Nuclear Battery Market Size, Share & Industry Analysis, By Type (Thermal Conversion Batteries, Non-thermal Conversion Batteries), By Application (Automotive, Residential, Commercial, Industrial, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
A nuclear battery is a device that converts radiation energy emitted by natural decay of radioactive isotopes like plutonium-238, curium-242, and others to generate electrical power. Nuclear battery is a renewable energy sources producres cleaner and safer energy. nuclear battery comprises of consists two parts namely; a radioisotope heat source and a system that converts radiation energy from the spontaneous radioactive decay to power. Nuclear battery has several advantages such as it can work in harsh enviornments and and its radioisotope burns at the rate of its half-life. However, nuclear batteries are cost-intensive and have low conversion efficiency.
Based on type, the market is segmented into thermal conversion batteries and non-thermal conversion batteries. Thermal conversion babttery segments holds the major market share in 2019 as these batteries are mainly depend on temperature difference between the radioisotope and the constituents of the energy conversion mechanism.
Based on the application, the market is segmented as auromotive, residential, commercial, industrial and others. Autmotive holds a significant share of the market, as nuclear babttery has long operating life under harsh environmental conditions. Nuclear babttery has high potential for use in low-power applications under a broad range of temperatures.
Nuclear battery market is mainly driven by its rise in demand in reliable power supply in automobile industry and increase in requirement of long life battery. However, the availability of radioactive isotopes in the market for reasonable prices and the rising demand for low-power electronics make nuclear batteries to be commercially economical. Nuclear batteries are suitable for remote-site and portable electricity-generating applications such as as implantable medical devices or military and space applications. Nuclear batteries are constantly replacing electrochemical batteries in applications due to its low space and long life of the energy source.
High initial cost of production, and social acceptance are the major restraining factors which hamper the growth of the nuclear battery market. Furthermore, stringent regulations regarding the use of radioactive materials in some regions is expected to restrict the upsurge of the market.
Key Market Driver -
Increase in Demand from Automitve sector
Key Market Restraint -
High Cost of Nuclear Battery
Key Players Covered:
Some of the major companies operating in nuclear battery market are Exide Technologies, Tesla Energy, VAttenfall AB, American Elements, Curtiss-Wright Corporation, Comsoll Inc., Thermo PV, Marlow, and GEV Attenfall American Elements.
Regional Analysis:
The global nuclear battery market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region is dominating the market due to the increasing automotive sector in the region. China has become the largest country in manufacturing nuclear batteries due to rising demand from the automotive sector in the country. Japan and Korea are also witnessing a steady growth demand for automotive vehicles. In Europe, the European Energy Research Alliance is boosting the awareness and production of a nuclear battery, uplifting the market. In the Middle East & Africa, dropping costs for production coupled with plenty of labor and the huge need for electricity in the region will create an opportunity for the market in countries like the UAE and Saudi Arabia.
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Segmentation
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Key Industry Developments
- In August 2020, NDB Technology has launched a new battery that uses nuclear waste and lasts up to 28,000 years. The power of the nano-diamond battery comes from radioactive isotopes used in nuclear reactors.
- On September 1, 2020, Exide Technologies has launched the first battery testing app to test and replace batteries. The app is primarily designed for European countries and is available in 13 languages and supports multiple currencies.
- Ongoing
- 2023
- 2019-2022
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