The global fusion power market is set to chart significant growth from 2019 to 2027. The CAGR (Compound Annual Growth Rate) will be impressive and create a number of growth opportunities for players to grow more over the forecast period. Besides, it will help the market worth increase significantly.
A number of factors are at play here, propelling growth in the global fusion power market. One of the most prominent factors is that in the coming few years, the world will see massive demand for electricity. And, rapid urbanization and modernization is compounding the situation further.
In another 30 years, it is believed that the population will see an increase of 2 billion. From 7.7 billion, it will move to a 9.7 billion by the year 2050. This means that need for power will increase in sync.
And, as environmental awareness increases along with mounting concerns for power generated through conventional means, acceptance for fusion power and its popularity has accepted more. And, now that the governments of a number of nations are taking it up seriously, preparing the infrastructure for the power that has the potential of being the future of power generation.
It is safe, environment-friendly, efficient and quite reliable. Canada and the United States are investing a lot in fusion power and the International Atomic Energy Agency is promoting it in a big way. This means North America is set to dominate the market landscape, holding a dominant share.
The global fusion power market is consolidated and key players operating in the market landscape include Tokamak Energy, LPP Fusion, Lockheed Martin, Z Machine, and National Ignition Facility, among others.
To maintain an edge, players have a keen focus on improving research and development through better power generation through fusion.
Fusion Power Market: Overview
Consumption of energy across the globe has increased primarily due to due to rise in urbanization and increase in population. Governments of various countries are undertaking modernization and development of power generation infrastructure. Fusion power plays a vital role in energy generation. Fusion power is a form of power generation, wherein energy is generated by using nuclear fusion reactions to produce heat for electricity generation.
Generation of electricity using fusion power plants is one of the key inventions. It is considered to be safe, efficient, reliable, and environmentally-friendly. Developed and developing countries are striving to develop new power generation, transmission, and distribution infrastructure. They are also revamping their existing power. Fusion power is one of the viable sources of energy that can be used as an alternative energy to fossil fuels. It is anticipated to play a significant role in energy generation.
Fusion Power Market: Key Segmentations
The global fusion power market can be segmented based on application and region. Based on application, the fusion power market can be divided into commercial, industrial, and others.
Companies operating in the fusion power market are increasingly focusing on developing wires and cables with less detrimental impact on the environment. Challenges in upgrading is a major restraint of the global fusion power market. It is a capital intensive process. New and environment-friendly technologies are emerging in order to save upon the production cost of fusion power.
Fusion Power Market: Regional Outlook
In terms of region, North America is one of the major developers of fusion power technology. Countries in North America such as the U.S. and Canada are investing significantly in fusion power. The International Atomic Energy Agency is striving to promote electricity generation with the use of fusion power. The U.S. Government has been promoting the development of fusion power with an aim to provide alternative sources of energy for fossil fuels. Countries in Asia Pacific such as China, South Korea, and Japan are using fusion power for energy generation. The China Fusion Engineering Test Reactor (CFETR) is an organization proposed tokamak nuclear fusion reactor based in China, It is involved in the construction of large fusion power plants to meet the rising demand for energy. Countries in Europe such as Germany, Russia, and France are striving to develop and build fusion power reactors. These countries aim to provide alternate sources of energy for coal, oil & gas, etc. Countries in Europe such as Germany, France, Sweden, Spain, and the U.K. are increasingly focusing on infrastructure investments for the development and improvement of renewable energy projects. Extensive research is being carried out in Spain to generate fusion power effectively. The fusion power market in Middle East & Africa is estimated to expand in the near future. Countries such as Saudi Arabia, Kuwait, Bahrain, and Qatar have invested significantly in fusion power for the development of the energy sector. Countries in Latin America such as Brazil and Mexico are inventing newer technologies for electricity generation using fusion power in order to meet the demand for energy among the ever-increasing population in the region.
Fusion Power Market: Key Players
Key players operating in the global fusion power market include Tokamak Energy, LPP Fusion, Lockheed Martin, Z Machine, and National Ignition Facility.