Nuclear Power Market

Global Nuclear Power Market Size (2024-2029):

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.

Current Scenario of the Global Nuclear Power Market

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.

MARKET TRENDS

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.

MARKET DRIVERS

Technological advances implemented in daily activities have increased the call for energy in the past. The growing call for clean electricity, together with the depletion of fossil fuel reserves, is likely to raise energy concerns.

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.

MARKET RESTRAINTS

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.

MARKET OPPORTUNITIES

The depletion of fossil fuel reserves and the need to reduce energy import bills will drive a call in the worldwide market for nuclear power in the near future.

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.

MARKET CHALLENGES

The high cost of storing and controlling radioactive waste produced at nuclear power plants has also become a major expansion inhibitor.

REPORT COVERAGE

REGIONAL ANALYSIS

North America was the largest producer in 2023, and the United States led the nuclear power market with a market share of more than 30% in terms of nuclear power generation.

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.

KEY PLAYERS IN THE GLOBAL NUCLEAR POWER MARKET

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.

RECENT HAPPENINGS IN THE GLOBAL NUCLEAR POWER MARKET

• The UAE has announced the operations of the Barakah nuclear power plant. It is the first nuclear reactor in the United Arab Emirates to reach criticality. The factory is located in the Al Dhafra area of ​​Abu Dhabi.

DETAILED SEGMENTATION OF THE GLOBAL NUCLEAR POWER MARKET INCLUDED IN THIS REPORT

This research report on the global nuclear power market has been segmented and sub-segmented based on technology and region.

By Technology

• Generation I
• Generation II
• Generation III
• Generation IV

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa