Nuclear Power Market

According to Stratistics MRC, the Global Nuclear Power Market is accounted for $86.81 billion in 2024 and is expected to reach $105.27 billion by 2030 growing at a CAGR of 4.8% during the forecast period. Nuclear power is the energy produced through nuclear reactions, primarily fission, where atomic nuclei split into smaller parts, releasing a significant amount of energy. This energy heats water to produce steam, which drives turbines connected to generators, producing electricity. Nuclear power is a low-carbon energy source and can provide large-scale, consistent power. The technology is central to discussions on sustainable energy due to its capacity to reduce reliance on fossil fuels.

According to the Atomic Energy Ministry, in April 2023, the Indian government granted authorization and financial approval for establishing ten nuclear reactors in five different states throughout India. 

Market Dynamics: 

Driver: 

Expanding economies and population

Expanding economies and growing populations increase energy demand, driving the need for reliable, large-scale power generation. Nuclear power, with its ability to provide consistent and high-output electricity, becomes a crucial solution for meeting these demands. As countries develop industrially and urbanize, they seek stable and low-carbon energy sources to support economic growth and infrastructure needs. Nuclear power’s capacity to deliver large amounts of energy with minimal greenhouse gas emissions aligns with these goals, propelling its adoption and market growth.

Restraint:

Nuclear waste management

Nuclear waste management is necessary to address the long-term storage and disposal of radioactive by-products from nuclear power generation. This waste remains hazardous for thousands of years, requiring secure, stable, and environmentally safe containment. Public concerns and regulatory challenges related to waste storage and disposal can lead to delays and increased expenses, ultimately affecting the feasibility and attractiveness of nuclear power investments. The complexity and high costs therefore can significantly hamper nuclear power market growth. 

Opportunity:

Supportive regulations and incentives

Governments often provide subsidies, tax breaks, and financial support for nuclear projects, reducing the high capital costs associated with reactor construction and operation. Regulatory frameworks that streamline approval processes and ensure safety while encouraging innovation further facilitate market expansion. Additionally, long-term commitments to carbon reduction targets drive demand for low-emission energy sources like nuclear power. These measures collectively enhance the economic viability and attractiveness of nuclear energy as a key component of a sustainable energy mix.

Threat:

High capital costs

High capital costs in nuclear power arise from the expensive construction of reactors, stringent safety requirements, and complex regulatory compliance. The significant investment needed for advanced technologies, long project timelines, and rigorous safety protocols contribute to these costs. This impacts its role in meeting future energy demands. These financial barriers can hamper market growth by deterring potential investors, delaying project initiation, and increasing overall energy costs.

Covid-19 Impact

The covid-19 pandemic impacted the nuclear power market through project delays, supply chain disruptions, and workforce shortages, slowing new reactor construction and maintenance. Energy demand fluctuations and economic uncertainties also affected investment decisions. However, the pandemic highlighted the need for reliable, low-carbon energy sources, potentially boosting long-term interest in nuclear power as a stable energy option. Governments and companies may increase focus on nuclear energy to enhance energy security and sustainability in the post-pandemic recovery phase.

The power generation segment is expected to be the largest during the forecast period

The power generation segment is estimated to have a lucrative growth. In power generation, nuclear power provides a stable and large-scale energy source by using nuclear reactions to produce heat, which generates steam to drive turbines and produce electricity. It offers high capacity factors and reliable output, making it a key player in maintaining grid stability and reducing reliance on fossil fuels. Nuclear power remains a critical component of energy strategies aiming for low-carbon and consistent power generation to meet growing global energy demands.
 
The industrial segment is expected to have the highest CAGR during the forecast period

The industrial segment is anticipated to witness the highest CAGR growth during the forecast period. In the industrial sector, nuclear power is utilized primarily for generating electricity to support large-scale operations. It provides a steady and reliable energy supply, essential for industries with high energy demands such as chemical manufacturing, steel production, and mining. The stability and low carbon emissions of nuclear power make it a valuable asset for industries aiming to reduce their environmental footprint while ensuring continuous, efficient energy production.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The Asia-Pacific region is a major player in the global nuclear power market, driven by countries like China, India, and Japan. China and India are expanding their nuclear capacities to meet growing energy demands and reduce carbon emissions, with numerous new reactors under construction. Japan is working to revive its nuclear sector post-Fukushima, focusing on safety and regulatory improvements. The region's investment in nuclear power reflects a strategic shift toward sustainable and reliable energy sources amid rising economic and environmental pressures.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The nuclear power market in the region is significant, with the United States and Canada leading in reactor numbers and capacity. The U.S. operates the largest fleet of commercial nuclear reactors globally, focusing on maintaining and upgrading existing facilities. Canada emphasizes nuclear energy for its low-carbon benefits and is developing new technologies like Small Modular Reactors (SMRs). Both countries continue to invest in nuclear power to ensure energy security and address climate change, thereby propelling the market growth. 

Key players in the market

Some of the key players profiled in the Nuclear Power Market include Areva Corporation, Toshiba Corporation, GE Hitachi Nuclear Energy (GEH), Mitsubishi Heavy Industries, Siemens, Exelon Generation, Korea Electric Power Corporation (KEPCO), China National Nuclear Corporation (CNNC), China General Nuclear Power Group (CGN), Westinghouse Electric Company, Babcock & Wilcox, Holtec International, Rosatom, EDF Energy, Framatome, Nuclear Fuel Services, Inc., Cameco Corporation and BWX Technologies.

Key Developments:

In May 2024, Toshiba and Local Manufacturers in Poland collaborated for supply of equipment and maintenance services to country’s first nuclear power plant. This collaboration helps transfer advanced nuclear technology and expertise to Poland, enhancing the country's capability to operate and maintain nuclear power plants.

In April 2024, GE Hitachi Nuclear Energy (GEH) has launched a new supplier group to support the deployment of Small Modular Reactors (SMRs). This initiative is part of GEH’s broader strategy to advance the adoption of SMR technology, which is seen as a key solution for expanding nuclear power's role in clean energy production.

Reactor Types Covered:
• Pressurized Water Reactor (PWR)
• Boiling Water Reactor (BWR)
• Pressurized Heavy Water Reactor (PHWR)
• Gas-cooled Reactor (GCR)
• Liquid Metal Fast Breeder Reactor (LMFBR)
• High-Temperature Gas Reactor (HTGR)
• Other Reactor Types

Fuel Types Covered:
• Uranium Fuel
• Plutonium Fuel
• Thorium Fuel
• Mixed Oxide Fuel (MOX)
• Other Fuel Types

Technologies Covered:
• Advanced Reactors
• Small Modular Reactors (SMR)
• Generation III & III+ Reactors
• Generation IV Reactors
• Other Technologies

Applications Covered:
• Power Generation
• Nuclear Propulsion
• Desalination
• Research & Testing
• Other Applications

End Users Covered:
• Utility Sector
• Industrial Sector
• Government & Defense
• Medical Sector
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances