Nuclear Power Market Size (2024 - 2029)

Nuclear Power Market Analysis

The Nuclear Power Market size is estimated at 390.43 gigawatt in 2024, and is expected to reach 430.77 gigawatt by 2029, growing at a CAGR of 2% during the forecast period (2024-2029).

• Over the medium term, factors such as the ability of nuclear energy to generate electricity with lower carbon emissions compared to fossil fuels have been driving the market's growth over the medium term.
• On the other hand, the high initial cost of setting up a nuclear power plant and the availability of alternative power generation sources, such as renewable energy, is likely to restrain the market's growth during the forecast period.
• Nevertheless, nations worldwide are researching and developing generation IV nuclear energy technologies to promote safety, technical, economic, and advanced small modular reactors. This, in turn, is likely to create several future opportunities for the market.
• Asia-Pacific is expected to witness significant growth in the nuclear power market during the forecast period, owing to its substantial share of nuclear energy in China and India.

Nuclear Power Industry Segmentation

Nuclear power is derived from nuclear fission, nuclear decay, and nuclear fusion reactions. Most electricity produced by nuclear power is currently produced by nuclear fission in nuclear power plants using uranium and plutonium. Electricity derived from nuclear reactors, which generate heat by fission, is nuclear power. A nuclear power plant resembles a large coal-fired power plant in that it has pumps, valves, steam generators, turbines, electric generators, condensers, and other equipment similar to the reactor, which functions as a boiler in a fossil-fuel power plant.

The nuclear power market is segmented by application (energy, defense, and other applications), reactor type (pressurized water reactor and pressurized heavy water reactor, boiling water reactor, high-temperature gas-cooled reactor, liquid-metal fast-breeder reactor, and other reactor types), and geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report also covers the installed capacity and estimates for the nuclear power market across the major regions. The report offers the installed capacity and forecasts for nuclear power capacity for all the above segments.