Chemicals

Nuclear Fusion Market Size, Share, Growth, Trends And Forecast 2024-2033

The Nuclear Fusion Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Nuclear Fusion Global Market Report 2024, The nuclear fusion market size has grown strongly in recent years. It will grow from $313.1 billion in 2023 to $332.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to energy security concerns, environmental sustainability, international collaboration, government funding and support, advancements in fusion research.

The nuclear fusion market size is expected to see strong growth in the next few years. It will grow to $435.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to private sector investment, global energy transition, technological maturation, research and development initiatives, policy and regulatory support. Major trends in the forecast period include government support and funding initiatives, research on innovative fuel cycles, advances in plasma stability and control, R&D efforts in fusion materials and components, public awareness and education initiatives.

Increased government funding for nuclear energy is expected to propel the growth of the nuclear fusion market going forward. Nuclear energy is energy created by breaking atoms in a reactor to heat water into steam, operate a turbine, and generate electricity. Several governments of developed countries are funding nuclear reactors, which increases the demand for the nuclear fusion market. For instance, in 2021, according to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, in the United States, 6 large-scale nuclear reactors came online and started operating with a combined capacity of 5.6 GW and, 2 reactors are expected to start operations by 2030 and would receive USD 3.2 billion in government funding. Furthermore, France is funding a total of USD 1.08 billion (EUR 1 billion), and China, is undergoing some projects such as the HTR-PM units at Shidao Bay already grid-connected in 2021, and others under construction which has several advanced nuclear technologies under development. Therefore, increased government funding for nuclear energy is driving the growth of the nuclear fusion market.

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The nuclear fusion market covered in this report is segmented –

1) By Technology: Inertial Confinement, Magnetic Confinement

2) By Fuels: Deuterium, Tritium, Helium-3, Proton Boron

Major companies operating in the nuclear fusion market are forming partnerships to develop new products and strengthen their positions in the market. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in November 2023, Focused Energy Inc., a US-based energy harvesting company partnered with Lawrence Livermore National Laboratory (LLNL) is a US-based federally funded research and development center for developing target designs for inertial fusion energy. The collaboration seeks to aid in the development and evaluation of isochoric compression target designs for inertial fusion energy.

The nuclear fusion market report table of contents includes:

1. Executive Summary
2. Nuclear Fusion Market Characteristics
3. Nuclear Fusion Market Trends And Strategies
4. Nuclear Fusion Market – Macro Economic Scenario
5. Global Nuclear Fusion Market Size and Growt
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32. Global Nuclear Fusion Market Competitive Benchmarking
33. Global Nuclear Fusion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Nuclear Fusion Market
35. Nuclear Fusion Market Future Outlook and Potential Analysis
36. Appendix