With The World’s Largest Thorium Deposit, The Thorium (Nuclear Fuel) Market In India Is All Set To Grow Exponentially
According to the latest report released by Research On Global Markets, India has one of the largest thorium deposits in the world with a capacity of 360,000 tonnes. Thorium occurs in the form of single isotopes that degenerates at a very slow rate. The nuclear fuel market in India governmental bodies, companies and industry associations which are involved in mining, refining and storage of nuclear fuel. The main application of nuclear fuels is in nuclear reactors for generating electric energy. The types of nuclear reactors currently operating in the nuclear energy sector in India are pressurized heavy-water reactors (PHWR) and light-water reactors (LWR).
According to the report, as of FY2017 nuclear fuel contributed only 2% of the total energy generated in India. Currently there are seven nuclear power reactors that are under construction that will generate a capacity of 5,400 Mwe. The monazite reserves in India are concentrated in Tamil Nadu, Odisha, Maharashtra, West Bengal, Andhra Pradesh, Jharkhand and Gujarat.
The growth drivers of the thorium market includes an increase in GDP that is enabling the country to grow in terms of construction, manufacturing and public services. This is slowly turning India into a global manufacturing hub, leading to an increased demand of nuclear energy. India’s promise to reduce greenhouse emission by 33-35% by 2030 has led to an increased focus on non-fuel energy sources.
In spite of such growth opportunities, the thorium market is still fraught with challenges. The thorium three stage reactor is still under development, which makes it impossible for India to use its thorium reserve shortly. With the expanding civilian nuclear energy programs, weak export controls of nuclear fuels, and zones of domestic instability, the Indian nuclear power industry requires to implement stronger nuclear security policies. But the country is lagging in this area due to weak regulation of the nuclear sector.
Some of the key players in this industry are Larsen & Toubro Limited, Walchandnagar Industries Limited, Bharatiya Nabhikiya Vidyut Nigam, and Electronics Corporation of India Limited, among others.
Key highlights of this report:
- Overview of the thorium (nuclear fuel) market in India
- Thorium (nuclear fuel) market size and growth forecast - value-wise (2015-2023e)
- Qualitative analysis of the drivers, trends and challenges affecting the market and its segments
- Flat-panel display market size and growth forecast - value-wise (2015-2023e)
- Thorium market in India segmentation based on share of power resources - (thermal, renewable, hydro and nculear)- percentage split (2017)
- Thorium market in India segmentation based on company-(Larsen & Toubro, Electronics Corporation of India Limited, India Rare Earth Limited and others)- percentage split (2017)
- Thorium market in India segmentation based on nuclear power reactors- uranium reserve and monazite reserve)- percentage split (2017)
- Export and import of thorium (value-wise, volume-wise and country-wise)
- Competitive landscape
Check out the Research on Global Markets report featured in this article:
This report has been collated and designed with the aim to give businesses an in-depth understanding of the thorium market in India in order to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.