Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Nuclear Power Market size was USD 35 billion in 2024 and is estimated to reach USD 63.6 billion by the end of 2037, expanding at a CAGR of 4.7% during the forecast period, i.e., 2025-2037. In 2025, the industry size of nuclear power is evaluated at USD 36.7 billion.
The fruitful applications of nuclear power beyond low carbon emission, such as mitigating disease spread, assistance in diagnosis and treatment, and potential in space missions, are set to uplift its position in renewables in the coming years. The World Nuclear Association states that with over 440 reactors, nuclear accounts for 9.0% of the global electricity generation and is emerging as the 2nd largest source of carbon-free energy. Globally, 1/4th or nearly 25.0% of electricity is produced through nuclear plants, and this is estimated to increase at a healthy pace in the coming years. Civil nuclear power dominates with over 20,000 reactor years of operating experience. In Europe, the countries are dependent on regional transmission grids for nuclear power. The nuclear power market is characterized as international commerce and is finding high-component trade activities from Japan, Germany, France, Canada, Russia, and South Korea. While the uranium demand for reactor manufacturing is estimated to be fulfilled by Australia or Namibia.
Source: World Nuclear Association
The nuclear projects globally exhibited a rise in power supply from 2545 TWh in 2022 to 2602 TWh in 2023. Based on countries, this is led by the U.S. (722.2 TWh), followed by China (395.4 TWh) and France (282.1 TWh). The nuclear segment accounts for around 70.0% of its total electricity production. Nearly half of the power generated in Slovakia, Hungary, and Ukraine is through nuclear plants. Furthermore, Japan is also rebuilding its nuclear arena to combat high imported electricity prices. India is also focusing on grid expansion and public investments to boost construction and meet its climate commitments, particularly through clean energy production. The increasing importance of clean energy in terms of sustainability and cost-effectiveness compared to fossil fuel electricity is anticipated to offer lucrative opportunities for nuclear power generators and component manufacturers in the years ahead.
Happenings in 2025
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Grid Connections |
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Reactor Name |
Construction Start |
Grid Connection |
Net Capacity (MWe) |
Location |
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Rajasthan 7 |
2011-07-18 |
2025-03-17 |
630 |
India |
Source: World Nuclear Association
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Construction |
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Lufeng 1 |
2025-02-24 |
1,161 |
China |
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Leningrad 2-4 |
2025-03-20 |
1,066 |
Russia |
Source: World Nuclear Association
Nuclear Power Sector: Growth Drivers and Challenges
Growth Drivers:
- Small modular reactors' potential market drivers: Technological advancements are emerging as the potential driver for the sales of nuclear reactors. Small modular reactors (SMR) are gaining widespread popularity owing to their lower upfront costs, short construction period, and scalability. Advanced technologies, including fast reactors, molten salt reactors, and high-temperature gas reactors, are set to offer next-generation features and efficiency, leading to higher returns to key nuclear power market players. Government funding and new business models are further likely to expand the sales of SMRs. The growing interest from the private sector, particularly data centers, is leading to the demand for SMRs with up to 25 GW maturity capacity. The International Energy Agency (IEA) estimates that the current policy setting is set to drive the small modular reactors' total capacity to 40 GW by 2050. The swift rise in new projects and designs is anticipated to drive SMR investments from USD 5.0 billion today to USD 25.0 billion by the next 10 years, or a collective investment of around USD 670.0 billion by 2050. Furthermore, the installed SMR capacity in China, the U.S., the European Union, India, and the U.K. is projected to reach 34.6 GW, 29.9 GW, 15.3 GW, 7.7 GW, and 4.6 GW, respectively.
- Nuclear technology deployment to offer leadership: The booming need for energy security and independence the countries are investing heavily in construction and infrastructure upgrades. The rising fossil fuel markets globally are driving attention toward renewables, including nuclear. The stable domestic power supply is expected to boost the nuclear capacity in advanced nations by over 40.0% through 2050, says the IEA. The share of large-scale nuclear construction in Europe, the U.S., Japan, and Korea inspired by designs of advanced economies is expected to increase by 40.0% in 2030 to more than 50% by 2040. The markets seeking nuclear technology deployments are set to offer competitive opportunities for industry giants in the years ahead.
Source: IEA
Challenges:
- High CAPEX a market entry and expansion barrier: The huge capital requirement is the prime challenge hampering the overall nuclear power market growth. Small-scale nuclear reactor manufacturers and start-ups often witness expansion and market entries, respectively, owing to high CAPEX. The upfront cost for infrastructure, equipment, and technologies, and the long gestation periods of the plants, act as a financial risk, deterring the attention of budget-conscious investors. This aspect also drives investors’ attention to other energy projects, such as natural gas and stable renewables, including solar and wind, for high return expectations.
- Competition from renewables: Solar, wind, and hydropower are the dominant competitors for nuclear power producers owing to more affordability and efficiency. These renewable sources are less risky, more sustainable, and flexible compared to nuclear energy, making them an investment-friendly option for investors. In-house competition is likely to hamper nuclear energy investments to some extent. However, this obstacle is estimated to be overcome by the rising public investment strategies globally.
Nuclear Power Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
4.7% |
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Base Year Market Size (2024) |
USD 35 billion |
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Forecast Year Market Size (2037) |
USD 63.6 billion |
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Regional Scope |
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Nuclear Power Segmentation
Reactor Type (Pressurized Water Reactor & Pressurized Heavy Water Reactor, Boiling Water Reactor, High-temperature Gas-cooled Reactor, Liquid Metal Fast Breeder Reactor, Others)
Pressurized water reactor & pressurized heavy water reactor segment is set to capture nuclear power market share of over 39.5% by 2037. Pressurized water reactor (PWR) & pressurized heavy water reactor (PHWR) demand is anticipated to increase at a healthy pace during the study period. Depending on the use and demand of the project, the application of reactors changes. The infrastructure, design, and fuel requirements of nuclear plants drive the sales of pressurized water reactors & pressurized heavy water reactors. The World Nuclear Association discloses that there are nearly 300 operable pressurized water reactors employed.
Application (Energy, Defense, Others)
In nuclear power market, energy segment is expected to hold revenue share of more than 40.5% by 2037. The booming energy demand across the world, owing to the swift rise in industrial and urban activities, is fueling investments in nuclear power plants. The supportive government policies, growing public-private investment strategies, and climate commitments are necessitating countries to invest in nuclear energy production. France is leading in clean energy production owing to its long-standing policy for energy security. The low cost of power generation is making France the leader in net electricity export trade. France’s 17.0% of the power is generated from recycled nuclear fuel, according to estimates by the World Nuclear Association.
Our in-depth analysis of the global market includes the following segments:
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Reactor Type |
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Application |
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Customize this ReportNuclear Power Industry - Regional Scope
North America Market Forecast
North America in nuclear power market is expected to hold more than 37.5% revenue share by 2037. The supportive government policies in the form of regulations, tax benefits, and incentives are promoting nuclear energy development in both the U.S. and Canada. The green energy trend coupled with technological advancements is set to propel the revenues of key market players in the years ahead. Renewable energy independence is also contributing to the increasing investments in nuclear power projects.
The infrastructure upgrades and rebuilding moves are augmenting the high demand for nuclear power components in the U.S. For instance, in June 2024, the U.S. Department of Energy (DOE) revealed its intention to rebuild the nuclear workforce by contributing to the building of 2 new reactors at Plant Vogtle in Waynesboro, Georgia. This project expansion is generating employment opportunities for up to 9,000 workers and 800 permanent jobs. Furthermore, the surging electricity demand and net-zero carbon emission goals are set to triple the nuclear capacity to ~300 GW in the country by 2050.
Canada’s increasing focus on expanding and advancing its nuclear sector is driving huge public investments. The climatic commitments and increasing importance of renewables are set to promote strategic investments in nuclear energy. In March 2025, the government entered into an agreement with AtkinsRéalis to push the expansion and innovation of a new natural uranium–fuelled large-scale Canadian deuterium uranium (CANDU) nuclear reactor. For the next four years, for the design of the project, the government is set to lend USD 212.3 million.
Asia Pacific Market Statistics
The Asia Pacific nuclear power market is foreseen to increase at the fastest CAGR throughout the study period. Rapid industrialization and urbanization are fueling energy demand in Asia Pacific economies, opening profitable earning opportunities for nuclear power investors. Climatic commitments and government support are set to increase developments in nuclear energy. Forefront of innovations and manufacturing, China and Japan are expected to drive nuclear component sales during the foreseeable period.
Domestic innovations and investments in nuclear power capabilities are poised to boost the dominance of China-made nuclear reactors globally. According to the study by the Information Technology and Innovation Foundation (ITIF), between 2020 and 2035, China is set to construct nearly 150 nuclear reactors. Currently, 27 nuclear reactor plants are under construction, and on an average basis, they are expected to be active in the next 7 years. The country’s leadership in the production of cost-effective SMR is also set to uplift its position in the global landscape.
The increasing importance of a clean energy mix and nuclear energy’s low carbon emissions are anticipated to propel the India nuclear power market growth during the foreseeable period. The nuclear mission for Viksit Bharat is estimated to drive domestic production of nuclear reactors, deployment of innovative nuclear technologies, and push private investments. Through a press release, in February 2025, the Department of Atomic Energy, India, revealed that for SMR research and development, around USD 2.3 million was allocated under the Union Budget 2025-26. The same source also estimates that by 2047, the country targets to achieve 100 GW of nuclear energy capacity. As of January 2025, the nuclear demand of the country amounted to nearly 8180 MW. Considering these statistics, it is anticipated that India is an opportunistic nuclear power market for nuclear power components and reactor manufacturers and investors.
Companies Dominating the Nuclear Power Landscape
- Orano SA
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Energoatom
- Enel Group
- Ansaldo Nucleare S.p.A.
- GE-Hitachi Nuclear Energy Inc.
- 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
- Bechtel Group Inc.
- Rosatom Corp.
- KEPCO Engineering & Construction
- Areva
- Framatome
- Bharat Heavy Electricals Limited
- SENPEC
The leading companies in the nuclear power market are employing tactics such as strategic collaborations & partnerships, infra upgrades, technological advancements, and mergers & acquisitions. Technological collaborations and innovations are set to drive nuclear research and offer profitable opportunities for manufacturers. The data center companies are poised to increase the nuclear component trade activities globally owing to high energy needs. The growing public-private investments are further expected to open lucrative doors for nuclear power market players in developing regions such as Asia Pacific, Latin America, and the Middle East & Africa.
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Recent Developments and Agreements Related to the Procurement of Nuclear Energy for the Data Centre Industry |
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Year |
Fusion Power
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Restarting Shutdown Reactors
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Using Existing Nuclear Reactors
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New SMRs |
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2023 |
Microsoft PPA with Helion for nuclear fusion power (U.S.) |
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Constellation and Microsoft collaborated on carbon-free energy matching (U.S.) |
GEP intends to build 30 data centers & 6 SMRs at Surry NPP (U.S.) |
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Standard Power and NuScale reveal strategies for SMRs in 2029 (U.S.) |
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Nuclear-powered data centers planned with SMRs in Sweden |
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2024 |
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Amazon purchases nuclear-powered Talen Energy data center (U.S.) |
India intends to have 40-50 SMRs for tech companies, among others |
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Oklo to provide 100 MW to Prometheus Hyperscale (United States) |
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Pre-agreement between Oklo and Equinix for up to 500 MW (U.S.) |
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Oracle revealed the intention to construct a data campus with 3 SMRs (United States) |
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NextEra considers the restart of Duane Arnold NPP (U.S.)
Restart of Three Mile Island Unit 1 to power Microsoft data center (U.S.) |
Ubitus plans a nuclear-powered AI data center next to NPPs (Japan) |
Dominion and Amazon enter into an MoU to explore SMR development (U.S.)
Amazon purchases stake in SMR developer X-energy (U.S.) |
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Amazon and Energy Northwest agreement for SMRs (U.S.) |
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Google ordered 6-7 SMRs from Kairos Power (U.S.) |
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LS Electric and KHNP entered into an MoU to explore SMR technology for AI data centers (U.S.) |
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Meta discloses RFP for 1-4 GW of nuclear (includes both SMR and large reactors) |
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Oklo and Switch entered into an agreement for up to 12 GW of SMR (non-binding) |
Source: IEA
Some of the key players include:
In the News
- In March 2025, Orano SA and Energoatom entered into an agreement to supply enrichment services to Ukraine’s nuclear power plants through 2040. This move is aimed at strengthening Ukraine’s energy security.
- In March 2024, Enel Group and Ansaldo Nucleare S.p.A. entered into a collaborative agreement for the research and development of small modular reactors and advanced modular reactors. These next-gen reactors are set to potentially enable electricity generation from nuclear sources sustainably and economically.
Author Credits: Dhruv Bhatia
- Report ID: 7450
- Published Date: Apr 03, 2025
- Report Format: PDF, PPT
