Nuclear Power Market is expected to Grow with a CAGR of 6.20% through 2030
The nuclear power market is
driven by the growing global demand for clean, reliable energy, increasing
focus on reducing carbon emissions, and advancements in reactor technology that
enhance safety, efficiency, and scalability.
According to TechSci Research
report, “Nuclear Power Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2030F”, the Global Nuclear Power Market was valued at USD 34.41 billion in 2024 and is expected to reach USD 49.81 billion by 2030 with a CAGR of 6.20% during the forecast period. As countries commit to ambitious climate goals
and face increasing pressure to reduce greenhouse gas emissions, nuclear power
has re-emerged as a critical component of the clean energy mix. Unlike
intermittent renewable sources such as solar and wind, nuclear energy offers a
stable and continuous supply of electricity, making it indispensable for maintaining
grid stability and supporting industrial-scale power demands.
The rising need for energy
security, especially in light of geopolitical uncertainties and fluctuating
fossil fuel markets, is also encouraging governments to diversify their energy
portfolios with nuclear solutions. Furthermore, rapid technological advancements
in reactor designs, including the development of Small Modular Reactors (SMRs)
and next-generation Gen IV reactors, are improving the safety, scalability, and
cost-effectiveness of nuclear plants. These innovations allow for quicker
deployment, better waste management, and increased operational flexibility. In
parallel, aging nuclear infrastructure in developed markets is being replaced
or upgraded, driving new investment. Emerging economies, particularly in Asia
and the Middle East, are investing heavily in nuclear projects to meet rising
energy demands and reduce reliance on imported fuels. Government policies and
public-private partnerships are playing a significant role in accelerating
nuclear energy development through supportive regulatory frameworks, subsidies,
and R&D funding.
The increasing
electrification of transportation and industrial sectors is pushing the demand
for cleaner, high-capacity energy sources, where nuclear power is uniquely
positioned to deliver. As energy transition strategies evolve, nuclear power is
increasingly viewed not only as a bridge technology but as a long-term solution
capable of complementing renewables and ensuring a resilient, low-carbon energy
future. Environmental concerns surrounding nuclear waste and public perception
issues remain challenges, but continued innovation in waste recycling and
reactor safety is gradually addressing these barriers. Overall, the convergence
of environmental urgency, technological innovation, supportive policies, and
the need for reliable, high-output electricity is solidifying the role of
nuclear power in the global energy landscape.
Browse over XX Market data
Figures spread through XX Pages and an in-depth TOC on the "Global Nuclear Power Market.”
Based on the Reactor Type, Pressurized
Heavy Water Reactor segment held the largest Market share in 2024. The
Pressurized Heavy Water Reactor (PHWR) segment is experiencing significant
growth within the nuclear power market, driven by several key factors. A
primary driver is the ability of PHWRs to utilize natural uranium as fuel,
eliminating the need for expensive uranium enrichment facilities. This feature
makes nuclear energy more accessible and cost-effective, especially for
countries with limited enrichment capabilities. Additionally, PHWRs exhibit a
robust neutron economy, allowing for efficient fuel utilization and the
flexibility to incorporate alternative fuel cycles, including thorium—a
resource abundant in certain regions.
The modular design of PHWRs
enables incremental capacity expansion, aligning with varying energy demands
and facilitating phased investments. Furthermore, the inherent safety features
of PHWRs, such as low operating pressures in the moderator system and a strong
negative void coefficient, enhance operational safety and public confidence.
Government initiatives and collaborations, exemplified by partnerships between
entities like Bharat Heavy Electricals Limited (BHEL) and Nuclear Power
Corporation of India Limited (NPCIL), are accelerating the deployment of PHWR
technology through joint ventures and knowledge sharing. These strategic
alliances aim to reduce project gestation periods and promote the
indigenization of nuclear technologies. Collectively, these factors contribute
to the expanding role of PHWRs in achieving sustainable, secure, and efficient
energy generation on a global scale.
Based on region, Asia-Pacific is the fastest growing region in the Global Nuclear Power Market, driven by rapid industrialization, increasing energy demand, and a growing emphasis on reducing carbon emissions. Countries like China, India, and South Korea are leading the charge, significantly expanding their nuclear power capabilities. China, in particular, is aggressively pursuing nuclear energy as part of its strategy to diversify its energy mix and meet its ambitious carbon neutrality goals by 2060. The country plans to increase its nuclear capacity to 70 GW by 2030, up from 56 GW in 2023, with multiple new reactors under construction. India is also investing heavily in nuclear energy to meet its rising electricity needs while curbing greenhouse gas emissions, with several new reactors planned for the coming decades. South Korea continues to push for nuclear energy despite domestic challenges, with ongoing investments in advanced reactors and plans for future growth. The Asia-Pacific region’s focus on advanced nuclear technologies, such as Small Modular Reactors (SMRs) and Generation IV reactors, further positions it as a hub for innovation and expansion in the global nuclear power market.
Major companies operating in
the Global Nuclear Power Market are:
- BHP Billiton
- Paladin Energy
- Bulgarian Energy Holding
- Electrabel NV/SA
- Uranium One Inc.
- Eni S.p.A.
- PreussenElektra GmbH
- CGN Power Co., Ltd.
Download Free Sample Report
Customers can also request
10% free customization in this report.
“The Global Nuclear Power
Market is expected to rise in the upcoming years and register a significant
CAGR during the forecast period. The nuclear power market is poised for
substantial growth, driven by the global transition towards low-carbon energy
sources and the increasing demand for reliable baseload electricity.
Advancements in reactor technologies, such as Small Modular Reactors (SMRs) and
Generation IV reactors, offer enhanced safety, efficiency, and scalability,
making nuclear energy more accessible and economically viable. Emerging
economies are investing in nuclear infrastructure to meet rising energy needs
while reducing greenhouse gas emissions. Additionally, the integration of
nuclear power with renewable energy systems and energy storage solutions
presents opportunities for creating a resilient and sustainable energy grid.
Supportive government policies, financial incentives, and international
collaborations further bolster the market, positioning nuclear energy as a key
component in achieving global energy security and climate goals. Therefore,
the Market of Nuclear Power is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Nuclear
Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented, By Applications (Energy, Defense, Others), By Reactor Type
(Pressurized Heavy Water Reactor, Boiling Water Reactor, High-temperature
Gas-cooled Reactor, Liquid Metal Fast Breeder Reactor, Other Reactor Types), By
Region, By Competition, 2020-2030F”, has evaluated the future growth potential of Global Nuclear
Power Market and provides statistics & information on the Market size,
structure, and future Market growth. The report intends to provide cutting-edge
Market intelligence and help decision-makers make sound investment decisions.,
The report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Global Nuclear Power
Market.
Contact
Techsci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States-
10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com