Nuclear Energy Market Size & Forecast [2033]

Nuclear Energy Market Overview

The Nuclear Energy Market size was valued at USD 34619.18 million in 2024 and is expected to reach USD 42407.63 million by 2033, growing at a CAGR of 2.3% from 2025 to 2033.

As of 2024, nuclear energy contributes approximately 9% to global electricity generation, with about 440 operational reactors worldwide. This energy source accounts for nearly 25% of the world's low-carbon electricity, making it the second-largest source of low-carbon power globally. The global nuclear power market demand is estimated at 442.94 gigawatts in 2025 and is projected to surpass 515.51 gigawatts by 2034. In the United States, nuclear power plants generated nearly 782 billion kilowatt-hours of electricity in 2024, sufficient to power over 72 million homes. The U.S. remains the largest producer of nuclear energy, operating 94 reactors with an average age of 43 years. France, with 56 reactors, plans to invest approximately €6 billion ($7.05 billion) to extend the life of 20 of its 1,300 MW reactors beyond their original 40-year lifespan. China leads in global nuclear expansion, with significant investments in new reactor construction. Poland achieved a milestone in June 2025 by generating more electricity from renewable sources than from coal, with renewables accounting for 44.1% and coal 43.7% of the electricity mix.

Key Findings

Top Driver Reason: The rising global demand for clean, reliable, and low-carbon energy sources is propelling the growth of nuclear energy.

Top Country/Region: The United States remains the largest producer of nuclear energy, operating 94 reactors.

Top Segment: Electricity generation continues to be the primary application of nuclear energy, with significant contributions to national grids.

Nuclear Energy Market Trends

The nuclear energy market is experiencing a resurgence, driven by technological advancements, policy shifts, and increasing energy demands. In 2024, investments in nuclear power are expected to reach $80 billion, nearly double the 2018 level, marking a significant uptick after two consecutive years of decline. One notable trend is the development and deployment of Small Modular Reactors (SMRs). These reactors offer scalability, reduced construction times, and enhanced safety features. The U.S. Nuclear Regulatory Commission (NRC) has approved NuScale’s SMR design, and companies like Holtec and TerraPower are advancing their SMR projects. Another significant trend is the integration of nuclear energy with hydrogen production. Projects like Davis-Besse and Prairie Island are exploring high-temperature electrolysis. The tech industry is also showing interest in nuclear energy. Microsoft plans to reopen the Unit 1 reactor of the Three Mile Island nuclear power plant by 2027, a year ahead of schedule, to power its energy-intensive AI data centers. Globally, countries are revisiting nuclear energy as a means to achieve energy security and meet climate goals. France is investing €6 billion to extend the life of its reactors, while Poland is shifting towards cleaner energy sources, with renewables surpassing coal in electricity generation for the first time in June 2025. These trends indicate a renewed global commitment to nuclear energy, emphasizing its role in a sustainable and secure energy future.

Nuclear Energy Market Dynamics

DRIVER

Rising demand for clean, reliable, and low-carbon energy sources

The global push towards decarbonization and the need for stable energy supplies are driving investments in nuclear energy. In 2024, nuclear power investments are projected to reach $80 billion, highlighting its significance in the clean energy transition. Countries like the U.S., France, and China are leading in nuclear energy production and expansion, recognizing its role in achieving energy security and climate goals.

RESTRAINT

High construction costs and long development timelines

Building new nuclear power plants involves substantial capital investment and extended timelines. For instance, the construction of Georgia's Plant Vogtle in the U.S. has faced delays and cost overruns, with expenses reaching approximately $30 billion. Such financial and temporal challenges can deter new investments and slow the expansion of nuclear energy infrastructure.

OPPORTUNITY

Integration of nuclear energy with hydrogen production

The coupling of nuclear energy with hydrogen production presents a significant opportunity. Projects like Davis-Besse and Prairie Island are exploring high-temperature electrolysis powered by nuclear energy to produce hydrogen, aiming to decarbonize various sectors. This integration can position nuclear energy as a key player in the emerging hydrogen economy.

CHALLENGE

Regulatory and public perception hurdles

Despite advancements, nuclear energy faces regulatory challenges and public skepticism. Accelerated licensing processes, as mandated by recent U.S. executive orders, aim to streamline reactor approvals. However, concerns about safety, waste management, and past nuclear incidents continue to influence public opinion and policy decisions.

Nuclear Energy Market Segmentation

The nuclear energy market is segmented by type and application, each with distinct characteristics and growth patterns.

By Type

Electricity: Nuclear power remains a significant source of electricity, contributing approximately 9% to global electricity generation. In the U.S., nuclear power plants generated nearly 782 billion kilowatt-hours of electricity in 2024, powering over 72 million homes.
Other: Beyond electricity, nuclear energy is utilized in applications like hydrogen production. Projects such as Davis-Besse and Prairie Island are exploring nuclear-powered hydrogen production through high-temperature electrolysis.

By Application

Nuclear Fission: The predominant method for energy generation, with over 440 reactors operating worldwide.
Nuclear Fusion: Still in experimental stages, with ongoing research and development efforts.
Nuclear Decay: Used in specialized applications, including medical and industrial sectors.

Nuclear Energy Market Regional Outlook

North America

North America, primarily driven by the United States and Canada, plays a critical role in the global nuclear energy market. The United States remains the largest producer of nuclear power globally, with 94 operational nuclear reactors spread across 28 states, collectively generating over 782 billion kilowatt-hours (kWh) of electricity in 2024. These reactors accounted for nearly 19% of the nation’s electricity mix and around 50% of its carbon-free electricity. Canada, on the other hand, operates 19 nuclear reactors, primarily in Ontario, contributing around 15% of the country's total electricity generation. Bruce Power, the largest nuclear generating station in the world, contributes more than 6,550 megawatts (MW) of capacity. Investments in Small Modular Reactors (SMRs) and life-extension programs are expected to exceed $20 billion in the region by 2030. North America is also at the forefront of nuclear innovation, with U.S.-based companies such as NuScale, TerraPower, and Holtec actively developing next-gen reactor technologies. Policy support under the U.S. Department of Energy includes $1.4 billion in advanced nuclear funding as of 2024.

Europe

Europe is undergoing a nuclear revival driven by energy security concerns, aging infrastructure upgrades, and climate commitments. France leads the region, operating 56 nuclear reactors, which provided around 63% of the nation’s electricity in 2024—the highest nuclear share globally. EDF has committed approximately €6 billion ($7.05 billion) toward extending the lifespan of 20 reactors by at least 10–20 years. In Eastern Europe, Poland is shifting away from coal, having achieved a record in June 2025 by generating 44.1% of its electricity from renewables, surpassing coal’s 43.7% share for the first time. Poland is planning to build its first nuclear power plant, with capacity expected to reach 6 to 9 GW by 2040. Czech utility CEZ is also actively expanding its nuclear portfolio, and Romania plans to construct two new units at Cernavodă. The UK continues investment in large-scale projects like Hinkley Point C and Sizewell C, aiming to have 24 GW of nuclear capacity by 2050. Across Europe, over 100 billion euros in funding are earmarked for nuclear-related projects through 2035, indicating a strong long-term growth trajectory.

Asia-Pacific

Asia-Pacific represents the fastest-growing nuclear energy market, led by China, India, Japan, and South Korea. China dominates, with over 55 operational reactors and 23 reactors under construction as of mid-2024. China aims to achieve over 70 GW of nuclear capacity by 2035, up from 57.03 GW in 2023. The government has committed over ¥1.5 trillion (approximately $210 billion) for the expansion and modernization of its nuclear infrastructure. India operates 22 reactors, with an aggregate capacity of 6.78 GW, and is building 8 additional reactors expected to add 6.2 GW by 2031. Japan, after a cautious restart following the Fukushima disaster, has reactivated 10 reactors and aims to have 20–30% of its electricity sourced from nuclear by 2030. South Korea, with 25 reactors, generates about 29% of its electricity from nuclear energy and is investing in both local and international SMR developments. Overall, Asia-Pacific’s growing demand for low-emission, stable power sources positions nuclear energy as a core component of the region’s energy strategy.

Middle East & Africa

The Middle East & Africa (MEA) region is gradually increasing its presence in the nuclear energy sector, driven by the need to diversify energy sources and ensure long-term sustainability. The United Arab Emirates (UAE) leads the region with its Barakah Nuclear Power Plant, comprising four APR-1400 reactors. As of 2024, three units are operational, with the fourth nearing completion. Once fully operational, Barakah will generate 5.6 GW, meeting nearly 25% of the UAE’s electricity demand. Saudi Arabia is actively planning to build its first commercial nuclear plant, with a proposed capacity of 2.8 GW, and aims to have nuclear contribute up to 15% of its electricity mix by 2050. Egypt has started construction on the El Dabaa Nuclear Power Plant, with four Russian VVER-1200 units, totaling 4.8 GW, scheduled for full operation by 2030. In Africa, South Africa remains the only country with an operational nuclear facility—Koeberg Nuclear Power Station, generating about 1.86 GW, accounting for 5% of the country’s electricity. Other African nations like Nigeria, Ghana, and Kenya have expressed interest and signed cooperation agreements for nuclear feasibility studies. Regional investments in MEA for nuclear energy are estimated to exceed $60 billion by 2035.

List of Top Nuclear Energy Market Companies

Bruce Power
China General Nuclear Power (CGN)
CEZ Group
ON SE
Nukem Technologies
EDF (Électricité de France)
NuScale Power
Holtec International
GE Hitachi Nuclear Energy
TerraPower
Microsoft
Centrus Energy
TAE Technologies
Commonwealth Fusion Systems
First Light Fusion
Terra Praxis

Top Two Companies with Highest Market Shares

Bruce Power: A Canadian company operating one of the world's largest nuclear generating stations, contributing significantly to Ontario's electricity supply. Bruce Power’s output capacity stands at approximately 6,550 megawatts. The company supplies about 30% of Ontario’s electricity and has committed over $13 billion toward major component replacement projects extending plant life into the 2060s.
China General Nuclear Power (CGN): Headquartered in Shenzhen, CGN operates over 25 reactors and has multiple units under construction, totaling over 30 GW in capacity. In 2024, CGN accounted for more than 60% of China's total nuclear power output, reflecting China's aggressive approach to increasing clean energy production. CGN is also investing in international projects, including operations in the UK and Romania.

Investment Analysis and Opportunities

Nuclear energy investments are witnessing a global resurgence due to climate goals and energy security priorities. In 2024, global nuclear energy investment surpassed $80 billion, reflecting a sharp increase from previous years. Governments, private investors, and international organizations are funneling capital into new plant construction, refurbishment of aging infrastructure, and next-generation technologies such as Small Modular Reactors (SMRs) and nuclear fusion. In the United States, major investment allocations include the Department of Energy’s $1.4 billion initiative to support advanced reactor demonstrations. NuScale Power, which received nearly $300 million in funding, is working toward launching SMRs by the end of the decade. Holtec International also announced over $7.4 billion investment in redeveloping the Palisades Nuclear Power Plant, with support from Michigan’s state government and the federal Department of Energy. In Europe, France's EDF has committed €6 billion toward life extension of reactors and development of the new EPR2 design. The UK government plans to invest over £20 billion in nuclear power by 2030, including the Sizewell C and Hinkley Point C projects. Eastern European countries such as Poland and Romania have also pledged significant funding toward nuclear infrastructure as part of their energy diversification plans. The Asia-Pacific region continues to be a focal point for investment. China plans to add over 70 GW of nuclear capacity by 2035. The country is allocating over ¥1.5 trillion ($210 billion) in the construction and modernization of nuclear power plants. Japan, which once shuttered its nuclear program post-Fukushima, has resumed operation in several plants and is investing in safety upgrades. Private sector interest is also increasing, particularly from tech firms. Microsoft’s planned investment in SMRs for data center operations is indicative of a broader trend where high-energy-consuming industries turn to nuclear for clean, continuous power. TerraPower, backed by Bill Gates, received an investment boost of over $750 million for developing next-gen reactors. Overall, the investment climate for nuclear energy is robust, driven by favorable government policies, decarbonization goals, and the rising need for baseload power. The sector presents lucrative opportunities in plant construction, waste management solutions, uranium fuel supply chains, and grid integration technologies. As the market evolves, countries with strong policy frameworks and financial backing are likely to lead in nuclear deployment and innovation.

New Product Development

Innovation is reshaping the nuclear energy landscape, with significant focus on reactor design, fuel technology, and hybrid applications. The foremost breakthrough is the development and approval of Small Modular Reactors (SMRs). NuScale Power's SMR became the first ever design certified by the U.S. Nuclear Regulatory Commission. These SMRs, with 77 MW per module, offer enhanced safety and scalability, ideal for remote areas or integration with renewables. In 2024, Holtec International announced its SMR-300 model, expected to be deployed at the former Palisades site. The design incorporates passive safety systems and a compact footprint, reducing construction costs and timelines by over 30% compared to traditional reactors. Similarly, GE Hitachi’s BWRX-300 reactor is gaining traction, with agreements signed for deployment in Ontario and Tennessee. Another area of innovation is high-assay low-enriched uranium (HALEU) fuel. This advanced nuclear fuel, enriched between 5–20% in U-235, enables compact core designs and longer operational cycles. The U.S. Department of Energy is funding Centrus Energy to begin commercial production of HALEU, critical for future SMRs and advanced reactors. Nuclear fusion, though still in the experimental phase, is making strides. In December 2023, researchers at the National Ignition Facility in the U.S. achieved a net energy gain in a controlled fusion reaction, a landmark event in the journey toward commercial fusion power. Multiple startups like TAE Technologies, Commonwealth Fusion Systems, and First Light Fusion have attracted over $5 billion in combined funding for fusion research. Additionally, hybrid applications integrating nuclear energy with hydrogen production, desalination, and district heating are gaining interest. At the Davis-Besse Nuclear Power Station, Ohio, an ongoing DOE-supported pilot project is using nuclear energy for hydrogen production through high-temperature steam electrolysis. This could reduce hydrogen production costs by 40% compared to traditional methods. Digitalization and AI are also impacting the sector. New software tools powered by artificial intelligence are optimizing reactor maintenance schedules, enhancing plant safety, and predicting equipment failures. Microsoft’s partnership with Terra Praxis seeks to use AI to convert coal-fired plants into carbon-free nuclear stations. The wave of new product development is redefining nuclear energy's role in the global energy mix. Compact reactors, clean hydrogen integration, AI applications, and advanced fuels together position nuclear as a cornerstone of the future low-carbon energy economy.

Five Recent Developments

NuScale SMR Certification (2023): The U.S. NRC officially certified NuScale Power’s SMR design, marking the first time an SMR has received federal approval in the United States.
EDF Life Extension Plan (2024): EDF announced a €6 billion investment to extend the lifespan of 20 nuclear reactors in France, enhancing national energy security and reducing reliance on fossil fuels.
Holtec Palisades Restart (2024): Holtec International secured over $7.4 billion in funding to reopen and modernize the Palisades nuclear plant, which had previously been decommissioned.
Fusion Breakthrough at NIF (2023): The National Ignition Facility achieved net energy gain in nuclear fusion, a major milestone in the path to commercial fusion power.
Microsoft’s Nuclear Initiative (2024): Microsoft announced its intent to restart Three Mile Island’s Unit 1 reactor to power AI data centers, reflecting rising corporate interest in nuclear-powered infrastructure.

Report Coverage of Nuclear Energy Market

This report provides an in-depth analysis of the global nuclear energy market, focusing on key developments, technological innovations, investment trends, regional performance, and strategic opportunities. It spans a comprehensive range of topics including market segmentation by type and application, regional demand variations, and major corporate strategies that shape the nuclear landscape. The study evaluates electricity generation and auxiliary applications such as hydrogen production and desalination. The report segments the market into key applications like nuclear fission, nuclear fusion, and nuclear decay, providing detailed insights into each segment’s current status and potential growth. Geographically, the market assessment covers North America, Europe, Asia-Pacific, and the Middle East & Africa. Each region is analyzed in terms of operational reactor count, new construction projects, government initiatives, and private investment levels. The U.S., France, China, and Canada are highlighted as pivotal players in nuclear energy deployment and policy development. Company profiling includes insights into technological advances, strategic investments, and reactor operations of leading players such as Bruce Power and China General Nuclear Power. Key developments like the launch of SMRs, fusion energy milestones, and plant life extension initiatives are thoroughly examined. The report also presents a clear view of market dynamics — drivers, restraints, opportunities, and challenges — supported by numerical data. It offers a fact-based evaluation of the sector's direction, underlining factors like the $80 billion in 2024 global nuclear investment, 440+ operational reactors, and record-breaking fusion experiments. The report discusses the growing trend of hybrid nuclear applications, the rise of AI in plant maintenance, the introduction of HALEU fuel, and the significance of digital infrastructure in enhancing plant performance. Emerging themes such as hydrogen production from nuclear energy and modular reactor deployment are assessed in detail. This report is an indispensable resource for energy policy makers, utility providers, technology innovators, investors, and academic researchers. By offering exhaustive market intelligence, the report aims to support strategic decision-making and facilitate stakeholder understanding of one of the world’s most critical energy sectors.