Nuclear Power Generation Market Share and Size | 2030

Nuclear Power Generation Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, Gas Cooled Reactor, and Others), End User (Residential, Commercial, and Industrial), and Geography

  • Report Code : TIPRE00039005
  • Category : Energy and Power
  • No. of Pages : 150
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Nuclear Power Generation Market Share and Size | 2030

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[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

nuclear-power-generation-market
Market Size Value inUS$ 271.4 billion in 2022
Market Size Value byUS$ 299.1 billion by 2030
Growth rateCAGR of 1.2% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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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:

Year

News

Region

2023

Westinghouse Electric Company collaborated and signed a contract with Dominion Energy to design, develop, and deliver Replacement Steam Generators at Surry Nuclear Power Station in Virginia.

North America

2023

Duke Energy planned to inaugurate a nuclear power plant in North Carolina.

North America

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Reactor Type, End User, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the future trend for the nuclear power generation?

Key role of nuclear power in future energy transition is anticipated to stimulate the nuclear power generation market growth in the coming years.

Who are the major vendors in the nuclear power generation?

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, Constellation Energy Corporation are the key market players operating in the global nuclear power generation market.

Which region to dominate the nuclear power generation market in the forecast period?

Regions such as Europe, North America and Asia-Pacific will boost the growth of the nuclear power generation market during the forecast period. This growth is owing to the rise in investment on construction of nuclear power plant facilities in the regions.

What are reasons behind the nuclear power generation market growth?

Rise in demand for power generation from less carbon emitting sources, rise in establishment of nuclear power plants, rise in awareness towards energy security are contributing to the growth of the nuclear power generation market.

What are market opportunities for the nuclear power generation market?

Ongoing research and innovation on advanced reactor types in potential countries such as U.S., France, India, Brazil, Japan, and China where the adoption of the above-mentioned technology is maturing at a significant rate is expected to be the key opportunity in the market.

1. Introduction

1.1 Scope of the Study

1.2 Market Definition, Assumptions and Limitations

1.3 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness Analysis

3. Research Methodology

4. Nuclear Power Generation Market Landscape

4.1 Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.3.1 List of Vendors in the Value Chain

5. Nuclear Power Generation Market - Key Market Dynamics

5.1 Key Market Drivers

5.2 Key Market Restraints

5.3 Key Market Opportunities

5.4 Future Trends

5.5 Impact Analysis of Drivers and Restraints

6. Nuclear Power Generation Market - Global Market Analysis

6.1 Nuclear Power Generation - Global Market Overview

6.2 Nuclear Power Generation - Global Market and Forecast to 2031

7. Nuclear Power Generation Market – Revenue Analysis (USD Million) – By Reactor Type, 2021-2031

7.1 Overview

7.2 Pressurized Water Reactor

7.3 Boiling Water Reactor

7.4 Gas Cooled Water Reactor

7.5 Others

8. Nuclear Power Generation Market – Revenue Analysis (USD Million) – By End User, 2021-2031

8.1 Overview

8.2 Residential

8.3 Commercial

8.4 Industrial

9. Nuclear Power Generation Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis

9.1 North America

9.1.1 North America Nuclear Power Generation Market Overview

9.1.2 North America Nuclear Power Generation Market Revenue and Forecasts to 2031

9.1.3 North America Nuclear Power Generation Market Revenue and Forecasts and Analysis - By Reactor Type

9.1.4 North America Nuclear Power Generation Market Revenue and Forecasts and Analysis - By End User

9.1.5 North America Nuclear Power Generation Market Revenue and Forecasts and Analysis - By Countries

9.1.5.1 United States Nuclear Power Generation Market

9.1.5.1.1 United States Nuclear Power Generation Market, by Reactor Type

9.1.5.1.2 United States Nuclear Power Generation Market, by End User

9.1.5.2 Canada Nuclear Power Generation Market

9.1.5.2.1 Canada Nuclear Power Generation Market, by Reactor Type

9.1.5.2.2 Canada Nuclear Power Generation Market, by End User

9.1.5.3 Mexico Nuclear Power Generation Market

9.1.5.3.1 Mexico Nuclear Power Generation Market, by Reactor Type

9.1.5.3.2 Mexico Nuclear Power Generation Market, by End User

Note - Similar analysis would be provided for below mentioned regions/countries

9.2 Europe

9.2.1 France

9.2.2 Spain

9.2.3 United Kingdom

9.2.4 Russia

9.2.5 Rest of Europe

9.3 Asia-Pacific

9.3.1 China

9.3.2 India

9.3.3 Japan

9.3.4 South Korea

9.3.5 Rest of Asia-Pacific

9.4 Middle East and Africa

9.4.1 South Africa

9.4.2 U.A.E

9.4.3 Rest of Middle East and Africa

9.5 South and Central America

9.5.1 Brazil

9.5.2 Argentina

10. Industry Landscape

10.1 Mergers and Acquisitions

10.2 Agreements, Collaborations, Joint Ventures

10.3 New Product Launches

10.4 Expansions and Other Strategic Developments

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players

11.2 Company Positioning and Concentration

12. Nuclear Power Generation Market - Key Company Profiles

12.1 EDF

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

Note - Similar information would be provided for below list of companies

12.2 Duke Energy Corporation

12.3 Dominion Energy Corporation

12.4 GE

12.5 Enel SpA

12.6 China National Nuclear Corporation

12.7 Korea Electric Power Corp

12.8 State Atomic Energy Corporation

12.9 Constellation Energy Corporation

12.10 NextEra Energy, Inc.

13. Appendix

13.1 Glossary

13.2 About The Insight Partners

13.3 Market Intelligence Cloud

The List of Companies - Nuclear Power Generation Market

  1. Electricite de France
  2. China National Nuclear Corporation
  3. KEPCO
  4. Dominion Energy Inc.
  5. GE
  6. Duke Energy Corporation
  7. Enel SpA
  8. NextEra Energy, Inc.
  9. State Atomic Energy Corporation
  10. Constellation Energy Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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