Robust Growth of the Nuclear Power Plant Market in the Near Future

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Robust Growth of the Nuclear Power Plant Market in the Near Future

Adebayo, Adeyinka Victor1, Oluwafunso, Oluwole Osaloni2, Osinubi, Olusoga Oyindamola3, & Oladeji, Samuel4

1University of Johannesburg, South Africa 2Electrical and Computer Engineering, Afe Babalolo University, Ado Ekiti 3University of Plymouth, Drake Circus, Plymouth PL4 8AA 4University of Strathclyde Glasgow, United Kingdom

Cite as:
Adebayo, A. V., Oluwafunso, O. O., Osinubi, O. O. & Oladeji, S. (2024). Robust Growth of the Nuclear Power Plant Market in the Near Future. International Journal of Electrical, Electronics & Communication Engineering, 5(1), 1-11. https://doi.org/10.5281/zenodo.13736387  © 2024 The Author(s). International Journal of Electrical, Electronics & Communication Engineering published by ACADEMIC INK REVIEW.

Abstract
The nuclear power plant market has shown significant potential for robust growth, driven by the escalating global demand for electricity and the need for sustainable and secure energy sources. This paper examines the current state of the nuclear power plant market, its projected growth from USD 35.50 billion in 2022 to USD 50.52 billion by 2029, and the factors influencing this growth, including technological advancements, safety regulations, and economic considerations. The impact of the COVID-19 pandemic on the industry, which initially caused construction delays and supply chain disruptions, is also discussed. Post-pandemic recovery strategies, such as off-site construction and the use of drones for monitoring, have created new opportunities for market expansion. Additionally, the paper addresses the challenges and risks associated with nuclear power plant construction, including high initial investment costs, safety concerns, and public perception. By analysing historical incidences and market trends, this study provides a comprehensive overview of the nuclear power plant industry’s future outlook and potential innovations.

Keywords: Market Growth; Electricity Demand; Sustainable Energy; COVID-19 impact; Construction Delays; Safety Regulations; Investment Costs; Public Perception; Technological Advancements  
IJEECE 51(1-11)Download

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