Nuclear Power Market

The Nuclear Power Market is valued at USD 42.8 Bn in 2026 and is projected to reach USD 53 Bn, growing at a CAGR of 3% by 2033.

Rising Energy Demand and Inclination towards Clean Energy to Bolster Growth of Nuclear Power Market

Since past several years, the demand for energy has been on its peak across the globe owing to rising industrialization and increasing electricity usage. Various companies in developed and developing nations worldwide have been focusing on adopting clean and efficient ways to meet the growing demand for energy. For instance, in October 2021, Abu Dhabi National Oil Co (ADNOC) announced its plan to utilize solar and nuclear energy to power its operations. To achieve this, a supply contract was signed between ADNOC and Emirates Water and Electricity Co. for the supply of clean energy. With this contract, ADNOC will be able to utilize 100% of the solar and nuclear energy to meet its power and energy requirements. In addition, governing bodies have been giving targets to promote utilization of nuclear power. For instance, as per the target set by the World Nuclear Association (WNA), by 2050, around 25% of the electricity worldwide is to be sourced from nuclear power. To meet this target, a requirement of about 1000 GW of additional nuclear capacity needs to be established, which can provide ample opportunities for key players in global nuclear power market.

Advent of Technology in Nuclear Reactors to Offer Potential Opportunities to Nuclear Power Market

On the back of growing concerns regarding environment health, government authorities are putting efforts to reduce greenhouse gas emissions. This has positioned nuclear power as a key to sustainable and clean energy source which has resulted in technological advancements in this space. For instance, in October 2021, the Government of UK announced the development of a new technology referred to as small modular reactors (SMRs) for its new plant. This technology provides maximum cost savings over conventional large reactors. That said, technological advances in the nuclear reactor space are likely to give an impetus to the growth of the nuclear power market.

Pressurized Water Reactors to Witness High Adoption in Worldwide Nuclear Power Market

Pressurized water reactors have been the most preferred since past several years and the scenario is expected to further increase going forward. Growth in adoption of pressurized water reactors (PWR) is mainly owing to rising investments in this space owing to their operational benefits coupled with increasing number of projects. Pressurized water reactors have higher stability even at very high temperatures which makes these reactors easy to operate. The main factor being high stability at extreme conditions, the use of pressurized water reactors has been on an upswing. For instance, according to the International Atomic Energy Agency (IAEA) 2021 report, there are around 442 operational nuclear reactors worldwide, of which 302 reactors are pressurized water reactors with a capacity of about 287 GWe. The United States itself has 63 pressurized water reactors followed by France and China who have 56 and 47 PWRs respectively. In this backdrop, the pressurized water reactor is expected to account for a significant value share in the nuclear power market and is likely to lead over other reactor types in the coming years.

Asia Pacific Likely to Account for a Significant Revenue Share in Nuclear Power Market

As compared to developed nations in Europe and North America, various Asian countries have been focusing on building nuclear power plants to fulfil the rising clean energy demand. China is likely to dominate the Asia Pacific nuclear power market. This can be attributed towards development of strong project pipeline backed by favourable government approvals for establishing nuclear reactors. According to the International Atomic Energy Agency (IAEA), China has 50 operating nuclear reactors with capacity of 47.52 GW. In addition, the Government of China aims to reach 150 GW of nuclear capacity by end of 2030. Nuclear sector in China is poised to expand at a significant rate owing to the country’s vision to achieve decarbonization while amassing nuclear expertise.

India on the other hand is dedicated towards expanding its nuclear power capacity for its infrastructure development program. As per the Indian Government, the country is set to achieve 22.5 GW nuclear power capacity by end of 2031. Also, the Government of India aims to use nuclear energy to provide 23% of electricity by end of 2050, a 2.5% up as compared to the current statistic. These factors are expected to bolster growth of the nuclear power market in Asia Pacific and companies can expect an optimistic scenario in the forthcoming years.

Nuclear Power Market: Competitive Landscape

Key players in global nuclear power market have been investing in technological developments and entering strategic collaborations and alliances. For instance, in February 2022, CNNC (China National Nuclear Corp) signed contract with Argentine Government to develop the US$ 8 billion Atucha 3 nuclear power plant by adopting the Hualong One Technology of China. Atucha 3 is expected to have gross power of about 1200 MW with a useful service life of around 60 years. This contract is likely to expand the nuclear capacity of the country in the coming years. Same year in August, Rosatom awarded a new contract to TSM Enerji for the remaining construction of its Akkuyu Nuclear power plant in Turkey. This new project, after completion, is expected to generate around 35 billion kWh each year which can meet about 10% of the electricity demands of Turkey.

A few of the major players in nuclear power market include:

• Rosatom
• Électricité de France (EDF)
• Westinghouse Electric Company
• China National Nuclear Corporation (CNNC)
• Korea Electric Power Corporation (KEPCO)
• GE Hitachi Nuclear Energy
• Mitsubishi Heavy Industries, Ltd.
• Toshiba Corporation
• AtkinsRéalis
• Bechtel Corporation
• Shanghai Electric Group Co., Ltd.
• Doosan Enerbility
• Ontario Power Generation
• Duke Energy
• Tokyo Electric Power Company (TEPCO)  

The Global Nuclear Power Market is Segmented as Below:

By Types
• Pressurised Water Reactors (PWRs)
• Boiling Water Reactors (BWRs)
• Pressurised Heavy Water Reactors (PHWRs)
• Others

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