[Research Report] The nuclear power generation market size is projected to reach US$ 299.1 billion by 2030 from US$ 271.4 billion in 2022; the market is expected to register a CAGR of 1.2% during 2022–2030.

Analyst Perspective:

The nuclear power generation market trends are likely to provide novel solutions to meet the skyrocketing demand for electricity. Rising energy demand and growing focus on energy transition to clean alternatives are expected to propel the need for nuclear power plants during the forecast period. Energy demand worldwide is increasing due to population outbursts and increasing industrialization. Various countries are seeking diverse and reliable energy sources to decrease their dependence on fossil fuels and ensure a stable energy supply. Thus, the rise in demand for clean electricity, along with the carbon emission reduction targets by governments across the globe, is expected to fuel the nuclear power generation market growth from 2022 to 2030.

Market Overview:

The nuclear power generation market report includes an assessment of the market performance in different regions. With the growing nuclear industry over the past few years in regions such as North America, Europe, and Asia Pacific, the demand for nuclear power generation is also increasing. Currently, the US, Canada, France, Russia, China, South Korea, South Africa, and Brazil are major markets for nuclear power generation. As there is a need for energy security and sustainability, nuclear power is favored. It provides a steady and consistent energy source, less vulnerable to price fluctuations and supply interruptions compared to fossil fuels. Further, nations need various dependable energy sources to reduce their reliance on fossil fuels. These factors are boosting the nuclear power generation market.

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Nuclear Power Generation Market: Strategic Insights

Market Size Value in	US$ 271.4 billion in 2022
Market Size Value by	US$ 299.1 billion by 2030
Growth rate	CAGR of 1.2% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Market Driver:

Growing Number of Nuclear Power Plants

The evolution in energy demand globally, propelled by population growth and industrialization, demands the development of energy production, which, in turn, is anticipated to steer the nuclear power generation market size from 2022 to 2030. Nuclear power can offer a substantial portion of the electricity required to support the growing energy demand. In addition, energy security is a primary reason influencing the global evolution of nuclear power. Countries are majorly focusing on increasing the share of diverse and reliable energy resources to lower their dependency on fossil fuels, ensuring a stable energy supply for economic growth and national energy security. As per the World Nuclear Association, about 440 nuclear power reactors are operational in 32 countries, with a combined capacity of about 390 GWe. In 2022, nuclear power reactors delivered 2,545 TWh, which is about approximately ~10% of the global electricity. Almost about 60 reactors are under construction globally, and 110 are planned in the coming years.

Segmental Analysis:

Based on reactor type, the nuclear power generation market is segmented into pressurized water reactors, boiling water reactors, gas-cooled reactors, and others. The pressurized water reactor segment accounted for the largest nuclear power generation market share. It accounted for 80.5% of the total market in 2022 and is anticipated to maintain its dominance during the forecast period. Pressurized water reactors (PWRs) are the most common type, using pressurized water for cooling and neutron moderation. China, India, the US, France, Brazil, Canada, and Russia are among the major economies with high installation for PWRs. PWRs represent one of the most prevalent nuclear reactor designs globally. Boiling water reactors (BWRs) also use water but permit it to boil directly, generating steam for electricity.

Both PWRs and BWRs are widely employed for their efficiency and safety features. Gas-cooled reactors (GCRs), such as high-temperature gas-cooled reactors (HTGRs), employ helium and other gases as coolants. These gas-cooled reactors operate at high temperatures and have various applications beyond electricity, including hydrogen production and industrial processes. Other types of reactors include fast breeder reactors, light water graphite reactors, and fast neutron reactors.

Regional Analysis:

According to The Insight Partners’ estimates presented in the nuclear power generation market report, Europe held 44.9% of the market share in 2022 and is expected to register a CAGR of -2.9% during the forecast period. The declining growth rate of Europe region is owing to the shutdown of nuclear power plants. However, some of the countries in Europe are engaged in adopting key strategies toward carbon reduction goals and energy security from nuclear generation. To meet the carbon emission reduction goals for 2050, many countries in the region are moving toward low carbon emission energy generation and utilization. France is one of the major countries in the European nuclear power generation market, with a total share of more than 29.7% in 2022. The increase in demand for clean power generation and the growing need for energy security in the country are estimated to drive the growth of the market in the coming years.

The increasing focus on energy security and growing instances of geopolitical instabilities are boosting the demand for nuclear power in Europe. Nuclear power generation in Europe accounted for 939.2 TWh in 2022. France produces electricity from 58 pressurized water nuclear reactors. It has generated 297 TWh of electricity from nuclear power plants, which represents more than 65% of the total electricity generated in the country in 2022. The rising focus on initiatives to reduce carbon emissions and strengthen the country’s goal toward energy transition via sustainable alternatives is anticipated to bring in nuclear power generation market trends. Apart from Europe, North America, and Asia Pacific are also among the key regions for the market under study. North America and Asia Pacific accounted for 29.3% and 21.6% of the total nuclear power generation market share in 2022, respectively. China, South Korea, Japan, and India are major markets in Asia Pacific. The US dominated the nuclear power generation market in North America. The long-term energy supply capability of nuclear power plants and advanced reactor designs offer sustainability in enduring global energy demands. These factors are boosting the nuclear power generation market growth.

Key Player Analysis:

Contributions and market initiatives of key players such as Electricite de France; China National Nuclear Corporation; KEPCO; Dominion Energy Inc.; General Electric; Duke Energy Corporation; Enel SpA; NextEra Energy, Inc.; State Atomic Energy Corporation; and Constellation Energy Corporation are influencing the nuclear power generation market growth in the region. In addition, numerous other important nuclear power generation market participants have been studied and analyzed during the study to get a holistic view of the nuclear power generation market and its ecosystem.

Nuclear Power Generation Market Report Scope

Recent Developments:

Inorganic and organic strategies are highly adopted by companies in the global nuclear power generation market. As per company press releases, a few recent developments by the key players are listed below: