DUBLIN, March 8, 2016 /PRNewswire/ --
The global nuclear power market is set to grow at a CAGR of 2.26% by 2019, according to a recent report available from Research and Markets. The report states that the availability of safer nuclear technology is supporting the growth of this market. This forecast growth could be higher than expected if French electric utility company Electricite de France SA is successful in securing the USD 25.5 billion they require to build Britain's largest power station.
The Hinkley Point C project is expected to generate thousands of skilled jobs within the French nuclear-engineering industry, but has not been without controversy. Last week financial chief Thomas Piquemal quit EDF due to CEO Jean-Bernard Lévy's decision to press on with the financially uncertain project, which has received support from French President Francois Hollande and British Prime Minister David Cameron. Hollande said last week that EDF will make a final decision on investments in the near future.
The global nuclear reactor construction market is estimated to grow at a CAGR of 5.22% by 2019, as forecast in an industry report. This growth could be lower due to an increasing focus on the safety of reactors, and the French nuclear watchdog has expressed concerns about the strength of the reactor vessel to be used in the Hinkley Point C project. The same reactor model is currently under construction at Flamanville in France, a project that has tripled in costs and is six years behind schedule.
The global nuclear fuel assembly market is projected be worth USD 32.1 billion by 2025, as stated in a market report. The report notes that an increasing global demand for electricity will require the deployment of new plants. The success of the Hinkley Point C project will influence the future of nuclear plant construction projects, not just in Europe but on a worldwide scale.
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SOURCE Research and Markets