Floating Nuclear Power Plant Global Market Report 2025

The floating nuclear power plant market size has grown rapidly in recent years. It will grow from $2.99 billion in 2024 to $3.48 billion in 2025 at a compound annual growth rate (CAGR) of 16.6%. The growth during the historic period can be attributed to rising focus on low-carbon energy solutions, increasing demand for electricity in remote and coastal areas, growing government support and funding for nuclear innovations, and increasing need for resilient and reliable power supply.

The floating nuclear power plant market size is expected to see rapid growth in the next few years. It will grow to $6.37 billion in 2029 at a compound annual growth rate (CAGR) of 16.3%. The growth during the forecast period can be attributed to rising demand for clean and reliable energy in developing regions, growing interest in offshore and nearshore energy solutions, increasing adoption of floating small modular reactors, and expanding government policies supporting sustainable and low-emission power generation. Key trends in the forecast period include advancements in small modular reactor designs, integration of battery storage with floating nuclear platforms, improvements in maritime and offshore deployment technologies, integration of digital monitoring and smart control systems, and enhancements in safety and emission reduction technologies.

The increasing demand for clean power sources is expected to drive the growth of the floating nuclear power plant market in the coming years. Clean power sources refer to energy systems that produce minimal emissions while providing a consistent and uninterrupted supply of electricity. The rise in clean power sources is driven by growing awareness of environmental sustainability, as they help reduce greenhouse gas emissions and combat climate change. Floating nuclear power plants support clean and reliable power generation by producing high-output electricity with zero local emissions, delivering consistent energy to remote or coastal areas where conventional power infrastructure is limited. For example, in June 2024, the International Energy Agency, a France-based intergovernmental organization, reported that worldwide investment in clean energy reached $80 billion in 2024, up from $67 billion in 2023. Therefore, the increasing demand for clean power sources is fueling the growth of the floating nuclear power plant market.

Key companies in the floating nuclear power plant market are focusing on developing technologically advanced solutions, such as fission technologies, to enhance efficiency, safety, and sustainability. Fission technologies refer to nuclear processes and systems that generate energy by splitting the nucleus of heavy atoms, such as uranium or thorium, releasing large amounts of heat that can be converted into electricity. For instance, in February 2025, Core Power (UK) Ltd., a UK-based advanced nuclear maritime technology company, launched the US-anchored maritime civil nuclear program called Liberty, aimed at mass-producing floating nuclear power plants (FNPPs) by the mid-2030s using advanced fission technologies and modular shipyard construction methods. The program is a collaborative industry effort to create an export-controlled technology regime, ensuring that intellectual property and advancements in maritime nuclear energy and its global fuel supply remain under the stewardship of the U.S. and its allies. It focuses on developing and deploying marine molten salt reactors (m-MSRs) to provide a clean, reliable power source for a new generation of commercial ships.

In November 2024, Westinghouse Electric Company, a US-based nuclear energy company, partnered with Core Power (UK) Ltd. to develop a floating nuclear power plant. This partnership aims to advance clean, reliable, and scalable offshore energy solutions by integrating advanced nuclear technologies for marine and coastal power generation. Core Power (UK) Ltd. is a UK-based maritime and advanced nuclear technology company specializing in the development of floating nuclear power plant solutions.

Major companies operating in the floating nuclear power plant market are Mitsubishi Heavy Industries Ltd., Korea Electric Power Corporation, China National Nuclear Corporation, Samsung Heavy Industries Co. Ltd., Westinghouse Electric Company LLC., Korea Hydro and Nuclear Power Co. Ltd., Korea Hydro & Nuclear Power Co. Ltd., BWX Technologies Inc., Ocean Power Technologies Inc., Glosten Associates Inc., Saltfoss Energy AS., NuScale Power LLC., Wison Group Ltd., Rosatom State Atomic Energy Corporation, Core Power Ltd.

North America was the largest region in the floating nuclear power plant market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in floating nuclear power plant report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the floating nuclear power plant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the utilities sector, particularly in power generation, grid infrastructure, and renewable energy projects. Higher duties on imported equipment such as turbines, transformers, solar panels, and battery storage systems have increased capital and operational costs for utility providers, forcing them to reconsider project timelines or pass on expenses to consumers through higher energy rates. The water and waste management segments are also affected, with tariffs driving up the cost of essential machinery, piping, and treatment technologies. Additionally, retaliatory tariffs have disrupted global supply chains for critical raw materials like rare earth metals used in clean energy technologies, further complicating the transition to sustainable energy sources. The sector must now prioritize domestic sourcing, digitalization, and efficiency-driven innovations to manage escalating costs while ensuring energy security and regulatory compliance.

The floating nuclear power plant market research report is one of a series of new reports that provides floating nuclear power plant market statistics, including floating nuclear power plant industry global market size, regional shares, competitors with a floating nuclear power plant market share, detailed floating nuclear power plant market segments, market trends and opportunities, and any further data you may need to thrive in the floating nuclear power plant industry. This floating nuclear power plant 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.

A floating nuclear power plant is a mobile, marine-based facility designed to generate electricity using nuclear reactors installed on a floating platform, such as a barge or ship. Its key purpose is to provide reliable power to remote coastal regions, offshore industrial sites, or disaster-affected areas where land-based power infrastructure is limited or unavailable.

The key reactor types of floating nuclear power plants include small modular reactors and large reactors. Small modular reactors are compact, factory-built nuclear units designed for flexible deployment, enhanced safety, and efficient energy production in remote or maritime locations. They can be deployed nearshore or offshore and are categorized by capacity into up to 100 megawatts, 100-300 megawatts, and above 300 megawatts. Key applications include power generation, desalination, research and development, emergency power supply, and military uses, serving end users such as government bodies, private sector companies, research institutions, utility companies, and military organizations.

The floating nuclear power plant market consists of sales of floating reactor modules, marine containment vessels, onboard turbine generators, heat exchangers, and nuclear fuel handling systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.

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