Environment Articles - Report on Future of the Power Industry Nuclears role in the energy mix
Nuclear Installed Capacity and Generation to Grow with the Planned Expansion in Nuclear Sector Nuclear installed capacity to grow significantly in the long term due to the increasing demand for power worldwide. Global Markets Direct estimates that nuclear power installed capacity in the world will grow from its 2008 levels of 3, 72,611 MW to 4, 12, 421 MW by the year 2015. Similarly, nuclear power generation is expected to increase from 2, 599 BkWh in 2008 to 2,870 BkWh in 2015. This is primarily due to the net addition of 2 reactors to the existing fleet of 436 globally. The report also details that, in the long term, nuclear power generation is expected to grow further as there are 219 upcoming reactors which are either under construction or in the planned stage. This expansion in the nuclear industry will be driven by both the existing as well as emerging nuclear power producing countries.
Over-Dependency on Conventional Fuels and Concerns on GHG Emissions to Drive Nuclear Power Sector Many countries are showing interest in developing nuclear power as an alternative to conventional electricity generation. Growing demand for electricity across the world, the crude oil price fluctuation and the concerns on the over-dependency on conventional fuels are the key drivers for increased attention on nuclear industry. Conventional fuels such as petroleum and coal play a major role in the global electricity production, which in turn is the largest emitter of green house gases contributing to global warming. Nuclear power plants enjoy great importance in this regard as it has nearly zero carbon emission.
Low Operational Cost and Progress in Technology to Generate Greater Interest in Nuclear Power Sector Low operational cost and advanced safety related technologies are driving the nuclear power industry. The key advantage of nuclear power sector over other power generation facilities is its comparatively low fuel cost which constitutes a key segment of the operational cost. Unlike conventional fuel power plants which burn huge quantities, fuel assemblies once loaded to a reactor will continue to run for about 18 to 24 months. Another factor that generates interest towards nuclear power sector is the advanced technology that ensures better safety mechanisms. The report provides in-depth analysis of the new fleet of advanced nuclear plant designs that belong to Generation III+ and Generation IV technology which will raise the interest of the global community towards nuclear energy sector.
Asia Pacific region to be the Epicenter of Nuclear Industry Development The Asia Pacific region is set to lead the global nuclear industry expansion. Many of the countries in the region have plans to develop nuclear electricity to meet their growing demand for power. Global Markets Direct estimates that the region has a total of 116 planned and under construction reactors, which constitute 52% of the total upcoming reactors in the world. This will make the region the epicenter of nuclear industry development in the world. The nuclear power generation industry expansion will also have positive effect on allied sectors such as equipment market and fuel cycle industry and will make way for significant level of investments in the sector.
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