Nuclear power plants have imbibed new technologies in order to accelerate electricity generation and marine propulsion. This factor has led to the deployment of automation technologies in nuclear power stations. Furthermore, the quest of the nuclear industry to maximize resource utilization has created the need for self-adjusting and resilient nuclear reactors. Hence, the demand within the global nuclear reactor market is slated to increase in the years to follow.
Several improved archetypes of nuclear reactors have gained limelight in recent times. Renowned manufacturers of nuclear reactors such as Framatome and Westinghouse Electric Company have expressed their intent to produce safer nuclear reactors. This move by two of the largest manufacturers shall inspire grassroot-level changes across other manufacturing entities.
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This blog by TMR Research delves into the niche market for nuclear reactors, and offers pragmatic insights pertaining to market growth.
Use of New ‘Accident-Tolerant’ Fuels
Mishaps associated with the use of zirconium-based fuels in nuclear reactors have led to debates across the nuclear power industry. Hence, several entities are resorting to the use of ‘accident-tolerant’ fuels that do not generate surplus heat. This renewed approach has generated fresh revenues within the global nuclear reactor market in recent times.
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Regional Dynamics of Market Growth
On a geographical footing, the global nuclear reactor market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific market for nuclear reactors is slated to acquire a larger consumer base in the following years. The market for nuclear power plants in China and Russia has witnessed aggressive changes in recent times. This owes to the tough competition coming from the U.S. market where the need for nuclear power keeps proliferating.