Global Nuclear Energy Market

Global Nuclear Energy Market Size, Share, Growth Analysis, By Type(Nuclear Fission, Nuclear Fusion), By Application(Electricity Generation, Industrial Process Heat) - Industry Forecast 2023-2030


Report ID: SQMIG55A2028 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 63 | Figures: 75

Global Nuclear Energy Market Insights

Global Nuclear Energy Market size was valued at USD 84.81 billion in 2022 and is poised to grow from USD 87.18 billion in 2023 to USD 108.74 billion by 2031, growing at a CAGR of 2.8% in the forecast period (2024-2031).

The global nuclear energy market is a critical component of the energy landscape, playing a significant role in meeting the world's growing energy demands while reducing greenhouse gas emissions. Nuclear energy, derived from nuclear reactions, provides a reliable and low-carbon source of electricity generation, contributing to global efforts to mitigate climate change.

The market encompasses a range of activities including the construction, operation, and maintenance of nuclear power plants, as well as the supply chain for nuclear fuel and associated technologies. Several key factors drive the global nuclear energy market, including the growing demand for electricity, particularly in emerging economies, where rapid industrialization and urbanization are driving energy consumption.

Additionally, the increasing emphasis on decarbonization and the transition to renewable energy sources has led to a renewed interest in nuclear power as a reliable and low-carbon alternative to fossil fuels. Furthermore, nuclear energy offers energy security benefits by reducing dependence on imported fuels and diversifying the energy mix. 

Despite the promising growth prospects, the global nuclear energy market faces challenges, including concerns regarding safety, nuclear proliferation, and waste management. The Fukushima Daiichi nuclear disaster in 2011 highlighted the importance of robust safety measures and regulatory oversight in the nuclear industry.

Additionally, nuclear waste disposal remains a significant issue, requiring long-term storage solutions and advancements in nuclear fuel recycling technologies. In terms of trends, there is a growing focus on advanced nuclear reactor designs, such as small modular reactors (SMRs) and Generation IV reactors, which offer improved safety, efficiency, and cost-effectiveness compared to traditional reactor designs. These innovative technologies have the potential to revolutionize the nuclear energy landscape, enabling greater deployment flexibility and expanding the market potential for nuclear power.

Market snapshot - 2024-2031

Global Market Size

USD 84.81 billion

Largest Segment

Nuclear Fission

Fastest Growth

Nuclear Fusion

Growth Rate

2.8% CAGR

Global Nuclear Energy Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Nuclear Energy Market By Type ($ Bn)
Global Nuclear Energy Market By Type (%)

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Global Nuclear Energy Market Segmental Analysis

Based on Type the market is segmented as, Nuclear Fission, Nuclear Fusion, and Nuclear Decay. Based on Application the market is segmented as, Electricity Generation, Industrial Process Heat, Research and Development and Desalination. Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA)

Analysis By Type

Currently, nuclear fission is dominating the global nuclear energy market, owing this position to its extensive application in the commercial electricity production sector. In nuclear fission, an atom’s nucleus is split into two, which releases a sumptuous amount of energy in the form of heat that is later converted into electricity. Various nuclear power plants use this technology and it amount’s for a huge chunk of the global electricity supply.

Conversely, the fastest-growing segment of the nuclear energy market is nuclear fusion, which is the process of joining the nuclei of light atoms to generate energy. Nuclear fusion is capable of providing a massive amount of clean energy with minimal waste, but is stuck in the R&D stage due to challenges in maintaining the required high temperatures and pressure continuous fusion needs.

Analysis By Application

Power generation dominates the application segment of the global nuclear energy market due to the capability of nuclear plants to use nuclear fission to produce electricity which is stable and green, with a decreased rate of greenhouse gas emissions than the one derived from fossil fuel-based sources.To fill the demand for electricity while keeping the global sustainable goals in mind, many economies have constructed nuclear power plants for a greater contribution to the energy mix.

Though power generation holds dominance as of now, desalination is slowly rising in the nuclear energy market. Through thermal desalination nuclear reactors generate heat that can turn saltwater to freshwater. Nuclear-powered desalination gives the globe a sustainable solution to the growing demand for natural resources in times of water scarcity concerns. Owing to its ability to provide safe and dependable drinking water and to use nuclear reactors' excess heat for useful purposes other than power production, this market is flourishing.

Global Nuclear Energy Market By Type, 2022 (%)

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Global Nuclear Energy Market Regional Insights

The world's largest nuclear energy market was in the Asia-Pacific area. China, which has been making substantial investments in the growth of its nuclear power capacity, and served as the market leader. The development of new nuclear power plants and China's lofty nuclear energy deployment plans helped the country take the lead in the industry.

In the European continent, France was a notable leader, ranked the second-largest nuclear energy market. France has a long history of using nuclear energy heavily, with a sizable amount of its power coming from nuclear reactors. France became an important participant in the global nuclear energy scene as a result of its persistent usage of nuclear energy in its mix of power generation.

Global Nuclear Energy Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Nuclear Energy Market Dynamics

Drivers

Low Carbon Emission:

  • Since nuclear energy produces a minimal carbon footprint, it stays in line with the recent guidelines to lower greenhouse gas emissions to win the fight against climate change. Nuclear power is the answer when businesses look for a reliable and green replacement for fossil fuel energy sources.

Energy Security:

  • In addition to lowering dependence on volatile fossil fuel markets and increasing national energy security, nuclear energy provides a steady and dependable supply of power.

Restraints

High Initial Costs:

  • Building a nuclear power plant requires a significant financial investment, making it a capital-intensive project for both public and private entities.

Waste Management:

  • The problem of safe long-term storage of radioactive waste remains unresolved and it needs to be dealt with to ensure avoiding damage to environment.

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Global Nuclear Energy Market Competitive Landscape

The competitive landscape of the nuclear energy market is characterized by a mix of global players, regional utilities, and government entities. Established industry leaders like EDF (Électricité de France), Exelon Corporation, Rosatom, and E.ON SE dominate the market due to their extensive experience, operational expertise, and large nuclear power plant portfolios. These companies have a significant presence across multiple regions and are often at the forefront of advancing nuclear technology and safety standards.

Top Player’s Company Profile

  • EDF (Electricité de France)
  • Exelon Corporation
  • Rosatom
  • E.ON SE
  • Tokyo Electric Power Company Holdings (TEPCO)
  • Southern Company
  • China National Nuclear Corporation (CNNC)
  • Korea Electric Power Corporation (KEPCO)
  • Nuclear Energy Corporation of South Africa (NECSA)
  • Electric Power Development Co., Ltd. (J-Power)
  • Nucleoeléctrica Argentina S.A. (NA-SA)
  • Engie
  • Vattenfall AB
  • Areva Group
  • Fortum Corporation
  • TVO (Teollisuuden Voima Oyj)
  • Kansai Electric Power Co., Inc.
  • Duke Energy Corporation

Recent Developments

  • In February 2022, France revealed intentions to construct six new nuclear power reactors and commission an additional eight units, alongside advancing the development of small modular reactors. These initiatives aim to bolster the country's carbon-free energy capacity while curbing energy demand. Furthermore, numerous nuclear power projects are either under construction or in the planning stages globally, indicating substantial market development in the nuclear energy sector in the foreseeable future. 
  • Also in February 2022, the state-owned China National Nuclear Corp. (CNNC) inked a contract with the Argentine government to construct the Atucha III nuclear power plant, utilizing China's Hualong One technology. Valued at USD 8 billion, this agreement marks a revival of a previously stalled deal and is poised to enhance nuclear capacities within Argentina. Atucha III is projected to generate a gross power output of 1,200 MW with an initial operational lifespan of 60 years, contributing significantly to the expansion of nuclear energy resources in the country. 
  • Additionally, in February 2022, West Virginia Governor Jim Justice ratified legislation abolishing the United States' prohibition on nuclear power plant construction. As the second-largest coal producer in the nation, West Virginia has historically relied heavily on coal for energy production, accounting for approximately 5% of the country's total energy output in 2020. However, the state is now exploring diversification strategies, including a shift towards nuclear power, to reduce dependence on coal and embrace cleaner energy alternatives.

Global Nuclear Energy Key Market Trends

  • Growing Interest in Carbon-Free Energy: The growing focus on reducing carbon emissions and inhibiting climate change is driving the interest in nuclear energy as a source of reliable and low-carbon energy. As industries shift to more sustainable energy systems, the nuclear power sector provides a helpful alternative because it can produce large amounts of uninterrupted electricity while refraining from emitting greenhouse gasses.
  • Increasing Application in Orthopedic Surgery: Neural monitoring systems are finding increasing use in orthopedic surgery, especially in spinal procedures. These technologies are being used more frequently by surgeons to check the health of the nerves and guard against injury during difficult spine operations. The adoption of these devices is being sparked by an increasing comprehension of nerve-related issues in orthopedic surgeries, which is fueling the expansion of the market as a whole.

Global Nuclear Energy Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Nuclear energy market analysis; the generation of electricity by nuclear reactions is included in the global nuclear energy market divided into applications including desalination, industrial process heat, electricity generation, and research and development. Since the electricity generation segment is globally used to generate dependable and carbon-free power, this market segment dominates the market. Regions like North America, Europe, Asia Pacific, and others greatly influence the nuclear energy market, out of which the former is the one of the main markets owing its supremacy to its well-established nuclear infrastructure. The factors that drive demand in the market include the introduction of new reactor technologies, the growing demand for electricity in emerging nations, and demand for carbon-free power to fight climate change. The growth of the nuclear energy market is owed to its capacity to boost energy security and produce baseload power. Nonetheless, there are still a few issues faced by the market such as safety worries around waste disposal and high expenditure, limiting market expansion. However, the market is predicted to flourish with the help of extensive continuous R&D, international collaborations, and innovative strategies.

Report Metric Details
Market size value in 2022 USD 84.81 billion
Market size value in 2031 USD 108.74 billion
Growth Rate 2.8%
Base year 2022
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Nuclear Fission, Nuclear Fusion, and Nuclear Decay
  • Application
    • Electricity Generation, Industrial Process Heat, Research and Development and Desalination
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • EDF (Electricité de France)
  • Exelon Corporation
  • Rosatom
  • E.ON SE
  • Tokyo Electric Power Company Holdings (TEPCO)
  • Southern Company
  • China National Nuclear Corporation (CNNC)
  • Korea Electric Power Corporation (KEPCO)
  • Nuclear Energy Corporation of South Africa (NECSA)
  • Electric Power Development Co., Ltd. (J-Power)
  • Nucleoeléctrica Argentina S.A. (NA-SA)
  • Engie
  • Vattenfall AB
  • Areva Group
  • Fortum Corporation
  • TVO (Teollisuuden Voima Oyj)
  • Kansai Electric Power Co., Inc.
  • Duke Energy Corporation
Customization scope

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  • Segments by type, application, etc
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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Nuclear Energy Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Nuclear Energy Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Nuclear Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Nuclear Energy Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Nuclear Energy Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Nuclear Energy Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Nuclear Energy Market size was valued at USD 84.81 billion in 2022 and is poised to grow from USD 87.18 billion in 2023 to USD 108.74 billion by 2031, growing at a CAGR of 2.8% in the forecast period (2024-2031).

The competitive landscape of the nuclear energy market is characterized by a mix of global players, regional utilities, and government entities. Established industry leaders like EDF (Électricité de France), Exelon Corporation, Rosatom, and E.ON SE dominate the market due to their extensive experience, operational expertise, and large nuclear power plant portfolios. These companies have a significant presence across multiple regions and are often at the forefront of advancing nuclear technology and safety standards. 'EDF (Electricité de France)', 'Exelon Corporation', 'Rosatom', 'E.ON SE', 'Tokyo Electric Power Company Holdings (TEPCO)', 'Dominion Energy', 'Southern Company', 'China National Nuclear Corporation (CNNC)', 'Korea Electric Power Corporation (KEPCO)', 'Nuclear Energy Corporation of South Africa (NECSA)', 'Ontario Power Generation', 'Electric Power Development Co., Ltd. (J-Power)', 'Nucleoeléctrica Argentina S.A. (NA-SA)', 'Engie', 'Vattenfall AB', 'Areva Group', 'Fortum Corporation', 'TVO (Teollisuuden Voima Oyj)', 'Kansai Electric Power Co., Inc.', 'Duke Energy Corporation'

Since nuclear energy produces a minimal carbon footprint, it stays in line with the recent guidelines to lower greenhouse gas emissions to win the fight against climate change. Nuclear power is the answer when businesses look for a reliable and green replacement for fossil fuel energy sources.

Growing Interest in Carbon-Free Energy: The growing focus on reducing carbon emissions and inhibiting climate change is driving the interest in nuclear energy as a source of reliable and low-carbon energy. As industries shift to more sustainable energy systems, the nuclear power sector provides a helpful alternative because it can produce large amounts of uninterrupted electricity while refraining from emitting greenhouse gasses.

The world's largest nuclear energy market was in the Asia-Pacific area. China, which has been making substantial investments in the growth of its nuclear power capacity, and served as the market leader. The development of new nuclear power plants and China's lofty nuclear energy deployment plans helped the country take the lead in the industry.

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