Press release
Global Nuclear Power Market to reach US$ 48.68 Billion By 2032
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Global Nuclear Power Market
By reactor type, pressurized water reactors (PWRs) are expected to dominate the market because to their extensive use and operating efficiency.
By Application: The energy sector is projected to hold 38.3% of the market share by 2025, fuelled by increasing global electricity demand and efforts to reduce carbon emissions.
By Region: North America, with a 12% market share in 2022, is expected to witness consistent growth, aided by improvements in recycling technologies and infrastructure.
Asia Pacific is predicted to lead the nuclear power market. This is owing to increased industrialization and urbanization in nations like as China and India.
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Rising Energy Demand and Carbon Goals Boost Nuclear Power Market Growth
A new report by Coherent Market Insights outlines significant trends in nuclear power market. Focus on reducing carbon emission, government support in form of subsidies and growing energy demand fuels demand for nuclear power market.
Opportunities for Growth
Small Modular Reactors (SMRs) have a substantial growth potential in the global nuclear power sector. These compact reactors, which typically range from 50 to 300 megawatts, are smaller and more adaptable than classic nuclear plants. SMRs can be produced in a factory and delivered to construction sites, allowing for phased development with additional units added as needed. This modular strategy decreases utilities' upfront investment risks. Furthermore, SMRs include sophisticated safety systems, such as passive cooling, and their lower size allows for a broader choice of installation alternatives, including disused coal plant sites.
Nuclear Power Investment Challenges
High capital costs are a major barrier to the growth of the global nuclear power market. Constructing new nuclear plants requires billions of dollars in investment, and the associated risks make many investors hesitant to fund these projects. The large financial commitments also increase the cost of electricity, making nuclear power less affordable and competitive. Budget constraints and a challenging investment environment have led to the cancellation of several planned projects. For example, over 180 GW of planned capacity has been canceled or suspended in countries like Japan, the U.S., and the U.K. since 2010, according to the International Atomic Energy Agency.
Emerging Market Trend:
Tech Industry Support for Nuclear Expansion: Major technological corporations, including Amazon, Google, and Meta, have banded together with other energy-intensive enterprises to lobby for tripling global nuclear power capacity by 2050. This effort is intended to improve energy security, fulfill rising demand, and mitigate climate change. Climate Change Consulting Market valued at US$ 6.45 Bn in 2025, is anticipated to reaching US$ 10.15 Bn by 2032, with a steady annual growth rate of 6.7%.
Analyst View
The nuclear power market is witnessing steady growth, driven by rising energy demands, government support for low-carbon energy, and advancements in nuclear technology. However, overcoming challenges such as high capital costs, regulatory hurdles, and public perception will be crucial for companies looking to capitalize on this growth. Additionally, public acceptance and regulatory support will play a pivotal role in expanding nuclear energy capacity, said senior analyst Yash Doshi
Key Players:
Westinghouse Electric Company LLC
STP Nuclear Operating Company
SKODA JS AS
China National Nuclear Corporation
Bilfinger SE
BWX Technologies Inc.
Doosan Heavy Industries & Construction Co. Ltd
Mitsubishi Heavy Industries Ltd
Bechtel Group Inc.
Japan Atomic Power Co.
Rosatom Corp.
Electricals Limited
Recent Developments:
In December 2021, GE Hitachi Nuclear Energy was chosen as the technology partner for Ontario Power Generation's Darlington New Nuclear Project, located east of Toronto. GE Hitachi will collaborate with Ontario Power Generation to build a BWRX-300 small modular reactor at the Darlington site, which could be finished as early as 2028.
In 2022, a third-generation Hualong One nuclear power plant will be built in Argentina by China's state-owned developer.
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About Us:
Coherent Market Insights leads into data and analytics, audience measurement, consumer behaviors, and market trend analysis. From shorter dispatch to in-depth insights, CMI has exceled in offering research, analytics, and consumer-focused shifts for nearly a decade. With cutting-edge syndicated tools and custom-made research services, we empower businesses to move in the direction of growth. We are multifunctional in our work scope and have 450+ seasoned consultants, analysts, and researchers across 26+ industries spread out in 32+ countries.
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Senior Client Partner - Business Development
Coherent Market Insights
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