NUCLEAR POWER MARKET ANALYSIS

Regional Analysis

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North America has established itself as the dominant region in the global nuclear power market over the years. The U.S., being a pioneer in nuclear technology since 1950s, has the largest number of nuclear reactors operational. It is expected to account for over 35.7% of the worldwide nuclear electricity generation in 2024. The strong indigenous nuclear industry presence along with government support for research and development has helped the U.S. to significantly drive the adoption of nuclear energy. Other countries in the region are also nuclear powered and potential markets.

However, the Asia Pacific region is emerging as the fastest growing nuclear power market globally. China, India, and South Korea are at the forefront and have witnessed tremendous capacity additions over the past decade. These nations recognize nuclear energy as a strategic and integral part of their long-term energy mix considering the economic growth and rising power needs. This has prompted giant infrastructure investments aimed at the construction of new nuclear facilities. Their focus on self-reliance through domestic production of reactors and fuel cycle facilities has given significant momentum to the regional market. Other Southeast Asian countries are also exploring nuclear as base-load power source which will continue to propel future opportunities.