Nuclear fuel is the material used to generate heat to power turbines in nuclear power plants. This heat is produced in nuclear reactors due to the nuclear fission reaction. The majority of nuclear fuel on the market is made up of oxides. However, commercial and academic research departments increasingly focus on producing nuclear fuel based on metals, nitrides, and other materials. Along with nuclear fuel fabrication services, the growing nuclear power generation capacity is expected to open up significant market opportunities during the projection period.
MARKET SCOPE
The "Global Nuclear Fuels Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the nuclear fuels market with detailed market segmentation by fuel type, nuclear reactor type, and geography. The report provides key statistics on the market status of the leading nuclear fuels market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on fuel type, the market is segmented into nuclear uranium fuel, mixed oxide (MOX) and nuclear fuel.
- Based on nuclear reactor type, the market is segmented into boiling water reactor (BWR) and pressurized water reactor (PWR).
MARKET DYNAMICS
Drivers:
- The growing awareness of rising carbon emissions in the recent past is one of the major factors driving demand for nuclear fuels. This has resulted in a spike in the usage of nuclear energy as a power source, which is also said to be a greener alternative to fossil fuels, which contribute significantly to greenhouse gas emissions.
- Nuclear power plants' large-scale power generation capabilities, on the other hand, contribute to their growing significance. A single nuclear power plant has been shown to dramatically improve a country's electricity-producing capabilities. As a result, these factors are thought to help the nuclear fuel industry flourish.
Restraints:
- The lengthy time required for nuclear power plant commissioning, as well as large upfront capital investments, are some of the factors that may hinder the growth of the nuclear fuels market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The nuclear fuels market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social, and technological factors affecting the nuclear fuels market in these regions.
IMPACT OF COVID-19 ON NUCLEAR FUELS MARKET
The outbreak of COVID-19 has severely impacted the energy sector. The major players in the vacuum pressure impregnated transformer market includes AREVA S.A., China National Nuclear Corporation, and Vattenfall Group. COVID-19 has severely impacted their businesses. Supply chain disruptions caused by COVID-19 affected the nuclear fuels market. However, the nuclear fuels market is expected to witness growth in the forecast period.
MARKET PLAYERS
The report covers key developments in the nuclear fuels market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of the business and customer base of market players. The market players from the nuclear fuels market are anticipated to have lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the nuclear fuels market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AREVA S.A.
- ARMZ Uranium Holding Company
- Cameco Corp.
- China National Nuclear Corporation
- Eagle Plains Resources
- Energy Resources of Australia Ltd.
- Japan, Oil, Gas and Metals National Corporation
- Kazatomprom
- Paladin Energy
- Vattenfall Group.