By Kim Hyun-cheol
Staff Reporter

Nuclear power generation is among the industries with the most promising prospects for the future, a private institute said in a recent report.

As global necessity rises for a stable supply of energy ― and as climate change continues to be an issue of utmost importance ― nuclear power will emerge as a leading energy source, according to the POSCO Research Institute (POSRI) said.

Other than the nuclear industry, technologies for reducing emissions, countermeasures against resource exhaustion, and eco-friendly vehicles were selected as industries with bright outlooks for the future.

Competition in material industries, including steel, is likely to intensify after the financial crisis of last year, according to the report, and the significance of fostering those industries here is rapidly elevating.

Nuclear power, which emits less greenhouse gases than other energy sources, is seeing growing demand around the world. Even the United States, which halted further nuclear energy construction since the Three Mile Island incident in 1979, plans to build 32 new nuclear reactors over the coming years.

Data from the International Atomic Energy Agency said that a total of 374 nuclear plants are scheduled for construction worldwide. This is expected to create a market worth up to $935 billion, the report said.

Consequently, major steelmakers are endeavoring to secure a stable supply of plant parts, as few makers currently have the technology to manufacture them. The U.S. Atomic Energy Commission cited a lack of steel parts as the biggest obstacle for the nuclear power industry.

ArcelorMittal has signed a strategic deal with France's AREVA Group, the world's biggest atomic energy firm, for a development project of steel products for nuclear reactors. The Europe-based steel giant also plans to invest 70 million euros ($100.9 million) to expand the production of reactor-building steel ingots by 40 percent this year.

Environmental technologies have a huge ripple effect, but a long-term approach is necessary for the new growth engine because they require a period of steady research and development efforts, POSRI said.

Forming a tech network linking the industry, the academic sector and the government is a priority for local makers to enhance their competitiveness due to the interdisciplinary approach that is now a trend in the field, it said.

hckim@koreatimes.co.kr