled with rise in cost of conventional fossil fuel is expected to drive the market growth during the forecast period. In addition, nuclear power is more efficient than conventional fossil fuel in terms of energy generation for various industrial applications.. For instance, uranium per gram is 8,000 times more efficient than that of fossil fuel, thus reducing the amount of waste.
Key benefits of the report
Nuclear Fuels Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Cameco, ARMZ Uranium Holding Company, KazAtomProm, Energy Resources of Australia, Ltd., Japan, Oil, Gas and Metals National Corporation, Anglo-Canadian Mining Corp, Azimut Exploration, AREVA, China National Nuclear Corporation, Paladin Energy, Vattenfall, Eagle Plains Resources |
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