Nuclear Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Nuclear Energy Market Size and Share and is Segmented by Application (Energy, Defense, and Other Applications), Reactor Type (Pressurized Water Reactor and Pressurized Heavy Water Reactor, Boiling Water Reactor, High-Temperature Gas-Cooled Reactor, Liquid-Metal Fast-Breeder Reactor, and Other Reactor Types), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers the Installed Capacity and Forecasts of Nuclear Power Market for all the Above Segments.

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Nuclear Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Nuclear Power Market Size

Nuclear Power Market Summary
Study Period 2019 - 2029
Market Volume (2024) 390.43 gigawatt
Market Volume (2029) 430.77 gigawatt
CAGR (2024 - 2029) 2.00 %
Fastest Growing Market Middle East and Africa
Largest Market Europe
Market Concentration Medium

Major Players

Nuclear Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Nuclear Power Market with other markets in Energy & Power Industry

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Energy Storage Technology

Nuclear Power Market Analysis

The Nuclear Power Market size is estimated at 390.43 gigawatt in 2024, and is expected to reach 430.77 gigawatt by 2029, growing at a CAGR of 2% during the forecast period (2024-2029).

  • Over the medium term, factors such as the ability of nuclear energy to generate electricity with lower carbon emissions compared to fossil fuels have been driving the market's growth over the medium term.
  • On the other hand, the high initial cost of setting up a nuclear power plant and the availability of alternative power generation sources, such as renewable energy, is likely to restrain the market's growth during the forecast period.
  • Nevertheless, nations worldwide are researching and developing generation IV nuclear energy technologies to promote safety, technical, economic, and advanced small modular reactors. This, in turn, is likely to create several future opportunities for the market.
  • Asia-Pacific is expected to witness significant growth in the nuclear power market during the forecast period, owing to its substantial share of nuclear energy in China and India.

Nuclear Power Industry Overview

The nuclear power market is semi-consolidated. Some of the major players in the market (in no particular order) include GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, KEPCO Engineering & Construction, SKODA JS AS, and China National Nuclear Corporation, among others.

Nuclear Power Market Leaders

  1. GE-Hitachi Nuclear Energy

  2. KEPCO Engineering & Construction

  3. China National Nuclear Corporation

  4. Westinghouse Electric Company LLC

  5. SKODA JS AS

  6. *Disclaimer: Major Players sorted in no particular order
Nuclear Power Market Concentration
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Nuclear Power Market News

  • February 2024: Iran commenced the construction of four additional nuclear power plants in the southern part of the country. These plants will have a combined capacity of 5,000 MW. The plants will be located in the port town of Sirik on Iran's East coast, about 1,150 km South of Tehran. The project is estimated to cost more than USD 20 billion. Each plant is projected to consume 35 tonnes of nuclear fuel per annum.
  • February 2024: India announced plans to add 18 additional nuclear power reactors with a cumulative capacity to generate 13,800 MWe of electricity, taking the total share of nuclear power in the energy mix to 22,480 MWe by 2031-2032. The plans were announced by the Nuclear Power Corporation of India Limited (NPCIL).
  • January 2024: The UK government announced plans for one of the country's most significant expansions of nuclear power in 70 years to strengthen its energy independence and meet carbon emission targets. The Civil Nuclear Roadmap includes exploring the construction of a significant new power station, with a total investment of about USD 382 million of investment to produce an advanced uranium fuel.

Nuclear Power Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Installed Capacity and Forecast, till 2029
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.1.1 Increase in Demand for Clean Energy
    • 4.5.1.2 Plant Lifetime Extensions With Favorable Policies
    • 4.5.2 Restraints
    • 4.5.2.1 Intense Competition From Renewable Energy Sources
    • 4.5.2.2 Accidents and Uncertainty over the Cost Effectiveness
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitute Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 By Application (Qualitative Analysis)
    • 5.1.1 Energy
    • 5.1.2 Defense
    • 5.1.3 Other Applications
  • 5.2 By Reactor Type
    • 5.2.1 Pressurized Water Reactor and Pressurized Heavy Water Reactor
    • 5.2.2 Boiling Water Reactor
    • 5.2.3 High-temperature Gas-cooled Reactor
    • 5.2.4 Liquid-metal Fast-breeder Reactor
    • 5.2.5 Other Reactor Types
  • 5.3 By Geography
    • 5.3.1 North America
    • 5.3.1.1 United States
    • 5.3.1.2 Canada
    • 5.3.1.3 Rest of North America
    • 5.3.2 Europe
    • 5.3.2.1 Germany
    • 5.3.2.2 United Kingdom
    • 5.3.2.3 Russia
    • 5.3.2.4 France
    • 5.3.2.5 Rest of Europe
    • 5.3.3 Asia-Pacific
    • 5.3.3.1 China
    • 5.3.3.2 India
    • 5.3.3.3 Japan
    • 5.3.3.4 South Korea
    • 5.3.3.5 Rest of Asia-Pacific
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Rest of South America
    • 5.3.5 Middle East and Africa
    • 5.3.5.1 United Arab Emirates
    • 5.3.5.2 Saudi Arabia
    • 5.3.5.3 South Africa
    • 5.3.5.4 Iran
    • 5.3.5.5 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Electricite de France SA (EDF)
    • 6.3.2 GE-Hitachi Nuclear Energy Inc.
    • 6.3.3 Westinghouse Electric Company LLC
    • 6.3.4 Duke Energy Corporation
    • 6.3.5 SKODA JS AS
    • 6.3.6 China National Nuclear Corporation
    • 6.3.7 Bilfinger SE
    • 6.3.8 BWX Technologies Inc.
    • 6.3.9 Doosan Enerbility Co. Ltd
    • 6.3.10 Mitsubishi Heavy Industries Ltd
    • 6.3.11 Bechtel Group Inc.
    • 6.3.12 Japan Atomic Power Company
    • 6.3.13 Rosatom State Atomic Energy Corporation
    • 6.3.14 KEPCO Engineering & Construction
  • *List Not Exhaustive
  • 6.4 Market Ranking/Share (%) Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Advanced Small Modular Reactors
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Nuclear Power Industry Segmentation

Nuclear power is derived from nuclear fission, nuclear decay, and nuclear fusion reactions. Most electricity produced by nuclear power is currently produced by nuclear fission in nuclear power plants using uranium and plutonium. Electricity derived from nuclear reactors, which generate heat by fission, is nuclear power. A nuclear power plant resembles a large coal-fired power plant in that it has pumps, valves, steam generators, turbines, electric generators, condensers, and other equipment similar to the reactor, which functions as a boiler in a fossil-fuel power plant.

The nuclear power market is segmented by application (energy, defense, and other applications), reactor type (pressurized water reactor and pressurized heavy water reactor, boiling water reactor, high-temperature gas-cooled reactor, liquid-metal fast-breeder reactor, and other reactor types), and geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report also covers the installed capacity and estimates for the nuclear power market across the major regions. The report offers the installed capacity and forecasts for nuclear power capacity for all the above segments.

By Application (Qualitative Analysis) Energy
Defense
Other Applications
By Reactor Type Pressurized Water Reactor and Pressurized Heavy Water Reactor
Boiling Water Reactor
High-temperature Gas-cooled Reactor
Liquid-metal Fast-breeder Reactor
Other Reactor Types
By Geography North America United States
Canada
Rest of North America
By Geography Europe Germany
United Kingdom
Russia
France
Rest of Europe
By Geography Asia-Pacific China
India
Japan
South Korea
Rest of Asia-Pacific
By Geography South America Brazil
Argentina
Rest of South America
By Geography Middle East and Africa United Arab Emirates
Saudi Arabia
South Africa
Iran
Rest of Middle East and Africa
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Nuclear Power Market Research FAQs

How big is the Nuclear Power Market?

The Nuclear Power Market size is expected to reach 390.43 gigawatt in 2024 and grow at a CAGR of 2% to reach 430.77 gigawatt by 2029.

What is the current Nuclear Power Market size?

In 2024, the Nuclear Power Market size is expected to reach 390.43 gigawatt.

Who are the key players in Nuclear Power Market?

GE-Hitachi Nuclear Energy, KEPCO Engineering & Construction, China National Nuclear Corporation, Westinghouse Electric Company LLC and SKODA JS AS are the major companies operating in the Nuclear Power Market.

Which is the fastest growing region in Nuclear Power Market?

Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).

Which region has the biggest share in Nuclear Power Market?

In 2024, the Europe accounts for the largest market share in Nuclear Power Market.

What years does this Nuclear Power Market cover, and what was the market size in 2023?

In 2023, the Nuclear Power Market size was estimated at 382.62 gigawatt. The report covers the Nuclear Power Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nuclear Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

What are the different segments of the Nuclear Power Market?

The different segments of the Nuclear Power Market are a) Application: Energy and Defense b) Reactor Types: Pressurized Water Reactor and Pressurized Heavy Water Reactor, Boiling Water Reactor, High-temperature Gas-cooled Reactor, Liquid-metal Fast-Breeder Reactor

What are the key challenges facing the Nuclear Power Market?

The key challenges facing the Nuclear Power Market are a) The high initial cost of setting up a nuclear power plant b) The long-term management and disposal of radioactive waste generated by nuclear power plants c) The increasing affordability and efficiency of renewable energy sources like solar and wind pose

Nuclear Power Industry Report

The global nuclear power market is experiencing a period of significant growth and transformation, driven by the increasing demand for electricity and the urgent need to reduce carbon emissions. With a keen focus on various market segments such as reactor type, reactor size, and application, the nuclear energy industry is adapting to meet the evolving needs of a world striving for sustainable energy solutions. Pressurized water reactors (PWRs) dominate the market due to their prevalence and safety features, while the energy segment leads in applications, underscoring nuclear power's pivotal role in meeting global energy demands. The development of advanced reactor systems, including small modular reactors (SMRs) and Generation IV technologies, presents new opportunities for the sector, promising enhanced safety, efficiency, and environmental benefits. Despite challenges such as high initial costs and public opposition, the nuclear power industry outlook is set to expand, fueled by the need for reliable, low-carbon energy sources and the electrification of various sectors. This outlook is supported by statistics for the Nuclear Power market share, size, and revenue growth rate, as detailed in industry reports by Mordor Intelligence™. These analyses include a market forecast outlook and historical overview, offering valuable insights into the sector's future. For a comprehensive understanding of this dynamic market, a sample of this industry analysis is available as a free report PDF download.