Albany, NY -- (SBWIRE) -- 03/23/2015 -- The global nuclear energy market is touted as one of the fastest growing energy markets in recent years. People nowadays have come to realize the importance of relying on greener, cleaner and more eco-friendly sources of energy and this has spurred substantial growth in the global nuclear energy market. The reliable and affordable nature of nuclear energy has made it a favorite among economies who are looking for safer and financially more feasible options of replacing a significant part of fossil fuels used for the generation of electricity. As many as 13 countries around the world rely on nuclear energy to fulfill almost 25% of their overall energy requirements. The rising use of nuclear power as an alternative source of energy has remarkably enhanced the scope for expanding the global market for nuclear energy.

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Improved Technology and Growing Concerns about Thermal Energy to Boost Demand in the Global Nuclear Energy Market

The global market for nuclear energy has registered exponential growth in the last couple of years. Factors such as increase in energy demand globally, significant measures taken for the reduction of carbon emissions, rising concerns surrounding thermal energy sources, and improved technology have contributed significantly to the growth of the global nuclear energy market. Moreover, with the growing dependence of developed countries on nuclear energy for power generation have created new opportunities for the market to grow.

Risk of Nuclear Disaster to Hamper Growth

Despite registering such strong demand in the global scenario, the market for nuclear energy still faces restraints that discourage its use. The risk of nuclear disasters associated with the plant and the occurrence of a similar incident in the Fukushima Daiichi reactor at Japan, have slowed down the rate of growth of the global nuclear energy market to some extent. However, this could not deter emerging economies from investing in the construction of nuclear power plants. Advantages such as high cost of thermal energy and depleting coal reserves have bolstered growth opportunities for the global nuclear energy market.

Global Nuclear Energy Market Overview

According to the estimated published by U.S. based Nuclear Energy Institute, as of January 15, 2015, 437 nuclear reactors are operating across 30 countries to fulfill their electricity requirements. Additionally, 71 reactors are being constructed across 15 countries to take care of the increased energy demand in the global market. As per the estimates published by the same organization, nuclear reactor plants accounted for almost 12.3% of the overall electricity produced in 2012 and this figure would increase by substantial rates before the year 2015 comes to an end.

Pressurized Water Reactor Segment and the United States to Dominate the Global Nuclear Energy Market

On the basis of technology, the global nuclear energy market can be segmented as fast breeder reactor (FBR), pressurized water reactor (PWR), advanced gas cooled reactor (AGCR), boiling water reactor (BWR), and uranium reactor (CANDU). Among these segments, the PWR technology is expected to dominate the global market for nuclear energy in forthcoming years. Geographically, the global market for nuclear energy can be segmented into North America, Asia Pacific, Europe and Rest of the World (RoW). In 2013, the United States came in the forefront as the market leader in terms of the volume of electricity generated using nuclear energy with 789 billion kWh. France produced 403.7 kWh electricity using nuclear power resources thereby emerging as the second largest market for nuclear energy in the global market. Russia, China, and South Korea, among other countries registered significant rise in demand for nuclear energy in the same year.

Leading Players in the Global Nuclear Energy Market

The global market for nuclear energy is dominated by companies such as Bruce Power, Exelon Corporation, PSEG Power LLC, NextEra Energy Resources LLC, EDF Energy, Tokyo Electric Power Company, China General Nuclear Power Corporation, GE Hitachi Nuclear Energy, and Duke Energy among others.

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