The Global Nuclear Power Market was worth US$ 34.37 billion in 2023 and is anticipated to reach a valuation of US$ 40.87 billion by 2029 from US$ 36.41 billion in 2024. It is predicted to register a CAGR of 2.93% during the forecast period 2024-2029.
Nuclear energy accounted for more than 10% of global energy production in 2023 Escalatingcall for electricity and power from households and industrial sectors are predicted to drive expansion in the nuclear power market during the foreseen period. Growing calls for clean energy and dwindling fossil fuel reserves are encouraging governments and major energy companies to invest in the nuclear power market. The global market for nuclear power is supposed to grow at a substantial rate due to the escalating call for energy that could meet the needs generated by additional infrastructure without carbon emissions or negatively impacting the environment in other important ways.
According to the World Nuclear Association, there are approximately 435 operational nuclear reactors in 31 countries around the world. 71 more reactors are under construction in 15 countries, representing the highest rate of nuclear reactor construction in 25 years, according to the US Institute of Nuclear Energy. The figures clearly indicate the greater propensity of world economies to adopt nuclear technology as a viable alternative to fossil fuels for power generation. Controversial views on the safe deployment of nuclear technology and the notoriety gained by accidents at nuclear reactors such as Fukushima, Three Mile Island, and Chornobyl have not deterred developing countries from expanding their nuclear portfolios. Despite decisions against nuclear power expansion by a handful of prominent economies, the construction of new nuclear power plants in China and Russia is predicted to keep nuclear power calls high in 2024 and 2029.
The industry is estimated to grow at an accelerated rate due to the escalating call for energy that could meet the needs generated by the infrastructure expansion without negatively impacting the environment. The worldwide market for nuclear power is driven by the rising call for energy and the production of clean electricity around the world. As the energy call continues to rise, countries are looking for clean and efficient ways, such as nuclear power, to generate power. Additionally, technological advancements in nuclear power have further fueled market expansion.
Despite staunch advocates for expansion, the serious damage caused by nuclear reactor accidents has sounded alarms about the safety of nuclear power. Due to controversies surrounding nuclear power plants, some countries, especially some in Europe, have made the decision to phase out nuclear power.
Also, nuclear power plants are more efficient than thermoelectric plants, thanks to which nuclear energy is presented as the energy of the future. The escalating expansion of power plants in Russia and China is expected to boost the nuclear power industry during the outlook period. The depletion of fossil fuel reserves and the escalating need to reduce energy import bills are determined to have a positive impact on the expansion of the industry. The higher efficiency of nuclear power plants compared to thermal power plants is predicted to drive the market in the future.
The high cost of storing and controlling radioactive waste produced at nuclear power plants has also become a major expansion inhibitor.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
6.09% |
Segments Covered |
By Technology and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Atomstroyexport, Axpo Group, Bruce Power L.P., China General Nuclear Power Group, China National Nuclear Corporation, Dongfang Electric Corporation Limited, Doosan Babcock Limited, E.ON SE, EDF (Electricité de France) SA, ENGIE Electrabel, Exelon Corporation, GE Hitachi Nuclear Energy, Korea Hydro & Nuclear Power Co., Ltd., Mitsubishi Heavy Industries Ltd., NNEGC Energoatom, Nuclear Power Corporation of India Limited, Ontario Power Generation, Orano, ROSATOM, Shanghai Electric Group Company Limited, Tokyo Electric Power Company Holdings, Toshiba Corporation, and Vattenfall AB, and Others. |
The United States had 100 reactors that produced 798 billion kWh of electricity in 2023. This electricity production accounted for more than 19% of total calls. Currently, 99 units are in operation and 5 are under construction. The European nuclear power market is likely to experience above-average expansion due to strict regulations to reduce emissions by 34% during the foreseen period. This should require a reorientation of the energy mix and significant investment in the industry. The UK was the largest producer in 2023 with ten factories currently operating and eight under construction.
Asia-Pacific is foreseen to experience stable expansion over the next seven years. Countries like India and China are predicted to invest significantly in the nuclear power industry over the next seven years. Due to growing concerns about waste management, the region is focusing more on alternative renewable energy sources such as wind, solar, and thermal.
Companies playing a prominent role in the global nuclear power market include Atomstroyexport, Axpo Group, Bruce Power L.P., China General Nuclear Power Group, China National Nuclear Corporation, Dongfang Electric Corporation Limited, Doosan Babcock Limited, E.ON SE, EDF (Electricité de France) SA, ENGIE Electrabel, Exelon Corporation, GE Hitachi Nuclear Energy, Korea Hydro & Nuclear Power Co., Ltd., Mitsubishi Heavy Industries Ltd., NNEGC Energoatom, Nuclear Power Corporation of India Limited, Ontario Power Generation, Orano, ROSATOM, Shanghai Electric Group Company Limited, Tokyo Electric Power Company Holdings, Toshiba Corporation, and Vattenfall AB, and Others.
By Technology
By Region
Frequently Asked Questions
The Global Nuclear Power Market is expected to grow with a CAGR of 2.93% between 2024-2029.
The Global Nuclear Power Market size is expected to reach a revised size of US$ 40.87 billion by 2029.
GE Hitachi Nuclear Energy, Korea Hydro & Nuclear Power Co., Ltd, and Mitsubishi Heavy Industries Ltd are the three nuclear power market key players.
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