Nuclear Power Plant Equipment Market to Reach USD 23.6 Billion by 2035, Driven by SMR Rollouts and Large-Scale Modernization

The global Nuclear Power Plant Equipment Market is projected to grow from over USD 17.3 billion in 2025 to USD 23.6 billion by 2035, expanding at a CAGR of 3.1% during the forecast period.

This steady growth is being driven by extensive plant modernization programs, rising demand for advanced reactor components, and the emergence of small modular reactors (SMRs) that require factory-built, standardized equipment and new core components.

MarketGenics identifies nuclear equipment as a foundational sector for the low-carbon baseload transition - supporting reactor upgrades, life-extension programmes, and new SMR deployments that together strengthen energy security and industrial decarbonization agendas worldwide.

Get the Detailed Industry Analysis (including the Table of Contents, List of Figures, and List of Tables) - from the Nuclear Power Plant Equipment Market Research Report: https://marketgenics.co/press-releases/nuclear-power-plant-equipment-market-56006

Recent Developments Shaping the Market
Westinghouse Introduces AP300 SMR
In May 2025, Westinghouse Electric Company, LLC unveiled its AP300TM small modular reactor, a 300 MWe design leveraging AP1000® heritage with passive safety features and modular construction intended to simplify build schedules and reduce operational footprints. The AP300 is positioned for grid and non-grid applications, expanding equipment demand for standardized core modules, control systems and balance-of-plant hardware.

Areva/Orano-Framatome Completes Advanced Core Instrumentation Rollout
In April 2025, Areva SA (operating as Orano/Framatome) completed implementation of an advanced reactor core instrumentation system for a European modernization contract. The system integrates digital monitoring, fuel-performance optimisation and predictive maintenance tools - accelerating demand for high-precision instrumentation and control (I&C) equipment across retrofit programmes.

Market Forecast 2035
The market will create an incremental opportunity of nearly USD 6.3 billion between 2025 and 2035.

Nuclear reactor core components account for ~40% of the market in 2025, reflecting intense demand for fuel assemblies, control rod systems, pressure vessels and other critical core hardware.

Asia Pacific is the most attractive region, holding ~44% of 2025 revenues (about USD 7.7 billion), driven by aggressive capacity expansion, modernization and national energy security goals.

Through 2035, deployment demand will be split between life-extension/upgrades of existing fleets and new builds, including SMRs and advanced reactor platforms - both requiring specialized turbines, steam generators, heat exchangers, and digital I&C systems.

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Key Drivers, Challenges, and Opportunities
Driver - Low-Carbon Baseload Demand and Plant Modernization
Governments and utilities are investing in nuclear equipment to secure reliable, low-carbon baseload power. Large modernization programmes - replacing steam generators, upgrading core components and installing digital monitoring - drive sustained equipment spending as operators extend plant lifetimes and improve thermal efficiency.

Restraint - High Capital Costs and Regulatory Burden
High upfront capital requirements and stringent regulatory compliance constrain new plant projects in price-sensitive markets. Historic cost overruns and protracted licensing (cited in major projects) underline the financial and regulatory challenges that temper near-term equipment procurement.

Opportunity - SMRs, Digitalisation and Lifecycle Services
SMRs and digital retrofits create recurring demand for factory-built modules, standardized core components, and advanced I&C systems. Government funding for life-extension and DOE-style modernization initiatives (noted in industry activity) opens sizeable retrofit and service markets for turbine upgrades, instrumentation, and predictive-maintenance platforms.

Key Trend - SMR Standardization and Digital Twin Adoption
Standardized SMR designs and digital twin/digital monitoring adoption are reshaping equipment procurement: factory-fabricated modules reduce field construction complexity while digital twins enable predictive maintenance, performance optimisation and reduced unplanned outages - increasing the value of advanced sensors, controls and analytics in the equipment bill-of-materials.

Segmental Insights
Nuclear Reactor Core Components (~40% share): The largest equipment category, driven by demand for new fuel assemblies, advanced claddings, control rods and pressure vessels to meet safety upgrades and higher performance targets.

Turbines & Generators, Steam Generators, Pumps & Valves, Heat Exchangers & Condensers: Major balance-of-plant categories that see renewed investment during modernization and life-extension projects.

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Regional Highlights
Asia Pacific (44%): Leads due to rapid capacity expansion, national programmes and large public investments in nuclear equipment manufacturing and deployment.

North America & Europe: Drive modernization, digital I&C adoption and SMR pilot projects; procurement centred on safety upgrades and retrofit packages.

Middle East, Africa & South America: Selective adoption tied to strategic energy projects, industrial deployments and nascent SMR interest.

Competitive Landscape
The nuclear power plant equipment market is moderately consolidated, with the top five players holding over 50% of market share in 2025. Tier-1 suppliers provide end-to-end systems and certified equipment; Tier-2/3 firms and specialty vendors supply components, services and regional support.

Prominent players referenced in the report:

Rosatom, GE-Hitachi, Westinghouse, Mitsubishi Heavy Industries, Areva/Orano/Framatome, BHEL, L&T, Nooter/Eriksen.

Future Outlook
By 2035, demand for nuclear equipment will be driven by a dual market: extensive modernization of existing fleets (fuel, I&C, steam generators, turbines) and incremental new capacity including SMRs and advanced reactors.

Suppliers that combine certified, modular hardware with digital lifecycle services (predictive maintenance, digital twins) will capture disproportionate value in retrofit and new-build programmes - turning equipment supply into an ongoing services-and-upgrades business as nuclear plants modernize to meet net-zero objectives.

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Prominent Companies Operating in the Nuclear Power Plant Equipment Market:

Westinghouse Electric Company, Rosatom, GE-Hitachi Nuclear Energy, Mitsubishi Heavy Industries, Areva / Orano / Framatome, BHEL, Larsen & Toubro, Nooter/Eriksen, and other key equipment and service providers.

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This release was published on openPR.