The latest report from GlobalData covers the emerging nuclear market and the key factors affecting demand.
In the wake of Japan’s Fukushima disaster, a group of developed nations had put the brakes on their nuclear programs. Despite this, the global nuclear energy generation is expected to increase significantly and climb by 30% by the end of the decade, according to the nuclear power industry research.
This report, Emerging Nuclear Power Countries - Market Forecast, Key Companies and Development Analysis to 2030, provides an analysis of the emerging nuclear countries in key regions such as Asia-Pacific, Middle East and Africa, Europe and South and Central America. It also provides an analysis of key emerging nuclear countries such as Vietnam, Bangladesh, Kazakhstan, Indonesia, Thailand, UAE, Saudi Arabia, Jordan, Egypt, Nigeria, Morocco, Turkey, Belarus, Lithuania, Poland and Chile.
Rapidly increasing demand for electricity, coupled with the surging fossil fuel prices, has made nuclear power an attractive option for many countries, especially the ones where harnessing large-scale alternative energy sources, such as wind and solar, are impractical. Currently about 45 nuclear-free nations, including Poland, Turkey, Bangladesh and United Arab Emirates, are also looking towards the nuclear power industry for their source of energy. However, the market experts predict that it is not about managing the demand with a single technology, it is going to be a mix where nuclear power will play an important role.
Furthermore, in the developed economies, declining or flat power demand has somewhat dampened the sense of urgency when it comes to considering investments in nuclear power. To cite an instance, the massive discovery of natural gas in the US has considerably changed the perspective of policymakers towards the nation’s energy outlook. With the abundance of natural gas and the low prices, nuclear power has become expensive to pursue here. Inspite of this, five reactors are currently under construction. However, further expansion plans will only advance when certain policies changes towards permits of waste disposable.
It has been said that emerging markets will play a major role in the expansion of global nuclear capacity, which will increase from 371 gigawatts (GW) in 2013 to 517 GW in 2025 at a CAGR of 2.5%. In places like South Korea, India and China, nuclear power generation is looking attractive, especially when the technology advancements made towards making nuclear power are more eco-friendly and manageable in nature. Germany and Switzerland, on the other hand, are planning to phase out nuclear power while Japan and France have already developed strong frameworks for nuclear safety to ensure safe operations. The APAC region alone is building more than 20 nuclear reactors and planning to add 13.8 GW of nuclear power by 2030, 6.8 GW of which will be made in Vietnam. The newly constructed nuclear reactors are expected to produce much less waste than the older generation models. Countries are looking at adopting the technology to have the advantage of being able to plan for challenges associated with waste disposal.
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