Nuclear Energy Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

The global nuclear energy market reached a value of about 3013.6 TWh in 2021. The industry is projected to grow at a CAGR of around 4.3% in the forecast period of 2022-2027 to reach a value of about 3898.2 TWh by 2027.

The global nuclear energy industry report gives a comprehensive analysis of the industry including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. Nuclear Energy's capability to create power with lower carbon emissions than fossil fuels drive the market's growth. It is also one of the most reliable sources of electricity and ensures the long-term reliability of electricity bills. The critical demand indicator in the industry report is the highest category spender, Asia Pacific (China).

Industry Definition and Segmentation

Nuclear Energy is the harnessing of nuclear reactions to generate power. It is energy stored in an atom's nucleus or core. It can be obtained by nuclear fission, nuclear decay, and nuclear fusion processes. It is an energy source that produces no emissions, delivers power 24 hours a day, and moves civilisation forward. The nuclear energy industry report comprises segments by reactor type (pressurised water reactor (PWR), pressurised heavy water reactor (PHWR), boiling water reactor (BWR), light water graphite reactor (LWGR), gas-cooled reactor (GCR), and others.), equipment type (island equipment and auxiliary equipment), application (energy, defence, and others), and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

North America, Europe, Asia Pacific, Middle East & Africa, and South America Regions are Driving the Growth of the Industry

China has the most extensive overall electric capacity of nuclear reactors under development globally, with nearly 14 gigawatts of its reactors under construction. There were 415 nuclear reactors in operation in 33 nations as of mid-2021, an increase of seven reactors from a year earlier. Their total capacity was up 1.9 percent from the previous year. Except where there is direct access to cheap fossil fuels, nuclear power is cost-competitive with other sources of electricity generation.

The energy segment is the leading segment due to the rising demand for power worldwide. Nuclear fission generates electricity; it has excellent potential for a clean and resourceful future. On the other hand, nuclear fusion technology is still in the research and development stage. With time, the factors like rising population and economic growth, paired with increasing urbanisation throughout the world, will boost energy consumption. As a result, it must be employed at its best to generate power. In addition, numerous other atomic power stations are under construction or in the planning stages across the globe. The growing interest of government and researchers in nuclear energy is likely to impact the market positively.

On the other side of it the general population thinks that the commercial nuclear power is hazardous and volatile process as there have been a couple of related mishaps in the past. Also, it’s a common thinking that the use of the nuclear fuel is a growing concern as people are doubtful about its transportation, storage, and disposal. Besides this there is a capital costs and investments are very high, along with issues in getting licenses and regulation approvals with extensive lead times and delays in construction have discouraged the interest of the people.

Best Procurement Practices

The global nuclear energy industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global nuclear energy developing and utilising regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Nuclear energy can generate electricity, but it must be extracted from the atom. In harnessing that energy, particles are divided to release energy in the nuclear fission process. A nuclear reactor/power plant is a collection of devices capable of controlling atomic fission to generate energy. Pellets of the element uranium are used as fuel in nuclear reactors to create nuclear fission. Uranium atoms are pushed to split apart in nuclear reactors. The atoms split, releasing tiny particles known as fission products. Other uranium atoms break because of fission products, which results in a chain reaction. Heat is produced by the energy released by this chain reaction. Its fission generates heat, which heats the reactor's cooling agent. Water is commonly used as a cooling agent; however, some nuclear reactors employ liquid metal or molten salt. Steam is produced by the cooling agent heated by nuclear fission.

Turbines, wheels rotated by a flowing stream, are powered by steam. Generators, or engines that generate energy, are driven by turbines. Nuclear poison rods can be used to control the amount of energy produced. They are materials that absorb part of the fission products produced by nuclear fission, such as a kind of xenon. The process will be slower and more regulated if more nuclear poison rods are present during the chain reaction. A stronger chain reaction may be achieved by removing the rods, resulting in more electricity.

Substantial Demand for Clean Energy, Further Driving the Procurement of Nuclear Energy

The energy demand has risen due to technological developments used in daily activities. Additionally, the rising market for sustainable energy and decreasing fossil fuel supplies are projected to influence energy concerns. These concerns are incentivising corporations and governments to invest in nuclear power. As a result, the demand for atomic energy is being driven significantly. Over the forecast period, the market is expected to be caused by the rising use of nuclear technology as a viable alternative to fossil fuels for power generation. Industry development is predicted to be enhanced by the depletion of fossil fuel reserves and the growing desire to cut energy import expenses. The power plants are projected to drive the market due to their higher efficiency than thermal power plants.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Nuclear Energy Industry Report

• GE-Hitachi Nuclear Energy
• Westinghouse Electric Company LLC
• KEPCO Engineering & Construction
• ŠKODA JS a.s.
• China National Nuclear Corporation

Market Landscape

The rising energy demand in tandem with worldwide climate change targets, and increased global investments in nuclear power facilities, the industry is expected to witness growth. Furthermore, many countries continue to see nuclear power as a critical alternative for improving energy security, reducing the impact of variable fossil fuel costs, and mitigating climate change and air pollution, leading to increased investments in research and development activities.

Key Initiatives by Companies

• The Argentine government inked a deal with state-owned China National Nuclear Corp (CNNC) in February 2022 to develop the USD 8 billion Atucha III nuclear power station utilising China's Hualong One technology. This is being done to resurrect a transaction that had been dormant for several years. Atucha III is anticipated to produce 1,200 MW of gross electricity and have a 60-year initial usable life. This will allow the country to expand its nuclear capabilities.
• West Virginia Governor Jim Justice signed a bill in February 2022 that repealed the state's nuclear power project moratorium. West Virginia is the country's second-largest coal producer, accounting for around 5% of the country's total energy production in 2020. The state wants to shift away from nuclear electricity and become more reliant on coal.