Nuclear Power Market Growth in Future Scope 2025-2032 | GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, STP Nuclear Operating Company, SKODA JS AS

Market Size and Overview
- Small Modular Reactors (SMRs) and decarbonization commitments are accelerating capacity additions, reflecting key nuclear power market trends. Enhanced safety protocols and government incentives are driving market drivers across regions, while our nuclear power market report highlights digital twin integration and advanced manufacturing as industry trends.
- The Global Nuclear Power Market size is estimated to be valued at USD 36.72 Bn in 2025 and is expected to reach USD 48.68 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 4.1% from 2025 to 2032. This forecast underscores sustainable business growth and industry size expansion.

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Key Takeaways
Region:
• North America: Strong regulatory support for SMR pilot projects, boosting market opportunities.
• Latin America: Modernization of aging fleets in Brazil and Argentina enhances baseload reliability.
• Europe: Life-extension programs in France and the UK sustain generation capacity.
• Asia Pacific: China and India lead new build programs, driving market growth and industry share.
• Middle East: Emerging nuclear-desalination initiatives in UAE and Saudi Arabia.
• Africa: Pilot research reactors and off-grid solutions in South Africa.

Segments:
• Reactor Type:
- Pressurized Water Reactors (PWR): Account for ~62% of installed capacity; used in baseload power across the US and France.
- Boiling Water Reactors (BWR): Deployed for flexibility in Japan; support load-following operations.
- Small Modular Reactors (SMR): Gaining traction for remote grids, e.g., Canada's SMR site permits rose to 35 in 2025.
• Fuel Type:
- Uranium Fuel: Primary fuel for Gen III+ reactors; stable pricing at USD 48/lb in 2024 improved project economics.
- Mixed Oxide (MOX) Fuel: Recycles plutonium in France, enhancing fuel cycle sustainability.
• Application:
- Grid-Scale Power: Dominant use case, supplying baseload to major interconnected networks.
- Desalination: Nuclear-powered desal plants in UAE added 150 MWth in 2024.
- District Heating: Pilot schemes in Eastern Europe delivered 200 MWth of thermal output.

Market Report Focus: This nuclear power market report delivers comprehensive market insights, covering market dynamics, market drivers, and market restraints to inform stakeholder decisions.

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Growth Factors

Government net-zero targets drove a 12% increase in nuclear R&D funding in 2024, supporting advanced reactor designs. Investments in SMR development surged by 18% year-on-year to USD 2.3 Bn in 2024, underscoring the industry's push for flexible generation. Uranium price stability (averaging USD 48/lb) reduced capital cost overruns in new builds by 8%. Modular licensing frameworks introduced in Canada and the UK cut permit-to-construction timelines by 20%, while business growth for OEMs and market companies accelerated through public-private partnerships.

Market Trends
Digital twin adoption rose by 25% across 2025 pilot programs, enhancing operational efficiency and predictive maintenance. Advanced manufacturing techniques-such as 3D-printed reactor components-reduced fabrication lead times by 15%. Cross-border SMR consortiums filed 20 new licensing applications between 2024 and 2025. However, market challenges include public perception barriers and high upfront costs, while market opportunities lie in floating nuclear power plants and extended-life reactor upgrades. According to our latest nuclear power market report, decommissioning services and fuel cycle innovations will shape industry trends through 2032.

Actionable Insights
• Production Capacity: Global nuclear capacity increased from 395 GW in 2024 to 402 GW in 2025, adding 7 GW through six new units.
• Pricing (Supply-Side): Levelized Cost of Electricity fell to USD 85/MWh for Gen III reactors in 2024.
• Exports: Canada's uranium exports rose by 15% in 2024, reaching 10,500 tU.
• Imports (Demand-Side): China imported 6,200 tU in 2024, up 8% YoY, supporting nine reactor startups.
• Use Cases: Nuclear-powered desalination capacity grew by 150 MWth in UAE's Barakah plant.
• Market Revenue: Nuclear power market revenue increased by 8% in 2024 to USD 38 Bn, driven by Asia Pacific new builds.
• Market Share: Pressurized Water Reactors retain ~62% share of installed nuclear capacity as of 2025.
• Micro-Indicators: SMR site permits climbed to 35 globally in 2025.
• Nano-Indicators: Average permit-to-construction timeline reduced to 18 months in 2024.

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Key Players
• GE-Hitachi Nuclear Energy Inc.
• Westinghouse Electric Company
• Électricité de France (EDF)
• Rosatom State Atomic Energy Corporation
• China National Nuclear Corporation (CNNC)
• Korea Electric Power Corporation (KEPCO)
• Toshiba Energy Systems & Solutions Corporation
• Mitsubishi Heavy Industries (MHI)
• Jacobs Engineering Group
• Bechtel Corporation
• Babcock & Wilcox Enterprises
• Rolls-Royce SMR
• Exelon Corporation
• Dominion Energy
• EnBW Energie Baden-Württemberg
• TerraPower LLC
• Oklo Inc.
• NuScale Power
• Holtec International

Competitive Strategies:
• Westinghouse's streamlined AP1000 licensing in the US cut review times by 30%, winning a 2025 contract with TVA.
• Rosatom's build-operate-transfer agreement in Bangladesh secured a USD 12 Bn deal, expanding its export footprint.
• GE-Hitachi's BWRX-300 SMR design won Ontario's 2024 SMR procurement, accelerating site readiness by nine months.

FAQs
1. Who are the dominant players in the nuclear power market?
Leading market players include GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company, EDF, Rosatom, and CNNC, which collectively drive innovation and capacity expansion.

2. What will be the size of the nuclear power market in the coming years?
The nuclear power market size is projected to grow from USD 36.72 Bn in 2025 to USD 48.68 Bn by 2032, at a CAGR of 4.1%, according to our market forecast.

3. Which end-user industry has the largest growth opportunity?
Grid-scale power generation remains the largest segment, while desalination and district heating present emerging market opportunities for off-peak utilization.

4. How will market development trends evolve over the next five years?
Digital twin integration, SMR deployment, advanced manufacturing, and modular licensing will drive market dynamics, as detailed in our nuclear power market report.

5. What is the nature of the competitive landscape and challenges in the nuclear power market?
The market features large incumbents with high entry barriers-such as financing and regulatory approvals-while competition centers on advanced reactor technologies and global joint ventures.

6. What go-to-market strategies are commonly adopted in the nuclear power market?
Key strategies include strategic alliances, build-operate-transfer models, public-private partnerships, and demonstration SMR projects to de-risk investments and accelerate time-to-market.

✍️ Author of this marketing PR:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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