Nuclear
power technology has been adopted as a source of power generation by
many industrialized economies. Several developing countries have also
developed plans to expand their energy portfolio by adapting nuclear
technology for power generation. The components installed in a
nuclear power plant are similar to those of a conventional
fossil-fueled power plant, except that fission process is used
instead of the combustion process. Uranium is the most common
material utilized and energy released from uranium in the form of
heat and radiation is used to generate electricity in the nuclear
power plant. However, after the nuclear accident at the Fukushima
power plant there have been many controversial views regarding safe
deployment of nuclear power technology. Despite decisions by some
countries to phase out nuclear energy, the market for nuclear power
is expected to grow at a substantial rate. Many new nuclear reactors
are planned, especially in China and Russia.
The
decreasing fossil reserves and the need to reduce import bills are
encouraging national governments and energy companies to invest in
nuclear power market. The major consuming centers of the world are
dependent on imported fuel sources from foreign nations. The urge to
reduce this dependency on imports is attracting investment in nuclear
power market. Nuclear power plants can be highly efficient when
compared to thermal power plants, thus the demand for efficient
systems is also attracting investment in this market. Countries such
as France produce a major share of their electricity from nuclear
power which proves that nuclear power is an economic alternative to
conventional power plants. Nuclear technology does not burn fossil
fuels and consequently do not liberate polluting gases which makes
this technology attractive while fulfilling emission standards in a
country. However, nuclear power is still considered a controversial
technology for power generation. Many drastic accidents such as the
Chernobyl incident in 1986, has led to the death of people working in
nuclear facilities. High costs associated with storing and monitoring
the radioactive waste material acts as a major restraint for the
growth of the market.
The
nuclear power market can be segmented based on water reactors
utilized in nuclear power generation. The four broad segments are
Generation I technology, Generation II technology, Generation III
technology and Generation IV technology. These technological segments
can be further sub-divided based on water reactor technology.
Currently, Generation III technology is the most is the most widely
installed technology employed in nuclear power generation. However,
Generation IV technology is being developed in several countries
which aim to establish sustainable nuclear power growth.
North
America is the leading region in the nuclear power market and
currently, many large scale plants are installed in the U.S. The
stringent environmental regulation in Europe has encouraged many
countries to invest in nuclear power market. Countries such as
France, Spain and Germany have heavily invested in this technology in
the past. Russia plays an important role in further development of
nuclear technology. Many new nuclear power reactors are planned and
the country is intensively investing in wide spread adoption of this
technology. Asia Pacific is the fastest growing market in this
segment with China leading the growth in this region. The Chinese
government has planned many new nuclear installations to reduce their
dependency on imported coal, for power generation. Korea, India and
Taiwan are also expected to increase investments in nuclear power
generation technology.
Some
of the major companies involved in the nuclear power market are Bruce
Power, China General Nuclear Power Corporation, CEZ Group, E.ON SE,
and Nukem GmbH.
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