In the global spotlight, the fusion energy market attracts not only private billionaires but also governments and institutions. Significant investments fuel research, development, and experimentation. Despite the enthusiasm, the market is in its early stages, with executives boldly asserting fusion as the future of power by the decade's end. Government backing, driven by a relentless pursuit of clean energy with minimal carbon emissions, adds a powerful push to the burgeoning market, setting the stage for a transformative era in the quest for sustainable power solutions. The fusion energy market is estimated to be $429.6 billion in 2030 and is projected to reach $840.3 billion by 2040, growing at a CAGR of 7.1% from 2031 to 2040.
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The fusion reaction can occur when two or more light nuclei
fuse together. It can be achieved in gaseous form, where gases are heated at
very high temperatures. At high temperatures, the nucleus separates from its
atoms. The two atoms must overcome electrostatic repulsion. The heating causes
the atom to become an ion and free its electrons and this ionization can only
be achieved after they are subjected to high kinetic energy in the form of
heat. The cloud of ions and loose electrons known as plasma are magnetic in
nature and thus can be controlled. There are different technologies on which
the fusion energy generation experiments are being done such as magnetic
confinement, inertial confinement, magneto-inertial, electrostatic hybrid, and
Muon-catalyzed fusion. Most worked-on technologies are inertial and magnetic
confinement.
The fusion reaction requires fuels that are abundantly
available on Earth which are light element isotopes specifically of hydrogen.
They are deuterium/tritium, deuterium, deuterium, helium-3, and proton boron.
This fuel can be derived from water and lithium which are available in huge
quantities. A few grams of deuterium and tritium can create terajoules of
energy which is huge compared to what is produced at present.
The initial cost of building the fusion reactor plant or
system is high. The capital investments that will be required to produce fuel,
eliminate radioactive waste, and maintenance will be high. The high cost for
the same is projected to lower once the process is established and fully
functional. Electric generation in nuclear reactors is more economical than
that of gas, oil, and coal plants, and we can state that it is a
cost-competitive source of energy.
Nuclear power plants emit only negligible volumes of carbon
dioxide into the atmosphere, and their nuclear fuel chain reaction does return
radioactive wastes. The radioactive waste made with fusion is not the same as
the fission reaction. the vessel wall is the only part that the high-energy
neutrons will bombard. The activated materials need to be stored carefully for
centuries which will only add to maintenance costs. The aforementioned reason
discourages the fusion energy market growth.
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Deuterium alone is used as fuel and also for creating fusion
energy where deuterium-deuterium (d-d) fuse together. It requires a temperature
of around 400-500 million degrees Celsius. When deuterium fuses with deuterium
and forms helium-4 and thus the reaction produces lots of energy. The energy
produced from deuterium atoms fuses together. This fuel is considered as a
highly potential fuel for a fusion reactor, a gallon of seawater could produce
as much energy as 300 gallons of gasoline. However, the energy produced is
relatively lower and thus the combination with other nuclei is preferred over
d-d fusion.
The ITER laboratory situated in France is set to conduct
series of experiments that will further Europe’s position in the market.
Furthermore, new entrants in the market are majorly from Europe and are capable
of securing fundings. This acts as driving factor for the fusion energy market
growth in the region.
The fusion energy market analysis is done on the basis of
technology, fuel, and region. By technology, the market is divided into
inertial confinement and magnetic confinement. Depending on fuel, the market is
divided into deuterium/tritium, deuterium, deuterium-helium 3, and proton
boron. Region-wise, it is analyzed across North America, Europe, Asia-Pacific,
and LAMEA (Latin America, Middle East, and Africa).
Competitive Analysis:
The Fusion Energy industry's key market players adopt
various strategies such as product launches, product development,
collaboration, partnership, and agreements to influence the market. It includes
details about the key players in the market's strengths, product portfolio, market
size and share analysis, operational results, and market positioning.
Some of the major key players in the global Fusion Energy
market include,
Zap Energy Inc.
General Fusion
Commonwealth Fusion Systems
Hyperjet Fusion Corporation
Lockheed Martin Corporation
Helion Energy Inc.
TAE Technologies, Inc.
Marvel Fusion
Kyoto Fusioneering Ltd.
Agni Fusion Energy
First Light Fusion
Renaissance Fusion
Tokamak Energy Ltd.
HB11 Energy Holdings Pty Ltd
By technology, the magnetic confinement approach towards
producing fusion energy will dominate the experiment and is expected to grow
during the fusion energy market forecast period. This is because magnetic
fields are ideal for confining a plasma because the separated ions and
electrons follow the magnetic field lines due to their electrical charges.
By fuel, deuterium dominated the market and is expected to
grow at an even higher pace. This can be attributed to the fact that it can be
extracted cheaply from seawater and the total amount of deuterium present in
one liter of water is capable of producing enough energy that equals to the
combustion energy from 300 liters of oil.
By region, North America is expected to dominate the market,
however, Europe is projected to grow during the projection period owing to
increased activities, experiments, new entrants, and series funding in the
region for fusion energy market opportunities.
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Key findings of the study:
- Magnetic confinement is projected to grow at the highest
CAGR of approximately 7.2%, in terms of revenue, during the fusion energy
market forecast period
- Deuterium/tritium fuel is projected to grow at a CAGR of 7.2% over the
projection period
- The North America region is expected to dominate the fusion energy market
share by over 66.7% in 2030
- A comprehensive analysis of the factors that drive and restrain the fusion
energy market growth is provided.
- The qualitative data in this report aims at the fusion energy market trends
and developments in the industry
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