The global nuclear power market was valued at US$ 60.80 Bn in the year 2023 and is expected to reach US$ 75.52 Bn by 2030 with a growing CAGR of 3 % during the forecast period.Nuclear Power Market Overview:
Nuclear power market hails the future for clean and green energy over safety and environmental concerns of the population towards energy resources and climate changes. The ever changing climate crisis are demanding shift towards carbon-free energy sources, which is gaining attention of investors and manufacturers towards the nuclear power market. The market is witnessing a steady growth with a growing CAGR of 3% during the forecast period. The market with its diverse portfolio is offering efficient solutions to generate electricity consistently, independent of weather conditions like used in solar energy in 2023. The upcoming advancements in the reactor model are providing safer solutions and minimizing risks of nuclear power. The development of small modular reactors is promising scalable and cost effective outcomes as compared to traditional reactors used for power generation from nuclear power plants. The region of Asia-Pacific held largest market share in 2023 of nuclear power market. The application of nuclear power has a wide scope in industries, residential sectors, agriculture, mining activities for power generation and hydrogen production due to technological advancements and sustainable use of resources during the forecast period. The energy production segment has largest nuclear market share in the year 2023.To know about the Research Methodology :- Request Free Sample Report. The factors driving the nuclear power market are energy security by minimizing dependence on fossil fuel sources, supporting government policies and a safer and reliable source of power load. The significant challenges faced by the market are high costs of setting new plants and maintenance of existing plants and the long-term issue of nuclear waste disposal. Despite these challenges, China is looking for new ways for nuclear reactor construction, while France and US are creating pathways for expansion of the market during the forecast period. It is stated that 60-70% of electricity in France is generated from nuclear power which is a major lead in the global nuclear power market. The future of nuclear power primarily focuses on economic viability of technology and addressing safety issues to transform into a clean energy future.
Nuclear Power Market Dynamics:
Increasing demand for clean energy, as a result of growing concerns towards climate change, depletion of fossil fuel resources, energy security and new developed designs of nuclear reactor are key factors driving the growth of nuclear power market. Nuclear power provides a stable source of energy as compared to other energy sources, it reduces the reliance of countries on imported fossil fuels and with safer and cost-effective models, the nuclear power is witnessing a significant growth during the forecast period. The International Energy Agency (IEA) has estimated that nuclear power capacity will grow by 1-2% per year from 2023 till 2040, thus experiencing an optimum demand in the nuclear power market. The increasing demand for electricity in various countries like China, India growing upto 70% in 2023 are demanding for nuclear power. As nuclear power leaves less carbon footprint, there are less chances of government regulations on usage of nuclear power. The sources of fossil fuels are depleting due to which there is a price hike for fossil fuel products, thus increasing demand for nuclear power in 2023. The high costs of setting up nuclear plant, which requires more financial investments is likely to affect the nuclear power market. The complexities of setting up nuclear power facilities, licensing process and personnel safety are some challenges affecting the nuclear power market. For instance, in South Carolina the development of two nuclear reactors was left incomplete due to difficulties in production, delay in construction and cost overruns. The solar and wind energy alternatives which are cost effective than nuclear power are challengers for the market. The implementation of innovative solutions such as clean, safer and efficient nuclear reactors are potential opportunities in nuclear power market over the forecasted period. The solutions such as net zero emissions, small modular reactors which could be more cheaper and finding applications into new markets are key points driving opportunities in the nuclear power market.Nuclear Power Market Segmentation:
The nuclear power market is segmented by type and application. Based on type, the pressurized water reactor (PWR) held the largest market share of nuclear power by revenue in 2023. Pressurized water reactors are primarily designed for application in large industries for large scale electricity generation. PWRs are found highly efficient in generating electricity which can be used to run many industrial facilities at a time in 2023. PWRs are also found reliable and stable sources to meet power demands in the market. However, PWRs are not directly used in industrial facilities, the electricity is delivered by means of power grids. Due to the loops present in PWR, there are no chances of contamination and these are some of the factors facilitating the growth of PWRs segment in the nuclear power market. By application, the energy segment accounts for largest market share of nuclear power in 2023. The nuclear power plants are designed to generate electricity and hence are used by many countries for power supply. As per IAEA, nuclear power supplies 10-15% of worlds electricity which is a key factor boosting the growth of the segment. For instance, France is receiving 60-70% of electricity from nuclear power plants till 2023. The increasing demand for energy due to rising developments in construction, residential and industrial sectors are factors supporting the growth of energy segment in nuclear power market over the forecast period.
Nuclear Power Market Regional Insights:
The Asia-Pacific region held the largest market share in 2023 for nuclear power market. The substantial investments, low carbon consumption and innovation in China are driving the growth of nuclear power market in this region. The China’s National Energy Administration (NEA) proposed to increase the country’s clean energy drives and obtain 40-50% of its electricity from nuclear power plants by 2030. The Indian government is inclined to grow nuclear power generation capacity to overcome rising demand in the country and nuclear capacity is expected to reach 23 GW by 2030-2031. Currently, China has 50-55 nuclear power reactors operating to generate electricity. The region of Europe held significant market share in nuclear power market because of major advancements in Germany, France and Spain. France is said to be a prominent user of global nuclear energy due to high power generation from nuclear power plants. In North America, nuclear energy is majorly used to run industrial facilities and efforts are taken to extend the lifespan of nuclear power plants. Nuclear Power Market Competitive Landscape: The competition in nuclear power market has a mix of players globally, along with government bodies. Established market players are dominating the market by using extensive technology, operational capabilities with diverse portfolio of nuclear power plants. The companies are implementing sustainable solutions to reduce environmental impact and adhere to government norms. Some companies are offering fuel cycle services rather than just designing and constructing a reactor model. The primary focus of existing players is developing innovative designs like SMR’s to minimize cost on operational equipment’s. In 2022, France revealed its plan for construction of 6 new nuclear power reactors while also advancing the development of small modular reactors. This initiative increases carbon credits and meet the energy demand of the nation. In 2024, UK government announced a plan for expansion of nuclear plants in upcoming 50 years to strengthen its energy sector and meet carbon emission credit points. In 2024, India announced to expand 18 additional nuclear power reactors to generate electricity upto 13,000 MW by 2030-2032. The plan was announced by Nuclear Power Corporation India Limited (NPCIL). Atomic Energy of Canada Ltd (AECL) is offering pressurized water reactors in international markets.Nuclear Power Market Scope: Inquire before buying
Global Nuclear Power Market Report Coverage Details Base Year: 2023 Forecast Period: 2024-2030 Historical Data: 2018 to 2023 Market Size in 2023: US $ 60.80 Bn. Forecast Period 2024 to 2030 CAGR: 3% Market Size in 2030: US $ 75.52 Bn. Segments Covered: by Type Pressurized Water Reactor (PWR) Pressurized Heavy Water Reactors (PHWR) Boiling Water Reactors (BWR) Other by Application Energy Defence Hydrogen Production Others Nuclear Power Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)Key Players:
1. Westinghouse Electric Company (United States) 2. China National Nuclear Corporation (China) 3. Areva (France) 4. Rosatom (Russia) 5. Doosan Enerbility (South Korea) 6. Larsen and Toubro (India) 7. EDF Energy (United Kingdom) 8. GE Hitachi Nuclear Energy (United States) 9. Shanghai Electric (China) 10. Vistra Corp (United States) 11. Bruce Power (Canada) 12. CEZ Group (Czechia) 13. Nukem (Germany) 14. Centrus Energy (United States) 15. Cameco Corporation (Canada) 16. Engie (France) 17. Korea & Hydro Nuclear Power Ltd (South Korea) 18. Constellation Energy Corporation ((United States) 19. Exelon Corporation (United States) 20. Ontario Power Generation (Canada) Frequently Asked Questions FAQ’s 1. What is the growth rate of market in the forecasted period? Ans. The nuclear power market has a growing CAGR of 3% from 2024-2030. 2. Which region has dominated the market in 2023? Ans. The Asia Pacific region held largest market share of nuclear power market in 2023. 3. Who are the key players in market? Ans. The key players of market are Rosatum, Doosan, Areva, GE Hitachi Nuclear Energy and many more. 4. What was the market size of market in 2023 ? Ans. The nuclear powermarket was valued at US$ 60.80 Bn in the year 2023. 5. How is the nuclear power market segmented ? Ans. The nuclear power market is segmented by reactor type and application.
1. Nuclear Power Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. Nuclear Power Market: Dynamics 2.1. Nuclear Power Market Trends by Region 2.1.1. North America Nuclear Power Market Trends 2.1.2. Europe Nuclear Power Market Trends 2.1.3. Asia Pacific Nuclear Power Market Trends 2.1.4. Middle East and Africa Nuclear Power Market Trends 2.1.5. South America Nuclear Power Market Trends 2.2. Nuclear Power Market Dynamics by Region 2.2.1. North America 2.2.1.1. North America Nuclear Power Market Drivers 2.2.1.2. North America Nuclear Power Market Restraints 2.2.1.3. North America Nuclear Power Market Opportunities 2.2.1.4. North America Nuclear Power Market Challenges 2.2.2. Europe 2.2.2.1. Europe Nuclear Power Market Drivers 2.2.2.2. Europe Nuclear Power Market Restraints 2.2.2.3. Europe Nuclear Power Market Opportunities 2.2.2.4. Europe Nuclear Power Market Challenges 2.2.3. Asia Pacific 2.2.3.1. Asia Pacific Nuclear Power Market Drivers 2.2.3.2. Asia Pacific Nuclear Power Market Restraints 2.2.3.3. Asia Pacific Nuclear Power Market Opportunities 2.2.3.4. Asia Pacific Nuclear Power Market Challenges 2.2.4. Middle East and Africa 2.2.4.1. Middle East and Africa Nuclear Power Market Drivers 2.2.4.2. Middle East and Africa Nuclear Power Market Restraints 2.2.4.3. Middle East and Africa Nuclear Power Market Opportunities 2.2.4.4. Middle East and Africa Nuclear Power Market Challenges 2.2.5. South America 2.2.5.1. South America Nuclear Power Market Drivers 2.2.5.2. South America Nuclear Power Market Restraints 2.2.5.3. South America Nuclear Power Market Opportunities 2.2.5.4. South America Nuclear Power Market Challenges 2.3. PORTER’s Five Forces Analysis 2.4. PESTLE Analysis 2.5. Technology Roadmap 2.6. Regulatory Landscape by Region 2.6.1. North America 2.6.2. Europe 2.6.3. Asia Pacific 2.6.4. Middle East and Africa 2.6.5. South America 2.7. Key Opinion Leader Analysis For Nuclear Power Industry 2.8. Analysis of Government Schemes and Initiatives For Nuclear Power Industry 2.9. Nuclear Power Market Trade Analysis 2.10. The Global Pandemic Impact on Nuclear Power Market 3. Nuclear Power Market: Global Market Size and Forecast by Segmentation by Demand and Supply Side (by Value in USD Million) 2023-2030 3.1. Nuclear Power Market Size and Forecast, by Type (2023-2030) 3.1.1. Pressurized Water Reactor (PWR) 3.1.2. Pressurized Heavy Water Reactors (PHWR) 3.1.3. Boiling Water Reactors (BWR) 3.1.4. Other 3.1.10. 3.2. Nuclear Power Market Size and Forecast, by Application (2023-2030) 3.2.1. Energy 3.2.2. Defence 3.2.3. Hydrogen Production 3.2.4. Others 3.3. Nuclear Power Market Size and Forecast, by Region (2023-2030) 3.3.1. North America 3.3.2. Europe 3.3.3. Asia Pacific 3.3.4. Middle East and Africa 3.3.5. South America 4. North America Nuclear Power Market Size and Forecast by Segmentation (by Value in USD Million) 2023-2030 4.1. North America Nuclear Power Market Size and Forecast, by Type (2023-2030) 4.1.1. Pressurized Water Reactor (PWR) 4.1.2. Pressurized Heavy Water Reactors (PHWR) 4.1.3. Boiling Water Reactors (BWR) 4.1.4. Other 4.1.10. 4.2. North America Nuclear Power Market Size and Forecast, by Application (2023-2030) 4.2.1. Energy 4.2.2. Defence 4.2.3. Hydrogen Production 4.2.4. Others 4.3. North America Nuclear Power Market Size and Forecast, by Country (2023-2030) 4.3.1. United States 4.3.1.1. United States Nuclear Power Market Size and Forecast, by Type (2023-2030) 4.3.1.1.1. Pressurized Water Reactor (PWR) 4.3.1.1.2. Pressurized Heavy Water Reactors (PHWR) 4.3.1.1.3. Boiling Water Reactors (BWR) 4.3.1.1.4. Other 4.3.1.1.10. 4.3.1.2. United States Nuclear Power Market Size and Forecast, by Application (2023-2030) 4.3.1.2.1. Energy 4.3.1.2.2. Defence 4.3.1.2.3. Hydrogen Production 4.3.1.2.4. Others 4.3.2. Canada 4.3.2.1. Canada Nuclear Power Market Size and Forecast, by Type (2023-2030) 4.3.2.1.1. Pressurized Water Reactor (PWR) 4.3.2.1.2. Pressurized Heavy Water Reactors (PHWR) 4.3.2.1.3. Boiling Water Reactors (BWR) 4.3.2.1.4. Other 4.3.2.1.10. 4.3.2.2. Canada Nuclear Power Market Size and Forecast, by Application (2023-2030) 4.3.2.2.1. Energy 4.3.2.2.2. Defence 4.3.2.2.3. Hydrogen Production 4.3.2.2.4. Others 4.3.3. Mexico 4.3.3.1. Mexico Nuclear Power Market Size and Forecast, by Type (2023-2030) 4.3.3.1.1. Pressurized Water Reactor (PWR) 4.3.3.1.2. Pressurized Heavy Water Reactors (PHWR) 4.3.3.1.3. Boiling Water Reactors (BWR) 4.3.3.1.4. Other 4.3.3.1.10. 4.3.3.2. Mexico Nuclear Power Market Size and Forecast, by Application (2023-2030) 4.3.3.2.1. Energy 4.3.3.2.2. Defence 4.3.3.2.3. Hydrogen Production 4.3.3.2.4. Others 5. Europe Nuclear Power Market Size and Forecast by Segmentation (by Value in USD Million) 2023-2030 5.1. Europe Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.2. Europe Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3. Europe Nuclear Power Market Size and Forecast, by Country (2023-2030) 5.3.1. United Kingdom 5.3.1.1. United Kingdom Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.1.2. United Kingdom Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3.2. France 5.3.2.1. France Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.2.2. France Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3.3. Germany 5.3.3.1. Germany Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.3.2. Germany Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3.4. Italy 5.3.4.1. Italy Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.4.2. Italy Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3.5. Spain 5.3.5.1. Spain Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.5.2. Spain Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3.6. Sweden 5.3.6.1. Sweden Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.6.2. Sweden Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3.7. Austria 5.3.7.1. Austria Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.7.2. Austria Nuclear Power Market Size and Forecast, by Application (2023-2030) 5.3.8. Rest of Europe 5.3.8.1. Rest of Europe Nuclear Power Market Size and Forecast, by Type (2023-2030) 5.3.8.2. Rest of Europe Nuclear Power Market Size and Forecast, by Application (2023-2030) 6. Asia Pacific Nuclear Power Market Size and Forecast by Segmentation (by Value in USD Million) 2023-2030 6.1. Asia Pacific Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.2. Asia Pacific Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3. Asia Pacific Nuclear Power Market Size and Forecast, by Country (2023-2030) 6.3.1. China 6.3.1.1. China Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.1.2. China Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.2. S Korea 6.3.2.1. S Korea Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.2.2. S Korea Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.3. Japan 6.3.3.1. Japan Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.3.2. Japan Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.4. India 6.3.4.1. India Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.4.2. India Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.5. Australia 6.3.5.1. Australia Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.5.2. Australia Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.6. Indonesia 6.3.6.1. Indonesia Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.6.2. Indonesia Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.7. Malaysia 6.3.7.1. Malaysia Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.7.2. Malaysia Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.8. Vietnam 6.3.8.1. Vietnam Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.8.2. Vietnam Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.9. Taiwan 6.3.9.1. Taiwan Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.9.2. Taiwan Nuclear Power Market Size and Forecast, by Application (2023-2030) 6.3.10. Rest of Asia Pacific 6.3.10.1. Rest of Asia Pacific Nuclear Power Market Size and Forecast, by Type (2023-2030) 6.3.10.2. Rest of Asia Pacific Nuclear Power Market Size and Forecast, by Application (2023-2030) 7. Middle East and Africa Nuclear Power Market Size and Forecast by Segmentation (by Value in USD Million) 2023-2030 7.1. Middle East and Africa Nuclear Power Market Size and Forecast, by Type (2023-2030) 7.2. Middle East and Africa Nuclear Power Market Size and Forecast, by Application (2023-2030) 7.3. Middle East and Africa Nuclear Power Market Size and Forecast, by Country (2023-2030) 7.3.1. South Africa 7.3.1.1. South Africa Nuclear Power Market Size and Forecast, by Type (2023-2030) 7.3.1.2. South Africa Nuclear Power Market Size and Forecast, by Application (2023-2030) 7.3.2. GCC 7.3.2.1. GCC Nuclear Power Market Size and Forecast, by Type (2023-2030) 7.3.2.2. GCC Nuclear Power Market Size and Forecast, by Application (2023-2030) 7.3.3. Nigeria 7.3.3.1. Nigeria Nuclear Power Market Size and Forecast, by Type (2023-2030) 7.3.3.2. Nigeria Nuclear Power Market Size and Forecast, by Application (2023-2030) 7.3.4. Rest of ME&A 7.3.4.1. Rest of ME&A Nuclear Power Market Size and Forecast, by Type (2023-2030) 7.3.4.2. Rest of ME&A Nuclear Power Market Size and Forecast, by Application (2023-2030) 8. South America Nuclear Power Market Size and Forecast by Segmentation (by Value in USD Million) 2023-2030 8.1. South America Nuclear Power Market Size and Forecast, by Type (2023-2030) 8.2. South America Nuclear Power Market Size and Forecast, by Application (2023-2030) 8.3. South America Nuclear Power Market Size and Forecast, by Country (2023-2030) 8.3.1. Brazil 8.3.1.1. Brazil Nuclear Power Market Size and Forecast, by Type (2023-2030) 8.3.1.2. Brazil Nuclear Power Market Size and Forecast, by Application (2023-2030) 8.3.2. Argentina 8.3.2.1. Argentina Nuclear Power Market Size and Forecast, by Type (2023-2030) 8.3.2.2. Argentina Nuclear Power Market Size and Forecast, by Application (2023-2030) 8.3.3. Rest Of South America 8.3.3.1. Rest Of South America Nuclear Power Market Size and Forecast, by Type (2023-2030) 8.3.3.2. Rest Of South America Nuclear Power Market Size and Forecast, by Application (2023-2030) 9. Global Nuclear Power Market: Competitive Landscape 9.1. MMR Competition Matrix 9.2. Competitive Landscape 9.3. Key Players Benchmarking 9.3.1. Company Name 9.3.2. Business Segment 9.3.3. End-user Segment 9.3.4. Revenue (2022) 9.3.5. Company Locations 9.4. Leading Nuclear Power Market Companies, by market capitalization 9.5. Market Structure 9.5.1. Market Leaders 9.5.2. Market Followers 9.5.3. Emerging Players 9.6. Mergers and Acquisitions Details 10. Company Profile: Key Players 10.1. Westinghouse Electric Company (United States) 10.1.1. Company Overview 10.1.2. Business Portfolio 10.1.3. Financial Overview 10.1.4. SWOT Analysis 10.1.5. Strategic Analysis 10.1.6. Scale of Operation (small, medium, and large) 10.1.7. Details on Partnership 10.1.8. Regulatory Accreditations and Certifications Received by Them 10.1.9. Awards Received by the Firm 10.1.10. Recent Developments 10.2. China National Nuclear Corporation (China) 10.3. Areva (France) 10.4. Rosatom (Russia) 10.5. Doosan Enerbility (South Korea) 10.6. Larsen and Toubro (India) 10.7. EDF Energy (United Kingdom) 10.8. GE Hitachi Nuclear Energy (United States) 10.9. Shanghai Electric (China) 10.10. Vistra Corp (United States) 10.11. Bruce Power (Canada) 10.12. CEZ Group (Czechia) 10.13. Nukem (Germany) 10.14. Centrus Energy (United States) 10.15. Cameco Corporation (Canada) 10.16. Engie (France) 10.17. Korea & Hydro Nuclear Power Ltd (South Korea) 10.18. Constellation Energy Corporation ((United States) 10.19. Exelon Corporation (United States) 10.20. Ontario Power Generation (Canada) 11. Key Findings 12. Industry Recommendations 13. Nuclear Power Market: Research Methodology 14. Terms and Glossary