Nuclear Fuel Market by Product Size and Segment Forecast to 2024

Nuclear Fuel Market for Marine Propulsion Systems: Overview

Marine industry is anticipated to grow during the forecast period as it is one of the largest means of transportation. This will increase the consumption of marine fuels. Combustible fuel is the primary means of powering a shop across the globe. However, harmful effects of unburnt fuel and air pollution are concerning factors for maritime. This is expected to increase the demand for nuclear fuel for marine propulsion systems.

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Maritime transport accounts for approximately 3% of global greenhouse gas (GHG) emissions and this is a major contributor to contamination close to ports and coastal areas, many researching organizations have been conducting research on alternative fuel for ships. Nuclear propulsion is proved to be a more efficient compared to other alternative fuels to combat the reliance on combustible fuel.

Nuclear Fuel Market for Marine Propulsion Systems: Key Growth Enablers

Nuclear fuel for marine propulsion systems is becoming increasingly popular due to its negligible emission through nuclear propulsion. Factors such as installation, maintenance, safety concerns for the crew and disposal cost were obstructing the use of nuclear as a fuel for marine propulsion system, however these hurdles are slowly being overshadowed, as more funds are being invested by many countries for marine industry worldwide. The nuclear reactor produces heat on the ship, which is used to generate steam that is used to power turbines.

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Nuclear fuel can be used in two ways for propulsion such as in combination with conventional marine fuels and an only fuel on the tanker. The percentage of conventional fuel substituted with nuclear fuel will have a direct impact on the vessel’s emissions including greenhouse gases. For marine propulsion nuclear fuel can be of different type depending on the fusion capability such as thorium, uranium and plutonium.

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