Nuclear Fusion Global Market Report 2024

The nuclear fusion market size has grown strongly in recent years. It will grow from $313.1 billion in 2023 to $332.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the past can be attributed to several key factors within the industry, including considerations surrounding energy security, environmental sustainability, collaborative international efforts, governmental backing and financial support, as well as notable advancements in the field of fusion research.

The nuclear fusion market size is expected to see strong growth in the next few years. It will grow to $435.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. Anticipated growth in the forecast period stems from increased private sector investment, the global energy transition, technological maturation, R&D initiatives, and supportive policies. Key trends include enhanced government support, innovative fuel cycle research, advances in plasma control, fusion material R&D, and public awareness initiatives.

The anticipated growth in government funding for nuclear energy is poised to propel the expansion of the nuclear fusion market. Nuclear energy, generated by breaking atoms in a reactor to produce steam and generate electricity through a turbine, is receiving increased support from several developed countries' governments. This heightened focus on funding nuclear reactors is expected to boost the demand for nuclear fusion technologies. As highlighted in 2021 by the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, the United States witnessed the commissioning of 6 large-scale nuclear reactors, operating with a combined capacity of 5.6 GW. Additionally, two reactors were expected to commence operations by 2030, with a substantial USD 3.2 billion in government funding allocated to support these endeavors. Similarly, France committed a total of USD 1.08 billion (EUR 1 billion) in funding for nuclear initiatives, while China embarked on projects such as the HTR-PM units at Shidao Bay, which were already grid-connected in 2021, and various others under construction, showcasing advanced nuclear technologies in development. This increased financial backing from governments for nuclear energy initiatives is a key driver propelling the growth of the nuclear fusion market, underlining the significant role of public investment in advancing nuclear technologies.

The anticipated growth in energy demand is poised to drive the expansion of the nuclear fusion market. Energy demand, representing the total energy needed by specific regions, sectors, or systems within a given timeframe, is on the rise globally. This surge in demand, coupled with the imperative for clean and sustainable energy sources, underscores the growing interest in nuclear fusion as a potential contributor to the energy landscape. As projected by ExxonMobil Corporation in August 2023, a US-based oil and gas corporation, the worldwide energy demand is expected to reach approximately 660 quadrillion Btu by 2050. This projection signifies an increase of around 15% compared to the levels observed in 2021. The escalating energy demand serves as a driving force for the growth of the nuclear fusion market, positioning it as a viable solution to address the increasing global need for sustainable energy sources.

Technological advancements have become a prominent trend in the nuclear fusion market, with major companies actively developing innovative technologies to enhance their market positions. An illustrative example is Zap Energy, a US-based company focused on commercializing fusion power, which achieved a significant milestone in June 2021. The company created the first plasmas in FuZE-Q, a prototype device designed to achieve Q=1, where nuclear fusion inside plasma yields more energy than it consumes. The prototype showcases Zap Energy's innovative sheared-flow stabilization technology, which effectively extends the lifetime of Z-pinch plasmas at 500 kiloamps (kA) of current. Notably, this technology is characterized by its elegance and does not necessitate the use of superconducting magnets or high-powered lasers. This strategic emphasis on technological innovation underscores the commitment of major players in the nuclear fusion market to push the boundaries of scientific and engineering achievements for the advancement of fusion energy.

Prominent companies within the nuclear fusion market are increasingly engaging in strategic partnerships to foster innovation and enhance their market positions. Strategic partnerships involve leveraging the complementary strengths and resources of each company to achieve mutual benefits and overall success. An illustrative example is the collaboration between Focused Energy Inc., a U.S.-based energy harvesting company, and Lawrence Livermore National Laboratory (LLNL), a federally funded research and development center. In November 2023, they joined forces to develop target designs for inertial fusion energy. This strategic alliance aims to contribute to the advancement and assessment of isochoric compression target designs, furthering progress in the field of inertial fusion energy.

In April 2021, SHINE Medical Technologies LLC, a prominent U.S.-based nuclear technology company specializing in the nuclear fusion market, completed a merger with Phoenix LLC, a U.S.-based neutron-generating company, for an undisclosed sum. The strategic alignment of these two entities aims to achieve their shared long-term goal of advancing clean fusion energy by enhancing fusion technology, with an initial focus on the commercialization of medical isotopes. This merger positions the combined entity to play a pivotal role in the evolution of nuclear technology and reinforces their commitment to driving innovation and progress in the field.

Major companies operating in the nuclear fusion market report are Lockheed Martin Corporation, Southern Company, General Atomics, TAE Technologies Inc., Culham Centre for Fusion Energy, Tri Alpha Energy Inc., Zap Energy Inc., Fusion Energy Solutions Inc., Helion Energy Inc., First Light Fusion Ltd., Tokamak Energy Ltd., NuScale Power LLC, Brilliant Light Power Inc., Marvel Fusion GmbH, Commonwealth Fusion Systems Inc., HB11 Energy, General Fusion Inc., HyperJet Fusion Corporation, Phoenix LLC, ITER Organization, Alectryon, Project Thunderbird, Field-Reversed Configuration, Focused Energy Inc., Princeton Stellarators Inc., Fusion for Energy, National Institute for Fusion Science, Max Planck Institute for Plasma Physics, Lawrence Livermore National Laboratory, LPP Fusion.

Europe was the largest region in the nuclear fusion market in 2023. The regions covered in the nuclear fusion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nuclear fusion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary technologies employed in nuclear fusion are inertial confinement and magnetic confinement. Inertial confinement fusion (ICF) involves the rapid compression and heating of a small quantity of fusion fuel to create the necessary conditions for fusion. This technology utilizes fuels such as deuterium, tritium, helium-3, and proton boron to achieve controlled fusion reactions.

The nuclear fusion market research report is one of a series of new reports that provides nuclear fusion market statistics, including nuclear fusion industry global market size, regional shares, competitors with a nuclear fusion market share, detailed nuclear fusion market segments, market trends, and opportunities, and any further data you may need to thrive in the nuclear fusion industry. This nuclear fusion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nuclear fusion market includes revenues earned by entities by generating energy with lightweight atom fusion. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.