Nuclear Power Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global nuclear power market is experiencing significant growth, driven by the soaring demand for energy worldwide and the increasing inclination towards clean and efficient energy sources. With rising industrialization and electricity usage, companies in developed and developing nations are actively adopting clean energy solutions to meet the growing energy demand.

ADNOC's Solar and Nuclear Energy Plan Sets the Stage

In October 2021, Abu Dhabi National Oil Co (ADNOC) announced its plan to utilize solar and nuclear energy to power its operations. A supply contract was signed between ADNOC and Emirates Water and Electricity Co., enabling ADNOC to use 100% clean energy to meet its power requirements. Such initiatives by major companies demonstrate the growing focus on clean energy adoption in the energy sector.

Governing Bodies Set Targets for Nuclear Power Usage

Governments worldwide are promoting the utilization of nuclear power to achieve sustainable and clean energy goals. The World Nuclear Association (WNA) has set a target that around 25% of global electricity should be sourced from nuclear power by 2050. To meet this target, an additional nuclear capacity of about 1000 GW needs to be established, creating opportunities for key players in the global nuclear power market.

Technological Advancements in Nuclear Reactors Create Opportunities

Growing concerns about environmental health have prompted governments to seek ways to reduce greenhouse gas emissions. Nuclear power has emerged as a key solution for clean energy, leading to technological advancements in this sector. The development of small modular reactors (SMRs) is an example of such technological innovation, offering cost savings over conventional large reactors.

Pressurized Water Reactors Gain Popularity

Pressurized water reactors (PWR) have emerged as the most preferred type in the nuclear power market due to their operational benefits and increasing number of projects. PWRs offer higher stability even at high temperatures, making them easy to operate. The International Atomic Energy Agency (IAEA) reports around 442 operational nuclear reactors worldwide, with 302 of them being pressurized water reactors.

Asia Pacific as a Key Player in Nuclear Power Market

Asian countries are making significant strides in building nuclear power plants to meet their clean energy demands. China, with 50 operational nuclear reactors and a target of 150 GW of nuclear capacity by 2030, leads the Asia Pacific nuclear power market. India is also focused on expanding its nuclear power capacity to support infrastructure development, aiming to achieve 22.5 GW of nuclear power capacity by 2031.

Competitive Landscape

Key players in the global nuclear power market are investing in technological advancements and forming strategic collaborations. For instance, CNNC signed a contract with the Argentine Government for the development of the Atucha 3 nuclear power plant. Rosatom awarded a contract to TSM Enerji for the construction of the Akkuyu Nuclear power plant in Turkey.

Major Players in the Nuclear Power Market

Leading companies in the nuclear power market include General Electric, Areva, Alstom, BWX Technologies Inc., Shanghai Electric, Toshiba Corporation, Korea Electric Power Corporation, Mitsubishi Heavy Industries Ltd., and China National Nuclear Corporation, among others.