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In 2014, global demand for nuclear energy surpassed 2,400 TWh and is forecast to rise by over 4 percent in the CAGR, between 2015 and 2022. Over 11 percent of the world’s energy production in 2014 accounted for nuclear power. The growth of the nuclear energy market over the forecast period is expected to fuel increased energy and demand from the households and industrial sectors.
Rapid population growth and improved lifestyle have led to increased household energy demand. Increased demand for several products has led to developments in industrial applications in many countries, thereby increasing manufacturing energy needs. In 2014, nuclear energy generates more than 11% of the world’s electricity and more than 21% of the OECD country’s electricity.
In the past, technological progress in day-to-day operations has led to increased energy demand. Clean energy demand is expected to rise, combined with the depletion of the fossil-fuel reserves. These concerns promote energy firms and governments to invest in the nuclear market. Due to rising energy demand, the industry is projected to grow rapidly, which could meet the needs of growing infrastructure without adverse effects on the environment.
Some 440 nuclear reactors generate approximately 10 percent of world electricity. About 50 more reactors, equivalent to about 15 percent of existing capacity, are under construction. Nuclear power stations provided 2657 TWh in 2019, up from 2563 TWh in 2018. The global nuclear generation is now seventh consecutive year and the output is 311 TWh higher than in 2012.
At least a quarter of its electricity was produced from nuclear power by 12 countries in 2019. France receives more than half the electricity from nuclear power, while Hungary, Belgium, Sweden, Slovenia, Bulgaria, Switzerland, Finland and the Czech Republic receive one third or more. Usually South Korea obtains more than 30% of its nuclear power and about a fifth of nuclear electricity is obtained in the USA, the UK, Spain, Romania and Russia. Japan used more than 1/4 of its electricity to rely on nuclear energy and is expected to return somewhere close to that level.
New generating capabilities are clearly needed all around the world, both to replace old, carbon-powered, fossil fuel units and to respond to increased demand for power in a number of countries. In 2018, a combustion of fossil fuels produced 64% of the electricity. In the last ten years or so, the contribution of fossil fuel to power generation has remained virtually unchanged despite the strong support for and growth in intermittent renewable electricity supplies (66.5 percent in 2005).
Annual energy scenarios are published by the OECD International Energy Agency. There is an ambitious “sustainable development scenario” in its World Energy Outlook 20201 which is compatible with, inter alia, clean and sustainable energy supplies and air pollution control. In this scenario, nuclear power production increases by nearly 55% in 2040 to 4320 TWh, with the capacity growing to 599 GWe. A more ambitious scenario was put forward by the World Nuclear Association – the Harmony programme proposes to supply 150 percent (about 10,000 TWh) of power from 1250 GWe by 2050, to add 1,000 GWe to new nuclear capacity by 2050. (after allowing for retirements). This would require the addition of 25 GWe annually from 2021 to 33 GWe per year, a range that is not significantly different than the addition of 31 GWe in 1984 or the total record for 201 GWe in the 1980s. Supplying a quarter of global energy with nuclear energy would significantly reduce emissions of carbon dioxide and increase air quality.
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