Global Nuclear Power Market Size, Share, and COVID-19 Impact Analysis, Russia-Ukraine War Impact, Tariff Analysis, By Reactor Type (Pressurized Water Reactors (PWRs), Boiling Water Reactors (BWRs), Pressurized Heavy Water Reactors (PHWRs), and Others), By Reactor Size (Large Reactors, and Small Modular Reactors (SMRs)), By Application (Energy, and Hydrogen Production), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035.

Nuclear Power Market Summary, Size & Emerging Trends

According to Spherical Insights, The Global Nuclear Power Market Size is Expected To Grow from USD 35.40 Billion in 2024 to USD 49.25 Billion by 2035, at a CAGR of 3.05% during the Forecast Period 2025-2035. Advanced reactor technologies, rising energy demand, government investments, targets to reduce carbon emissions, export possibilities, and advancements in fuel cycles, waste management, and safety are some of the opportunities provided by the nuclear power market.  

Key Market Insights

• North America is expected to account for the largest share in the nuclear power market during the forecast period.
• In terms of reactor type, the pressurized water reactors (PWRs) segment is projected to lead the nuclear power market in terms of equipment throughout the forecast period
• In terms of reactor size, the large reactors segment captured the largest portion of the market
• In terms of application, the energy segment captured the largest portion of the market

Global Market Forecast and Revenue Outlook

• 2024 Market Size: USD 35.40 Billion  
• 2035 Projected Market Size: USD 49.25 Billion  
• CAGR (2025-2035): 3.05%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

Nuclear Power Market

The creation, manufacturing, and distribution of nuclear energy and associated technologies are all included in the global industry known as the nuclear power market. Operators of nuclear power plants, technology developers, fuel suppliers, regulatory organizations, and governmental organizations are among the many parties involved in this intricate web. The demand for power produced by nuclear fission, a low-carbon substitute for fossil fuels, is what defines this market. Activities including building and maintaining nuclear reactors, supplying and managing nuclear fuel, developing cutting-edge reactor designs, and putting safety and environmental rules into effect are all included in the nuclear power market. For Instance, in April 2025, China launched five new nuclear power projects in order to address the growing demand for AI energy. Large-scale AI deployments depend on China's domestic AI models, like DeepSeek, expanding into industries like manufacturing, healthcare, education, and infrastructure, especially power supply. The market for nuclear power has expanded as a result of numerous nations' pledges to cut carbon emissions to slow down climate change. Furthermore, the industry is driven by the fast growth of infrastructure and urbanization. The market for nuclear power is primarily driven by decarbonization goals, rising global energy demand, and technological advancements.    

Nuclear Power Market Trends

• The growing use of cutting-edge nuclear technology, including as Generation IV reactors and small modular reactors (SMRs).
• The increasing importance of nuclear energy as a vital tool for cutting carbon emissions and accomplishing climate objectives.
• The expansion of international partnerships and government funding to promote nuclear innovation and infrastructure.
• The increased focus on waste management strategies, safety precautions, and legal frameworks to guarantee the deployment of nuclear energy in a sustainable manner.

Nuclear Power Market Dynamics

Driving Factors: Rising energy demand and clean energy awareness drive market.

The fact that there is a greater demand for energy than there is supply, along with growing knowledge of the advantages of clean energy and the depletion of fossil fuels, are the main factors driving the global market. The rising need for clean energy and technological advances are the main factors propelling the nuclear power reactor market. It is expected that the demand for nuclear power plants will slow the rise in carbon emissions because a large amount of the net carbon emissions comes from the production of electricity in fossil fuel-based power plants.     

Restrain Factors: High costs, regulations, safety, and geopolitical risks restrict.

High capital investment prices, protracted building schedules, strict regulations, public safety and radioactive waste concerns, and geopolitical dangers are some of the challenges that are restricting the market for nuclear power. The absence of nuclear safety, risk assessment, and radioactive waste management is the factor that are going to hamper market expansion. The worldwide market and human lives could be affected in the event of a disaster, even if the nuclear business is safe.  

Opportunity: Rising demand for reliable low-carbon energy drives opportunities.

Growing need for dependable, low-carbon energy sources worldwide is driving substantial opportunities in the nuclear power market. The market is also stimulated by growing government backing and investments to achieve carbon neutrality. Many countries are implementing long-term operating and aging management programs for a growing number of nuclear power reactors. Nuclear power reactor lifetime extensions are now standard practice in member countries of the Organization for Economic Co-operation and Development (OECD). Furthermore, opportunities for sustainable development are opened by growing export potential as well as advancements in waste management and nuclear fuel recycling.

Challenges: High costs, delays, and regulations challenge nuclear industry.

High capital investment needs, protracted building schedules, and strict regulatory frameworks are some of the challenges facing the nuclear power industry. Growing the business is made more difficult by public worries about environmental effects, safety, and the handling of radioactive waste. Significant obstacles also come from competition from quickly developing renewable energy technology and geopolitical risks. Despite the growing demand for dependable and clean energy solutions worldwide, these factors taken together prevent widespread adoption and slow growth.

Global Nuclear Power Market Ecosystem Analysis

The main players in the worldwide nuclear power industry ecosystem include waste management companies, utilities, regulatory agencies, research groups, reactor manufacturers, and fuel suppliers. Strict safety and environmental compliance are ensured while nuclear facilities are designed, built, operated, and decommissioned thanks to this integrated network. Government regulations, public opinion, and technology developments all have an impact on market expansion. Ecosystem performance is impacted by obstacles including expensive capital expenditures, complicated regulations, and waste disposal problems. Nonetheless, there are encouraging prospects for sustainable growth in the nuclear power industry due to advancements in reactor technology and fuel recycling.

Global Nuclear Power Market, By Reactor Type

The pressurized water reactors (PWRs) segment led the nuclear power market, generating the largest revenue share. Submarine power plants were the initial purpose of PWRs. PWRs use regular water as a moderator and coolant. This reactor is easy to operate since, as the heat increases, less electricity is generated.  

The pressurized heavy water reactors (PHWRs) segment in the nuclear power market is expected to grow at the fastest CAGR over the forecast period. Thin-walled pressure tubes are required for PHWR designs, in contrast to PWR nuclear reactors. This makes it possible for pressure boundaries and tiny, insignificant pressure tubes to spread.    

Global Nuclear Power Market, By Reactor Size   

The large reactors segment held the largest market share in the nuclear power market. The widespread installation of large-scale nuclear power plants, which have served as the foundation for nuclear energy generation for many years, is responsible for the large reactors sector. Large reactors are able to generate a substantial amount of power in order to meet the increasing demand for electricity because of their existing infrastructure, tested technology, and economies of scale.

The small modular reactors (SMRs) segment in the nuclear power market is projected to register the fastest CAGR. The small modular reactors (SMRs) segment is primarily driven by the increasing demand for flexible, cost-effective, and safer nuclear power solutions. SMRs offer advantages such as reduced construction time, lower initial capital investment, and the ability to be deployed in remote or smaller grid locations where traditional large reactors are not feasible.  

Global Nuclear Power Market, By Application  

The energy segment held the largest market share in the nuclear power market. The segmental increase is anticipated to be supported by the growing demand for water and energy, as well as the strain on supply sources. These stresses are contributing to the shortage of fresh water and increasing demand for energy-intensive desalination facilities.    

The hydrogen production segment in the nuclear power market is projected to register the fastest CAGR. The hydrogen production segment growth is driven by increasing demand for clean hydrogen as an alternative fuel, supported by advancements in nuclear-powered hydrogen generation technologies and global decarbonization efforts.  

North America is expected to account for the largest share of the nuclear power market during the forecast period.

In North America, nuclear energy is the main focus. The U.S. and Canada are focusing on prolonging the life of nuclear power plants while learning about the possibility of compact modular reactors.This is because there are nuclear reactors that can produce enormous amounts of electricity, and the region's energy needs are growing.     

The United States is experiencing steady growth in the nuclear power market. The market is growing due to developments in disposable medical equipment, such as smart sensors and sterilization techniques. 93 nuclear power reactors with a combined capacity of 95.5 GW, dispersed among almost 30 states, made up the largest nuclear power reactor fleet in the world.   

Asia Pacific is expected to grow at the fastest CAGR in the nuclear power market during the forecast period. Asia Pacific region can be attributed to the region's growing population, which is driving up urbanization and the demand for electricity. In the APAC area, China has had the biggest stake. The region's market is expanding as a result of these activities, which are probably going to promote the use of nuclear power solutions.  

China is the largest market for nuclear power China uses the most advanced technologies and strict specifications to build nuclear power plants. It rigorously monitors all phases of the life cycle of a nuclear power station, including design, building, operation, and decommissioning.   

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the nuclear power market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. 

WORLDWIDE TOP KEY PLAYERS IN THE NUCLEAR POWER MARKET INCLUDE

• Orano SA
• Engie SA
• Rosatom
• Cameco Corp.
• Nuscale Power
• Centrus Energy
• FirstEnergy Corp.
• Electricite de France
• GE Hitachi Nuclear Energy
• Constellation Energy Corporation
• Energy Harbor Nuclear Generation LLC
• Korea Hydro & Nuclear Power Co., Ltd.
• China National Nuclear Corporation
• Westinghouse Electric Company LLC
• Others 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Product Launches in Nuclear Power

• In March 2025, The THEAM Quant Nuclear Opportunities fund was launched by BNP Paribas' THEAM Quant platform in collaboration with BNP Paribas Exane Research to gain exposure to businesses operating along the nuclear energy value chain.    

• In February 2025, the world's top developer of nuclear technologies for the maritime sector, CORE POWER, announced that it will create a maritime civil nuclear program headquartered in the United States that will enable floating nuclear power to be commercialized by the middle of the 1930s. The Liberty initiative will set the stage for nuclear power to be used in the civil maritime industry.

Market Segment  

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the nuclear power market based on the below-mentioned segments: 

Global Nuclear Power Market, By Reactor Type

• Pressurized Water Reactors (PWRs)
• Boiling Water Reactors (BWRs)
• Pressurized Heavy Water Reactors (PHWRs)
• Others

Global Nuclear Power Market, By Reactor Size    

• Large Reactors
• Small Modular Reactors (SMRs)

Global Nuclear Power Market, By Application

• Energy
• Hydrogen Production

Global Nuclear Power Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa