Nuclear Power Market Synopsis
Nuclear Power Market Size Was Valued at USD 90.30 Billion in 2023 and is Projected to Reach USD 252.43 Billion by 2032, Growing at a CAGR of 12.10% From 2024-2032.
Governments and major energy firms are investing in the nuclear power energy industry in response to the rising demand for renewable energy and diminishing fossil fuel reserves. The global nuclear energy market is projected to rise at a significant pace as a result of the rising demand for energy that can meet the demand for new infrastructure without emitting carbon or negatively affecting the environment in other ways. Rather than selling energy directly to end consumers, many nuclear power plants sell to the wholesale market.
- Electric power transmission demand is measured by the amount of energy sold. Increased transmission demand leads to increased industry revenue. As the World Nuclear Association, 435 operating nuclear power plants are spread across in 31 countries globally. According to the Nuclear Energy Institute in the United States, an additional 71 reactors are under construction in 15 countries, the fastest pace of nuclear reactor construction in 25 years. The figures show that global economies are increasingly inclined to embrace nuclear energy as a feasible alternative to fossil fuels for power generation.
- Technological advancements in reactor designs, including small modular reactors (SMRs) and Generation IV reactors, have sparked renewed interest in nuclear power. SMRs offer enhanced safety features, cost-effectiveness, and flexibility in deployment, attracting attention for their potential to provide energy in remote areas or as a complement to renewable energy sources.
- Efforts to develop innovative solutions for nuclear waste disposal and recycling aim to address long-standing concerns regarding the environmental impact of nuclear power, potentially shaping the future landscape of the market. Despite challenges, nuclear power remains a significant player in the global energy mix, with ongoing developments shaping its future trajectory.
Nuclear Power Market Trend Analysis
Rising Environmental Concerns Propel Nuclear Power Market
- Amid intensifying global concerns about climate change and the urgent need to reduce carbon emissions, the nuclear power market is experiencing a resurgence driven by its potential as a low-carbon energy source. As countries grapple with the imperative to transition away from fossil fuels, nuclear power has re-emerged as a key contender in the quest for clean energy. Its ability to generate electricity without producing significant greenhouse gas emissions positions it as a crucial component of a diversified and sustainable energy portfolio.
- The escalating environmental consciousness among nations and communities has underscored the importance of finding alternatives to traditional carbon-intensive energy sources. Nuclear power, with its capability to produce large amounts of electricity while emitting minimal greenhouse gases during operation, has gained renewed attention. This focus aligns with global commitments to combat climate change outlined in various international agreements, motivating countries to explore nuclear energy as part of their strategies to achieve carbon neutrality.
Nuclear Power Market's Potential in a Sustainable Energy Future
- The nuclear power market stands at the crossroads of shaping a sustainable energy future, offering significant potential and opportunities. As the world confronts the imperative of transitioning to cleaner energy sources, nuclear power emerges as a viable option to complement renewable energy technologies. Its capacity to generate large amounts of electricity consistently, without the carbon emissions associated with fossil fuels, positions it as a crucial asset in the pursuit of a low-carbon future.
- Innovations in reactor designs, particularly small modular reactors (SMRs) and Generation IV reactors, present opportunities for enhanced safety, reduced costs, and increased flexibility in deployment. These advancements pave the way for more versatile and scalable nuclear power solutions, which could serve diverse energy needs, especially in regions seeking reliable, low-carbon electricity. The global energy landscape offers opportunities for nuclear power expansion, particularly in emerging economies experiencing rapid urbanization and industrialization.
Nuclear Power Market Segment Analysis:
Nuclear Power Market Segmented on the basis of type, application, and end-users.
By Type, Pressurized Water Reactors (PWRs) segment is expected to dominate the market during the forecast period
- PWRs lies a sophisticated mechanism that utilizes water under high pressure as a primary coolant to transfer heat generated within the reactor core. This heat exchange process involves the transfer of thermal energy to a secondary loop containing water, which in turn generates steam. The produced steam is harnessed to power turbines, ultimately generating electricity. This closed-loop system ensures that the radioactive primary coolant does not come into direct contact with the turbine generators, contributing to the safety and reliability of PWR operations.
- The mature technology behind PWRs has undergone decades of refinement, making them a preferred choice for many nations seeking reliable and proven nuclear energy solutions. Their operational efficiency, coupled with a consistent safety record, has instilled confidence in utilizing PWRs as a significant contributor to global electricity generation.
By Application, Electric Power Generation segment held the largest share of 45% in 2022
- Electric power generation is the vital process of producing electricity to meet the world's growing energy demands. This multifaceted industry encompasses various methods, including fossil fuels, nuclear power, renewables like solar and wind, and emerging technologies. Fossil fuels, such as coal, natural gas, and oil, have historically dominated power generation due to their reliability and accessibility. However, the environmental impact of greenhouse gas emissions has spurred a shift towards cleaner energy sources.
- Renewable energy sources, notably solar and wind, have seen significant growth in recent years. Advances in technology have made these sources more economically viable, promoting their integration into the energy mix. Solar panels convert sunlight into electricity, while wind turbines harness the kinetic energy from the wind, providing sustainable alternatives with minimal environmental impact. Moreover, nuclear power continues to play a role in electricity generation, offering low-carbon energy through controlled nuclear reactions.
Nuclear Power Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
North American nuclear power, while the United States boasts the lion's share with 93 operational reactors and a combined net capacity of 95.8 GWe, Canada and Mexico also play significant roles in the region's nuclear energy landscape. Canada operates 19 reactors, primarily concentrated in Ontario, contributing 13.6 GWe to the country's electricity generation, representing about 13.6% of its total. On the other hand, Mexico's nuclear footprint is more modest, with two operational reactors totaling 1.6 GWe, accounting for approximately 4.5% of the nation's electricity production.
Nuclear Power Market Top Key Players:
- Westinghouse Electric Company (U.S.)
- GE Hitachi Nuclear Energy (U.S)
- Bechtel (U.S.)
- Fluor Corporation (U.S.
- TerraPower (U.S.)
- Kairos Power (U.S.)
- GE-Hitachi Nuclear Energy (U.S)
- X-energy (U.S.)
- Terrestrial Energy Inc. (Canada)
- CANDU Energy (Canada)
- Atomic Energy of Canada (Canada)
- EDF Group (France)
- Rosatom (Russia)
- Atomstroyexport (Russia)
- Siemens Energy (Germany)
- Framatome (France)
- Fortum (Finland)
- Mitsubishi Heavy Industries (Japan)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Nuclear Power Corporation of India Limited (India)
- larsen and toubro (l&t) (India)
- Bharat Heavy Electricals (India)
- Korea Electric Power Corporation (South Korea)
- Nucleoeléctrica Argentina S.A (Argentina)
- China National Nuclear Corporation (China)
Key Industry Developments in the Nuclear Power Market:
- In April 2024, BWX Technologies, Inc. announced a C$80 million investment to expand its Cambridge manufacturing plant by 25% to 280,000 square feet. This includes C$30 million for advanced manufacturing equipment. The expansion will enhance capacity, improve productivity, and create over 200 long-term jobs. President of Commercial Operations, John MacQuarrie emphasized the expansion's role in supporting global nuclear energy projects and addressing climate change, energy security, and independence.
- In October 2023, NuScale Power secures a landmark contract to supply reactor internals for the VOYAGER small modular reactor (SMR) demonstration project, heralding a significant leap forward in nuclear energy innovation. This collaboration marks a pivotal moment in advancing SMR technology, showcasing its potential to revolutionize global energy production with enhanced safety, efficiency, and adaptability.
- In November 2023, GE Hitachi Nuclear Energy Breaking ground in nuclear innovation, the unveiling of the BWRX-300 SMR design marks a watershed moment in the realm of boiling water reactors. This next-generation design boasts unparalleled safety enhancements and streamlined construction methods, positioning it as a frontrunner in the evolution of nuclear power technology, promising safer and more efficient energy production for the future.
Global Nuclear Power Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 90.30 Bn. |
Forecast Period 2024-32 CAGR: |
12.10% |
Market Size in 2032: |
USD 252.43 Bn. |
Segments Covered: |
By Type |
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By Application |
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By Region |
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Key Market Drivers: |
Rising Environmental Concerns Propel Nuclear Power Market |
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Key Market Restraints: |
Availability of Alternate Power Generation Sources |
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Key Opportunities: |
Nuclear Power Market's Potential in a Sustainable Energy Future |
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Companies Covered in the report: |
Westinghouse Electric Company, GE Hitachi Nuclear Energy, Bechtel, Fluor Corporation, Exelon Corporation and Other Major Players. |
- INTRODUCTION
- RESEARCH OBJECTIVES
- RESEARCH METHODOLOGY
- RESEARCH PROCESS
- SCOPE AND COVERAGE
- Market Definition
- Key Questions Answered
- MARKET SEGMENTATION
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GROWTH OPPORTUNITIES BY SEGMENT
- MARKET LANDSCAPE
- PORTER’S FIVE FORCES ANALYSIS
- Bargaining Power Of Supplier
- Threat Of New Entrants
- Threat Of Substitutes
- Competitive Rivalry
- Bargaining Power Among Buyers
- INDUSTRY VALUE CHAIN ANALYSIS
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- Challenges
- MARKET TREND ANALYSIS
- REGULATORY LANDSCAPE
- PESTLE ANALYSIS
- PRICE TREND ANALYSIS
- PATENT ANALYSIS
- TECHNOLOGY EVALUATION
- MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
- Geopolitical Market Disruptions
- Supply Chain Disruptions
- Instability in Emerging Markets
- ECOSYSTEM
- PORTER’S FIVE FORCES ANALYSIS
- NUCLEAR POWER MARKET BY TYPE (2017-2032)
- NUCLEAR POWER MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- PRESSURIZED WATER REACTOR
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2017 – 2032F)
- Historic And Forecasted Market Size in Volume (2017 – 2032F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- BOILER WATER REACTOR
- PRESSURIZED HEAVY WATER REACTOR
- GAS COOLED REACTOR
- NUCLEAR POWER MARKET BY APPLICATION (2017-2032)
- NUCLEAR POWER MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- ELECTRIC POWER GENERATION
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2017 – 2032F)
- Historic And Forecasted Market Size in Volume (2017 – 2032F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- INDUSTRIAL
- MEDICAL
- FOOD & AGRICULTURE
- COMPANY PROFILES AND COMPETITIVE ANALYSIS
- COMPETITIVE LANDSCAPE
- Competitive Positioning
- Nuclear Power Market Share By Manufacturer (2022)
- Industry BCG Matrix
- Heat Map Analysis
- Mergers & Acquisitions
- WESTINGHOUSE ELECTRIC COMPANY
- Company Overview
- Key Executives
- Company Snapshot
- Role of the Company in the Market
- Sustainability and Social Responsibility
- Operating Business Segments
- Product Portfolio
- Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
- Key Strategic Moves And Recent Developments
- SWOT Analysis
- GE Hitachi Nuclear Energy
- Bechtel
- Fluor Corporation
- Exelon Corporation
- TerraPower
- Kairos Power
- GE-Hitachi Nuclear Energy
- X-energy
- Terrestrial Energy Inc.
- CANDU Energy
- Atomic Energy of Canada
- EDF Group
- Rosatom
- Atomstroyexport
- Siemens Energy
- Framatome
- Fortum
- Mitsubishi Heavy Industries
- Toshiba Energy Systems & Solutions Corporation
- Nuclear Power Corporation of India Limited
- Larsen and Toubro (L&T)
- Bharat Heavy Electricals
- COMPETITIVE LANDSCAPE
- GLOBAL NUCLEAR POWER MARKET BY REGION
- OVERVIEW
- NORTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Type
- Historic And Forecasted Market Size By Application
- Historic And Forecasted Market Size By Country
- USA
- Canada
- Mexico
- EASTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest Of Eastern Europe
- WESTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Germany
- United Kingdom
- France
- The Netherlands
- Italy
- Spain
- Rest Of Western Europe
- ASIA PACIFIC
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New-Zealand
- Rest Of APAC
- MIDDLE EAST & AFRICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- SOUTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Brazil
- Argentina
- Rest of South America
- INVESTMENT ANALYSIS
- ANALYST VIEWPOINT AND CONCLUSION
- Recommendations and Concluding Analysis
- Potential Market Strategies
Global Nuclear Power Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 90.30 Bn. |
Forecast Period 2024-32 CAGR: |
12.10% |
Market Size in 2032: |
USD 252.43 Bn. |
Segments Covered: |
By Type |
|
|
By Application |
|
||
By Region |
|
||
Key Market Drivers: |
Rising Environmental Concerns Propel Nuclear Power Market |
||
Key Market Restraints: |
Availability of Alternate Power Generation Sources |
||
Key Opportunities: |
Nuclear Power Market's Potential in a Sustainable Energy Future |
||
Companies Covered in the report: |
Westinghouse Electric Company, GE Hitachi Nuclear Energy, Bechtel, Fluor Corporation, Exelon Corporation and Other Major Players. |
Frequently Asked Questions :
The forecast period in the Nuclear Power Market research report is 2024-2032.
Westinghouse Electric Company, GE Hitachi Nuclear Energy, Bechtel, Fluor Corporation, Exelon Corporation, TerraPower, Kairos Power, GE-Hitachi Nuclear Energy, X-energy, Terrestrial Energy Inc., CANDU Energy, Atomic Energy of Canada, EDF Group, Rosatom, Atomstroyexport, Siemens Energy, Framatome, Fortum, Mitsubishi Heavy Industries, Toshiba Energy Systems & Solutions Corporation, Nuclear Power Corporation of India Limited, Larsen and Toubro (L&T),Bharat Heavy Electricals, Korea Electric Power Corporation, Nucleoeléctrica Argentina S.A, China National Nuclear Corporation and Other Major Players.
The Nuclear Power Market is segmented into Type, Application, and Region. By Type, the market is categorized into Pressurized Water Reactor (PWR), Boiler Water Reactor (BWR), Pressurized Heavy Water Reactor (PHWR), Gas Cooled Reactor (GCR), and Others. By Application, the market is categorized into Electric Power Generation, Industrial, Medical, Food & Agriculture, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Nuclear power is an efficient and clean way of boiling water to create steam, which turns turbines to produce electricity. Nuclear power plants utilize low-enriched uranium fuel for electricity production through a process called fission.
Nuclear Power Market Size Was Valued at USD 90.30 Billion in 2023 and is Projected to Reach USD 252.43 Billion by 2032, Growing at a CAGR of 12.10% From 2024-2032.