Nuclear Fuel - Thorium Market In India 2023
As of FY 2017, nuclear power contributed only ~2% of the total power generated in India. The main monazite reserves in India are present in West Bengal, Jharkhand, Odisha, Tamil Nadu, Kerala, Andhra Pradesh, Maharashtra, and Gujarat.
Market overview:
India has one of the largest thorium deposits in the world with a capacity of ~360,000 tonnes. Thorium occurs in the form of a single isotope, Th-232, which degenerates at a very slow rate. The types of nuclear reactors, currently operating in the nuclear energy industry of India are pressurized heavy-water reactors (PHWR), and light-water reactors (LWR). There are 7 under-construction nuclear power reactors in the country which will generate a capacity of 5,400 MWe.
India has one of the largest thorium deposits in the world with a capacity of ~360,000 tonnes. Thorium occurs in the form of a single isotope, Th-232, which degenerates at a very slow rate. The types of nuclear reactors, currently operating in the nuclear energy industry of India are pressurized heavy-water reactors (PHWR), and light-water reactors (LWR). There are 7 under-construction nuclear power reactors in the country which will generate a capacity of 5,400 MWe.
Market Investments:
Apart from the domestic firms, there are a number of foreign companies which have shown interest to participate in India’s nuclear power projects in the form of technology partners, suppliers, contractors, and service providers. Westinghouse Electric Company (WEC) and GE Hitachi in the U.S., and Electricite de France (EDF) in France and Russia are the two major contributors.
Apart from the domestic firms, there are a number of foreign companies which have shown interest to participate in India’s nuclear power projects in the form of technology partners, suppliers, contractors, and service providers. Westinghouse Electric Company (WEC) and GE Hitachi in the U.S., and Electricite de France (EDF) in France and Russia are the two major contributors.
Export-Import:
Both export and import of thorium compounds have increased in India, in terms of value and volume during FY 2015-FY 2018. The largest export destination of Indian thorium compounds is the United States (U.S.). The highest amount of thorium, based on value and volume, is imported in India from Kazakhstan.
Key growth drivers of the market:
With an increase in GDP, the country is showing growth in terms of construction, manufacturing, and public services. With such attractive opportunities, India is set to become a global manufacturing hub. This, in turn, is supposed to increase the demand for nuclear power in the future.
India has promised to reduce the intensity of greenhouse emissions by 33-35% by the year 2030 from 2005. This initiative is expected to achieve ~40% electric power installed capacity from non-fossil fuel and nuclear-based energy resources by 2030.
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