Global Thorium Based Nuclear Reactor Market Size, Share, and COVID-19 Impact Analysis, By Reactor Type (Molten Salt Reactors (MSR), Liquid Metal Reactors (LMR), High-Temperature Gas-Cooled Reactors (HTGR), and Others), By Application (Electricity Generation, Industrial Applications, Research and Development, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Thorium Based Nuclear Reactor Market Insights Forecasts to 2035

• The Global Thorium Based Nuclear Reactor Market Size is Expected to Grow at a CAGR of around 8.4% from 2025 to 2035
• The Worldwide Thorium Based Nuclear Reactor Market Size is expected to hold a significant share by 2035
• Asia Pacific is expected to grow the fastest during the forecast period.

According to a research report published by Spherical Insights and Consulting, the global thorium based nuclear reactor market size is expected to hold a significant share by 2035, at a CAGR of 8.4% during the forecast period 2025-2035. The market for thorium-based nuclear reactors offers opportunities for advanced energy production, decreased nuclear waste, improved safety, long-term fuel availability, and strategic energy diversification, encouraging investments, technological advancement, and low-carbon, sustainable power solutions worldwide.

Global Thorium Based Nuclear Reactor Market Forecast and Revenue Outlook

• CAGR (2025-2035): 8.4%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

Market Overview  

The global ecosystem for developing, producing, implementing, and maintaining cutting-edge nuclear power systems that use thorium-232 as a fertile fuel to breed uranium-233 in situ for fission is included in the thorium based nuclear reactor market. By utilizing thorium's abundance to support sustainable, low-carbon energy transitions, thorium variants, mostly molten salt reactors (MSRs), offer improved safety through intrinsic passive cooling, decreased long-lived waste, and proliferation resistance. The thorium based nuclear reactor market includes reactor manufacturers, technology developers, academic institutions, fuel suppliers, and governmental organizations that concentrate on nuclear energy infrastructure and policy. For instance, in September 2024, in Canada, a molten salt-based Small Modular Reactor (SMR) concept was launched after passing a vital pre-licensing vendor design review, as U.S. and China projects advance toward potential molten salt reactor deployment by 2030. The market for thorium-based nuclear reactors is being driven by a number of important variables that together highlight its increasing importance in the world energy scene. The growing need for sustainable and clean energy around the world is one of the main dricers in the thorium based nuclear reactor market. The availability and quantity of thorium reserves across the globe are another important consideration. Thorium is more extensively found in the Earth's crust than uranium, making it a potentially dependable and long-term supply of nuclear fuel.

Key Market Insights  

• North America is expected to account for the largest share in the thorium based nuclear reactor market size during the forecast period.
• In terms of reactor type, the molten salt reactors segment is projected to lead the thorium based nuclear reactor market size throughout the forecast period  
• In terms of application, the electricity generation segment captured the largest portion of the market   

Thorium-Based Nuclear Reactor Market Trends

• The long-term energy security strategies that make use of the plentiful thorium stockpiles.    
• In developments in thorium-based reactor designs, including molten salt reactors (MSRs).
• The increasing focus on low-carbon and renewable energy sources to fight climate change.
• Nuclear fuel sources are becoming more diverse due to rising energy demand in emerging economies.
• The boosting of government financing and investments in the development of thorium reactors.
• The focus on lower radioactive waste and increased safety in comparison to traditional uranium reactors.

Report Coverage

This research report categorizes the thorium based nuclear reactor market size based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the thorium based nuclear reactor market. Recent market developments and competitive strategies, such as expansion, product development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the thorium based nuclear reactor market.

Driving factors

Technological developments in safety measures and reactor design also play a major role in thorium based nuclear reactor market expansion. Compared to conventional uranium-based reactors, innovations like molten salt reactors and other thorium-based reactor topologies provide improved safety, decreased risks of nuclear proliferation, and less radioactive waste creation. Thorium-based reactors offer a low-carbon substitute for traditional fossil fuel-based power generation, establishing themselves as a crucial part of future energy policies as countries work to meet climate targets and cut carbon emissions. Additionally, government investments and policies are crucial in promoting market adoption.   

Restraining Factor

The market for thorium-based nuclear reactors is restricted by a number of factors, including high initial capital costs, limited commercial-scale deployment, technological complexity, obstacles to regulation, lengthy development times, and inadequate infrastructure. These variables operate together to limit the quick adoption and widespread commercialization of thorium-based nuclear energy solutions.

Market Segmentation     

The global thorium based nuclear reactor market is divided into reactor type and application.

Global Thorium Based Nuclear Reactor Market, By Reactor type:  

• The molten salt reactors segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.          

Based on reactor type, the global thorium based nuclear reactor market size is segmented into molten salt reactors (MSR), liquid metal reactors (LMR), high-temperature gas-cooled reactors (HTGR), and others. Among these, the molten salt reactors segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The intrinsic benefits of MSR technology, such as improved safety features, higher fuel efficiency, and compatibility with thorium fuel cycles, are largely responsible for the Molten Salt Reactor (MSR) market. MSRs function at greater temperatures and lower pressures than traditional nuclear reactors, which lowers the possibility of catastrophic failure while allowing for more effective thermal energy conversion.

The high-temperature gas-cooled reactors segment in the thorium based nuclear reactor market size is expected to grow at the fastest CAGR over the forecast period. High thermal efficiency, built-in safety features, and the ability to use a variety of fuel types, including thorium, are just a few of the clear benefits that HTGR technology offers. HTGRs' modular architecture allows for gradual deployment, which lowers capital costs and makes smaller-scale energy projects possible.     

Global Thorium Based Nuclear Reactor Market, By Application:

• The electricity generation segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period.       

Based on application, the global thorium based nuclear reactor market is segmented into electricity generation, industrial applications, research and development, and others. Among these, the electricity generation segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. The growing need for clean, dependable, and carbon-neutral baseload power worldwide is the main factor driving the Electricity Generation industry. Compared to traditional uranium-based reactors, thorium-based reactors, especially molten salt reactors (MSRs) and other cutting-edge designs, offer several advantages for the production of electricity, such as improved safety, increased thermal efficiency, and decreased nuclear waste.  

The industrial applications segment in the thorium based nuclear reactor market is expected to grow at the fastest CAGR over the forecast period. Hydrogen production, off-grid power solutions, and high-temperature process heat for the chemical and metallurgical sectors are all included in the Industrial Applications category. Interest in thorium-based reactors, which can produce dependable, efficient energy while reducing greenhouse gas emissions, is growing due to the growing industrial need for sustainable, high-temperature energy sources.      

Regional Segment Analysis of the Global Thorium Based Nuclear Reactor Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America Thorium Based Nuclear Reactor Market Trends

North America is expected to hold the largest share of the global thorium based nuclear reactor market over the forecast period.  

Strong research capacities, cutting-edge technology infrastructure, and rising investment in sustainable nuclear energy alternatives are what propel the North American region. One of the main factors propelling the thorium reactor market's expansion in North America is the growing focus on carbon-free and clean energy production. With strong regulatory frameworks and substantial investment for next-generation reactor technology, the region, especially the United States and Canada, has led the way in nuclear innovation. In August 2025, the U.S. DOE launched the Nuclear Reactor Pilot Program under Executive Order 14301, selecting 11 advanced reactor projects, including Natura Resources’ LF-MSR and Terrestrial Energy’s IMSR both enabling efficient thorium-based uranium-233 fuel integration.

U.S Thorium Based Nuclear Reactor Market Trends

The market for thorium-based nuclear reactors in the United States is growing due to a strong focus on clean energy innovation, carbon neutrality objectives, and nuclear upgrading projects. Through pilot programs and public-private collaborations, the U.S. Department of Energy (DOE) actively supports thorium-related research, encouraging cutting-edge reactor designs, including small modular reactors (SMRs) and molten salt reactors (MSRs). The goal of increasing investments in next-generation nuclear technologies is to improve waste reduction, efficiency, and safety. 

Canada Thorium Based Nuclear Reactor Market Trends

The market for thorium-based nuclear reactors in Canada is defined by expanding government backing, strategic developments in clean nuclear technologies, and research partnerships. A solid basis for incorporating thorium as an alternative fuel is provided by Canada's well-established nuclear infrastructure, especially its Canadian nuclear power reactor technology. The country's climate commitments are in line with the growing focus on sustainable resource use and low-carbon energy options.  

Asia Pacific Thorium Based Nuclear Reactor Market Trends

Asia Pacific is expected to grow at the fastest CAGR in the thorium based nuclear reactor market during the forecast period.  

Growing energy consumption, quick industrialization, and a strong government commitment to sustainable energy development are the main forces driving Asia and the Pacific region. Research initiatives funded by the government, advantageous legislative frameworks, and partnerships between the public and commercial sectors all contribute to the acceleration of market expansion. Leading nations in thorium research and reactor deployment include China, India, and Japan, which have made significant investments in liquid fluoride thorium reactor (LFTR) and molten salt reactor (MSR) technology. In November 2025, China achieved the world’s first thorium-to-uranium fuel conversion in its 2 MWt TMSR-LF1 reactor at Wuwei, enabling continuous refueling and advancing plans for a 10 MWt prototype by 2029.     

China Thorium Based Nuclear Reactor Market Trends

The market for thorium-based nuclear reactors in China is expanding quickly due to strategic investments, robust government support, and national energy security objectives. Large-scale initiatives like the TMSR-LF1 molten salt reactor in Wuwei, which represents a major advancement in thorium-to-uranium fuel conversion technology, are helping the nation lead the world in thorium research. China is giving thorium reactors top priority due to their advantages in terms of safety, efficiency, and waste reduction, with support from the National Energy Administration and the Chinese Academy of Sciences.

Japan Thorium Based Nuclear Reactor Market Trends

The market for thorium-based nuclear reactors in Japan is expanding as part of the country's larger efforts to achieve carbon neutrality and energy diversification. Japan is looking for safer and more sustainable nuclear technologies in the wake of the Fukushima accident, and thorium is showing promise as a substitute. Universities and research centers are working with foreign partners to investigate molten salt and hybrid reactor concepts that use thorium fuel cycles. Innovation in advanced reactor technology is being stimulated by government policies that prioritize nuclear safety, fuel efficiency, and environmental responsibility.  

Competitive Analysis:  

The report offers the appropriate analysis of the key organizations/companies involved within the global thorium based nuclear reactor market, along with a comparative evaluation primarily based on their Product offerings, 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 Thorium Based Nuclear Reactor Market Include

• Orano
• Thor Energy
• Flibe Energy
• Kairos Power
• ThorCon Power
• Moltex Energy
• General Atomics
• Terrestrial Energy
• Copenhagen Atomics
• Seaborg Technologies
• Lightbridge Corporation
• Indian Atomic Energy Commission
• Westinghouse Electric Company
• China National Nuclear Corporation
• Ultra Safe Nuclear Corporation (USNC)
• Others  

Key Target Audience

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

Recent Development

• In November 2025, China launched plans for a groundbreaking nuclear-powered cargo ship capable of carrying 14,000 containers, powered by a thorium-based molten salt reactor (TMSR) generating 200 MWt, matching the output of the U.S. Navy’s Seawolf-class submarine reactors.

Market Segment   

This study forecasts revenue at the global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the thorium based nuclear reactor market based on the following segments:

 Global Thorium Based Nuclear Reactor Market, By Reactor Type

• Molten Salt Reactors (MSR)
• Liquid Metal Reactors (LMR)
• High-Temperature Gas-Cooled Reactors (HTGR)
• Others

Global Thorium Based Nuclear Reactor Market, By Application

• Electricity Generation
• Industrial Applications
• Research and Development
• Others

Global Thorium Based Nuclear Reactor 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