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.


Nuclear Power Market Size

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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

Major Players

Nuclear Power Market Major Players

*Disclaimer: Major Players sorted in no particular order


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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 Market Trends

Energy Segment Expected to Dominate the Market

  • Nuclear energy is released from the nucleus or the core of an atom of protons and neutrons. Nuclear energy can be produced either in nuclear fission (when the nuclei of atoms split into several parts) or by fusion (when nuclei fuse). In today's world, nuclear fission produces electricity, while nuclear fusion technology produces power in the research and development (R&D) phase. As of 2022, the global nuclear power generation was about 2,679 TWh compared to around 2,802 TWh in 2021.
  • Nuclear power plants can operate continuously for extended periods, providing a consistent supply of electricity, which is crucial in meeting the increasing energy demands of industrialized and developing nations.
  • Furthermore, the energy segment contributes significantly to global efforts to mitigate climate change. Nuclear power generates virtually no greenhouse gas emissions during operation, making it a vital tool for reducing carbon dioxide and other harmful atmospheric pollutants.
  • According to the Statistical Review of World Energy in 2022, the total electricity generated through nuclear energy was down by almost 4.4% compared to 2021 but recorded an annual growth rate of almost 1% between 2013 and 2022.
  • Moreover, with the upcoming nuclear energy power plant projects, the generation capacity is expected to increase during the forecast period. For instance, in April 2023, according to the Atomic Energy Ministry, the Indian government granted authorization and financial approval for establishing ten nuclear reactors in five different states throughout India.
  • With a capacity of 700 MW each, these reactors will be indigenous pressurized heavy water reactors constructed in fleet mode. The states where these reactors are scheduled to be set up include Karnataka, Haryana, Madhya Pradesh, and Rajasthan.
  • Moreover, India entered the second stage of the country’s three-stage nuclear program. In March 2024, the country commenced one of its first indigenous fast-breeder reactors (500 Mwe) in Kalpakkam, around 70 km from Chennai.
  • Therefore, the energy segment is expected to dominate the nuclear power market during the forecast period due to the abovementioned points.
Nuclear Power Market: Electricity Generation Through Nuclear Energy, in TWh, Global, 2013-2022

Asia-Pacific Expected to Witness Significant Growth

  • In contrast to North America and Europe, where growth in nuclear electricity generating capacity has been limited for many years, several countries in Asia-Pacific are planning and building new nuclear power plants to meet their increasing demand for clean electricity.
  • For instance, China focuses on innovation-driven growth, low-carbon development, integrating urban and rural areas with deeper social inclusion, and population aging. The 14th Five-Year Plan highlights high-quality green development, emphasizing innovation as the basis for modern development. By capitalizing on the accomplishments of the 13th Plan, the country intends to reduce the economy's carbon intensity and peak carbon dioxide emissions by 2030.
  • Further, according to a draft of the 14th Five-Year Plan (2021-2025) released in March 2021, the government intends to reach 70 GW of nuclear capacity by the end of 2025.
  • Furthermore, China's National Energy Administration (NEA) is examining the possibility of increasing the ambition of the country's clean energy programs this decade. The NEA proposes that China obtain 40% of its electricity from nuclear and renewable sources by 2030 and set its nuclear capacity target to 120-150 GW by 2030.
  • The Indian government is dedicated to growing its nuclear power generation capacity to meet the increasing electricity demand in the country. According to the Indian government, the country's nuclear capacity is expected to reach about 22.5 GW by 2031.
  • As per the Central Electricity Authority (CEA), India had 7.48 GW of nuclear power plants in India till January 2024, with 23 nuclear reactors and seven reactors with a combined capacity of 5,398 MWe under the construction stage.
  • According to the Institute for Sustainable Energy Policies (ISEP), electricity generation initially dropped to zero for nuclear power in 2014 but witnessed a resurgence, accounting for 6.5% of electricity generation in 2019. However, it decreased to 4.3% in 2020, increased to 5.9% in 2021, and then declined again to 4.8% in 2022.
  • Therefore, owing to the above factors, Asia-Pacific is expected to witness significant market growth during the forecast period.
Nuclear Power Market: Growth Rate by Region, 2024-2029

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


*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. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Installed Capacity and Forecast, till 2029

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. Increase in Demand for Clean Energy

        2. Plant Lifetime Extensions With Favorable Policies

      2. 4.5.2 Restraints

        1. Intense Competition From Renewable Energy Sources

        2. Accidents and Uncertainty over the Cost Effectiveness

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 By Application (Qualitative Analysis)

      1. 5.1.1 Energy

      2. 5.1.2 Defense

      3. 5.1.3 Other Applications

    2. 5.2 By Reactor Type

      1. 5.2.1 Pressurized Water Reactor and Pressurized Heavy Water Reactor

      2. 5.2.2 Boiling Water Reactor

      3. 5.2.3 High-temperature Gas-cooled Reactor

      4. 5.2.4 Liquid-metal Fast-breeder Reactor

      5. 5.2.5 Other Reactor Types

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. Russia

        4. France

        5. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East and Africa

        1. United Arab Emirates

        2. Saudi Arabia

        3. South Africa

        4. Iran

        5. Rest of Middle East and Africa


    1. 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Electricite de France SA (EDF)

      2. 6.3.2 GE-Hitachi Nuclear Energy Inc.

      3. 6.3.3 Westinghouse Electric Company LLC

      4. 6.3.4 Duke Energy Corporation

      5. 6.3.5 SKODA JS AS

      6. 6.3.6 China National Nuclear Corporation

      7. 6.3.7 Bilfinger SE

      8. 6.3.8 BWX Technologies Inc.

      9. 6.3.9 Doosan Enerbility Co. Ltd

      10. 6.3.10 Mitsubishi Heavy Industries Ltd

      11. 6.3.11 Bechtel Group Inc.

      12. 6.3.12 Japan Atomic Power Company

      13. 6.3.13 Rosatom State Atomic Energy Corporation

      14. 6.3.14 KEPCO Engineering & Construction

    4. *List Not Exhaustive
    5. 6.4 Market Ranking/Share (%) Analysis


    1. 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)
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
Rest of North America
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
South America
Rest of South America
Middle East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Nuclear Power Market Research FAQs

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.

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

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.

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

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

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.

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

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.

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