- As per the World Nuclear Association, four hundred and thirty five nuclear energy reactors operate in thirty one nations of the globe. An extra seventy one reactors are being built in fifteen nations. This is the leading construction pace of nuclear reactors in the last twenty five years. These figures clearly demonstrate that worldwide economies are adopting nuclear technology instead of fossil fuels for energy production.
Divisive opinions with regards to adoption of nuclear technology and infamy earned from nuclear reactor disasters like Chernobyl and Fukushima haven’t prevented emergent nations from spending on nuclear growth. Inspite of resolutions against nuclear growth by some dominating regions, the construction of novel nuclear plants in Russia and China is estimated to expand the nuclear energy market further from 2014 to 2020.
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Despite several drivers, the market is hindered by heavy damage inflicted by nuclear disasters. This has driven the demand for nuclear safety across the world. Due to disagreements regarding nuclear plants, some countries in Europe have made the decision of phasing out nuclear energy. Huge expenditures with respect to analysis and storage of radioactive trash in nuclear plants are also inhibiting the nuclear energy market.
On the other hand, scarcity of fossil fuel resources and demand for decreasing energy import statements would steer market sales in the years ahead. Additionally, nuclear power plants are more efficient than thermal ones, enabling nuclear energy to be publicized as ‘future energy.’ The worldwide market is sliced into two categories. These are technologies and geographical regions.
The technologies nuclear energy market is divided on the basis of generation 2, generation 1, generation 4, and generation 3. In view of geographies, the market is split into the regions of Europe, North America, Asia Pacific, and rest of the world. North America dominates the market. This is attributed to huge-scale installations in the United States. Regulatory policies in Europe have motivated Germany, Spain, and France to make market investments.
The Asian Pacific nuclear energy market will emerge as the most rapidly expanding region in the forecast period. This could be credited to construction of nuclear plants in China.
Information Source: Grand View Research
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