Fusion energy is a type of energy that is generated by nuclear fusion, the process of combining two atomic nuclei to form a heavier nucleus. This process releases an enormous amount of energy, and it is the same process that powers the sun and other stars. Fusion energy has the potential to provide a clean and virtually limitless source of energy for humanity. Unlike fossil fuels, fusion energy produces no greenhouse gas emissions or other harmful pollutants. It also has the advantage of being able to generate a tremendous amount of energy from a very small amount of fuel. 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 requires fuels that are abundantly available on Earth which are light element isotopes specifically 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.
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 a high-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.
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The ITER laboratory situated in France is set to conduct a 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 funding. This acts as a 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 the 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, the Middle East, and Africa).
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.
Key market players in the fusion energy industry are Agni Fusion Energy, TAE Technologies, Helion Energy, Commonwealth Fusion Systems, General Fusion, Tokamak Energy, Zap Energy, First Light Fusion, Lockheed Martin, Hyperjet Fusion, Marvel Fusion, HB11, Renaissance Fusion, and Kyoto Fusioneering.
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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 American 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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