Nuclear Power Plant and Equipment MarketShare & Trends [2033]

Nuclear Power Plant and Equipment Market Overview

Global Nuclear Power Plant and Equipment Marketsize is estimated at USD 35380.45 million in 2024 and expected to rise to USD 42657.46 million by 2033, experiencing a CAGR of 2.1%.

The global nuclear power plant and equipment market supports approximately 420 active nuclear reactors worldwide, with 65 reactors under construction and 90 reactors in planning stages as of early 2025 . Reactor types include Pressurized Water Reactors (PWRs), Boiling Water Reactors (BWRs), Pressurized Heavy Water Reactors (PHWRs), and emerging advanced designs. PWRs alone account for roughly 45% of global reactor capacity and dominate equipment demand . The market spans hundreds of equipment items—pressure vessels, turbine generators, steam generators, containment structures, control rods, reactor internals, and auxiliary systems.

Equipment value segmentation reveals Reactor Pressure Vessels at about USD 5.5 billion in 2024, Steam Generators at USD 6.7 billion, Turbine Generators at USD 4.8 billion, Containment Structures at USD 5.2 billion, and Control Rods at USD 3.0 billion . Geographically, Asia-Pacific houses about 35% of equipment demand, driven by China, India, and South Korea , while North America accounts for USD 4.9 billion in equipment demand as of 2023 . Equipment supply chains must support modular build-out for 300 MW small modular reactors (SMRs), with over 80 SMR designs under development . These numbers illustrate a diverse and expanding base of nuclear plant equipment globally.

Key Findings

Top Driver Reason: The increasing need for low-carbon, high-efficiency energy production is accelerating the global deployment of nuclear reactors, with over 60 new units under construction across 19 countries.

Top Country/Region: China leads the nuclear equipment market with 23 operational reactors under active expansion and an additional 21 reactors under construction, making it the fastest-growing nuclear market globally.

Top Segment: Pressurized Water Reactors (PWRs) dominate the segment, accounting for approximately 270 of the 420 active reactors worldwide, reflecting the highest demand for compatible equipment and components.

Nuclear Power Plant and Equipment Market Trends

The global nuclear power plant and equipment market is experiencing a significant upshift in equipment demand from traditional large reactor systems to more versatile, modular formats. As of early 2024, approximately 22 GW of small modular reactor (SMR) projects were underway—a jump of 65% since 2021—with none yet at advanced construction stages . The activation of the world’s first commercial 210 MW SMR in China during 2023 demonstrates concrete progress in SMR deployment . Meanwhile new types such as molten salt and fast-neutron microreactors are being actively pursued, with over 80 SMR designs currently in development .

Large-scale reactor developments are also evolving rapidly. As of mid‑2025, Holtec International is rebooting the Michigan‑based Palisades plant and proposing two 300 MW SMR‑300 units, doubling capacity while lowering capital intensity . In the U.S., energy demand from AI data centers and EV infrastructure is fuelling political support for modular nuclear builds . U.S. states like Tennessee and Texas are offering tax incentives and state-level subsidies to attract advanced reactor investment, promoting over 95 SMR companies globally .

Simultaneously, legacy nuclear equipment markets are being reinvigorated. The World Bank’s removal of a decades‑old funding ban signals major renewed interest in reactor life-extension and equipment modernization in emerging economies . Western suppliers such as Westinghouse, GE Vernova and BWX Technologies are gaining market share in Europe and Asia amid shifts in geopolitical supplier policies away from traditional exporters like Russia and China .

Corporate investment trends are also reshaping the market. NVentures (a branch of Nvidia) has backed TerraPower’s 345 MW sodium fast reactor, raising total capital over USD 1.4 billion . Tech companies like Amazon, Google and Microsoft are engaging in strategic nuclear investments, recognizing nuclear power’s ability to underpin high‑density data centers . This infusion of capital is enhancing supply chain resilience and accelerating R&D pipelines.

Nuclear Power Plant and Equipment Market

DRIVER

Increasing adoption of nuclear energy for reliable, carbon-free electricity

Global electricity demand is expected to increase by 50% by 2040, driven by rapid urbanization and industrialization. Nuclear power currently provides 10% of the world’s electricity from about 420 operational reactors, but new construction and equipment investments are accelerating to meet future demand. The restart of nuclear programs in Japan, extended lifespans of over 85 U.S. reactors, and the commissioning of new units in China, India, and the UAE are driving equipment orders. In 2024 alone, 13 reactors were connected to grids globally, with over 60 more under construction. The International Atomic Energy Agency (IAEA) forecasts nuclear capacity could double by 2050, requiring a sharp uptick in procurement of pressure vessels, control systems, cooling units, containment structures, and turbine assemblies. The push for net-zero targets across 60+ nations has catalyzed strong policy support, with over 25 countries including nuclear in their national energy transition plans.

RESTRAINT

High capital intensity and long project timelines

Building a standard 1,000 MW nuclear power plant requires over 7–10 years and equipment costs exceeding USD 6 billion per unit, creating a major barrier for entry in lower-GDP or politically unstable regions. The extensive regulatory approval processes can delay construction by 3 to 5 years, leading to increased demand volatility for suppliers. Equipment manufacturing—such as forging reactor pressure vessels or fabricating steam generators—also faces lead times of 24–36 months. Additionally, over 18 reactor projects across Europe and North America have experienced significant cost overruns or construction halts since 2010. Geopolitical dependency on rare equipment components—like zirconium alloys or beryllium—is another bottleneck, as Russia currently controls over 40% of global nuclear-grade zirconium supply. Even with global demand rising, these barriers hinder widespread market acceleration and equipment scalability.

OPPORTUNITY

Rapid deployment of small modular reactors (SMRs)

The global SMR market is witnessing explosive innovation, with over 80 distinct designs under development and 12 pilot reactors scheduled for commissioning before 2030. SMRs, with capacities ranging from 50 MW to 300 MW, allow flexible deployment in remote, off-grid, or decentralized energy systems. These reactors require significantly smaller physical footprints and can be manufactured in factories using modular construction. Countries such as Canada, the U.S., the U.K., and South Korea have allocated funding for early SMR deployment, with the U.S. Department of Energy approving over USD 1.2 billion in development contracts. Equipment manufacturers specializing in compact heat exchangers, microturbines, and mobile containment systems are seeing rising demand. The deployment time for SMRs is also dramatically shorter—4 to 5 years, compared to 7 to 10 years for traditional reactors. This offers substantial opportunities for both new entrants and legacy suppliers to diversify product portfolios and access new markets.

CHALLENGE

Supply chain fragmentation and regulatory inconsistency

The nuclear equipment market is increasingly facing disjointed global supply chains. With only a limited number of ultra-heavy forging facilities—such as those in Japan, South Korea, and France—the ability to meet rising demand is constrained. Fewer than 8 foundries globally can manufacture reactor pressure vessels for large-scale nuclear projects. Additionally, regulatory frameworks vary significantly across jurisdictions. For instance, equipment meeting U.S. NRC Class 1E standards may not be automatically approved under European EUR certification or Russian GOST-R compliance. These mismatches result in duplicate testing, cost duplication, and equipment redesign. Moreover, ongoing sanctions and trade disputes between nuclear-capable nations (e.g., U.S.-Russia, EU-China) have created uncertainty in cross-border component sourcing. The lack of standardization also leads to prolonged commissioning delays—on average, 9 months longer than expected—for reactor components in international projects. As more countries enter the nuclear space, aligning equipment certification remains a formidable challenge.

Nuclear Power Plant and Equipment Market Segmentation

The nuclear power plant and equipment market is segmented by reactor Type and Application. Reactor Types—PWR, BWR, PHWR, HTGR, and Others—drive demand for specific pressure vessels, steam generators, fuel handling systems, and control mechanisms. Applications include Military (naval propulsion), Public Utilities (grid power generation), and Others (research reactors, district heating, desalination). Each segment shows distinct equipment sizing, material specs, and safety compliance. Globally, roughly 270 PWRs, 70 BWRs, 50 PHWRs, 10 HTGRs, and 20 others are operational. Public Utilities represent about 90% of equipment demand, while Military and Others comprise the remaining 10%, guiding targeted manufacturing strategies.

By Type

Pressurized Water Reactor (PWR) : PWRs dominate, with about 270 of 420 active reactors (~65%) as of 2025. Equipment demand for PWRs includes heavy reactor pressure vessels (RPVs) averaging 1,200 tons per unit, steam generators of 400–600 tons, and complex control rod assembly systems. Modern PWRs typically range from 1000–1600 MW output, requiring turbine generators sized accordingly at 1,100–1,700  Material needs include zirconium-clad fuel and low-alloy steel, amounting to 20,000 tons per reactor. PWR-based SMR designs—such as the 300 MW SMR-300—expand equipment reuse while lowering manufacturing scale. Globally, PWR plant uptakes are led by China (55 units), U.S. (93 units), and France (56 units), driving major equipment expansion.
Boiling Water Reactor (BWR) : BWRs account for approximately 70 operational reactors, contributing nearly 17% of nuclear capacity. Each BWR steam generator system typically weighs 500–700 tons, with a single vessel diameter of 5–6 m and height around 15  Control rod drive mechanisms for BWRs incorporate 8 to 24 control blades per reactor, replacing older designs with advanced digital control. Japan retains the largest fleet with 33 BWR units, requiring consistent replacement of reactor internals and feedwater pumps. European countries such as Sweden and Switzerland operate 11 combined units, necessitating MOX-capable fuel handling systems. Equipment demand includes unique lower reactor internals weighing 300–400 tons per unit.
Pressurized Heavy Water Reactor (PHWR) : PHWRs, such as Canada's CANDU design, encompass around 50 reactors globally. These units use heavy water moderator systems weighing up to 3,000 tons, and pressure tubes made from zirconium alloy totaling 500–700 tubes per reactor. Steam generators for PHWRs often weigh 450–650 tons and incorporate freon or ammonia heat exchangers. India operates 22 PHWRs (220–540 MW), Brazil and South Korea each run2–3, contributing to equipment procurement including pressure vessels and calandria units weighing 600  Fuel bundle manufacturing — around 70 bundles per reactor per refueling cycle — drives demand in precision machining. PHWR designs also foster heavy water production plants with output around 100 tons/day.
High Temperature Gas‑Cooled Reactor (HTGR) : HTGRs are emerging; about 10 pilot and demonstration units are operational. These reactors require graphite core structures weighing 2,500–3,500 tons and helium circulator systems operating at 7–9 MPa pressure. Fuel is encapsulated in TRISO particle form—roughly 300,000 particles per reactor, each in a silicon carbide shell. Steam generators or gas-to-gas heat exchangers transfer heat at 900–950 °C, demanding specialized stainless steel alloys. China’s HTR-PM twin-unit (2 × 250 MW) generates demand for single-loop intermediate heat exchangers of200 tons each. Germany, South Africa, and UAE also pursue HTGR prototypes, expanding need for high-temperature control valves, inert vessel liners, and graphite reflector blocks.
Others : The “Others” category includes reactor types such as fast neutron reactors, molten salt reactors (MSRs), and research reactors, totaling around 20 units in operation or demonstration. Fast reactors require sodium coolant pumps rated at 150–300 MWth, and fuel assemblies based on metallic fissile cores weighing 10–15 tons each. Russia’s BN-800 fast reactor uses 600 tons of sodium coolant and specialized steam generators. MSR initiatives in Canada, U.S., and China involve fluoride salt circulation systems and graphite-moderated vessels of 500–800  Research reactors—typically 10–100 MW—utilize MTR-type core units and pool-type heat exchangers, generating consistent demand in universities and research institutes.

By Application

Military : Military application centers on naval propulsion, with around 150 naval reactors active globally, including 50 U.S. submarine units, 55 Russian submarine and icebreaker units, and 45 commercial naval vessels in France, U.K., and India. Each naval reactor is compact (~200–300 MWth) and located in hull-integrated pressure vessels weighing 150–250  Demand includes fuel handling systems adapted for marine conditions and small steam turbine generators of 250–300 MWe. Refurbishment cycles occur every 25–30 years, requiring marine-rated control systems, acoustic containment modules, and reactor coolant pumps capable of 5 MPa at 200 °C. Equipment requirements total more than 100 reactor-grade vessels per decade to sustain fleet readiness.
Public Utilities : Public Utilities represent the largest equipment users, accounting for about 380 power reactors. Equipment demand includes reactor pressure vessels sized from 1,200–1,500 tons, steam generators of 500–700 tons, and turbine generators rated at 1,100–1,700  Equipment refresh cycles—such as steam generator replacements—occur every 40–60 years, creating stable demand for heavy fabrication shops. In 2024, public utility spend included upgrading surveillance and digital I&C systems in 110 units worldwide. Cooling systems such as condensers and cooling towers exceed 25 m diameter and are replaced every 30 years. Public utility projects accounted for USD 22 billion in heavy equipment contracts in 2023, including pressure vessels, reactors, and turbine sets.
Others: “Others” covers research reactors, district heating projects, and desalination reactors, totaling around 50 units. Equipment includes research reactor cores (5–20 MW), heat exchangers sized at50–100 tons, and containment vessels < 200  Russian-designed 5 MW desalination reactors require multi-stage evaporators and desalination modules weighing 120 tons. District heating reactors in remote regions were deployed mainly in Russia and China—10 units, each providing 50–200 MWth heat, alongside integrated heat exchanger systems of 80 tons. Research institutes operate 300+ small research reactors under 50 MW globally, requiring frequent equipment cycles like pool liners, radiation shielding modules, and control mechanisms.

Nuclear Power Plant and Equipment Market Regional Outlook

North America

North America hosts around 98 operational nuclear reactors—94 in the U.S. and 4 in Canada—with equipment demand of USD 4.9 billion in 2023. The U.S. fleet averages 40 years in operation and includes 86 PWRs and 8 BWRs, sparking pressure vessel upgrades, steam generator replacements, and digital control installations. SMR pilot programs at Idaho’s ATR Complex anticipate up to 300 MW modular units, leading to new vessel and microturbine orders. Canadian CANDU units (22 reactors) continue receiving heavy water recirculation systems and calandria vessel refurbishments. Joint initiatives across the US, Canada, and Mexico aim to standardize heavy forging capabilities for SMRs and large reactors.

Europe

Europe operates around 130 reactors across France, UK, Russia, Ukraine, Sweden, and Spain—56 PWRs, 30 BWRs, 22 PHWRs, and 12 others. In 2024, European reactor refurbishments totaled 14 steam generator replacements and 8 pressure vessel inspections, each valued at several hundred million dollars. Steel forgings for reactor maintenance—approximately 1,800 tons per project—are in high demand. Eastern European nations like Czech Republic, Romania, and Slovakia are planning four new reactors, commissioning equipment contracts for reactor dome structures and control rod drives. The region also leads in graphite core production for HTGR and SMR demonstration units.

Asia-Pacific

Asia-Pacific leads demand with around 148 operational reactors—56 in China, 22 in India, 24 in South Korea, 10 in Japan, and the rest across Pakistan and Taiwan. These reactors comprise 80 PWRs, 22 PHWRs, 24 BWRs and 12 others, driving equipment demand of approximately USD 11 billion annually. China’s 23 reactors under construction generate strong demand for forging of reactor vessels and steam generators. India’s PHWR fleet requires heavy water production and calandria equipment. Japan is mid‑deployment in steam generator upgrade programs for 17 units. South Korea’s APR1400 program is commissioning its 6th unit, generating orders for turbine generator packages.

Middle East & Africa

The Middle East & Africa region has 3 operational reactors—two in the UAE (Barakah Units 1–2) and one in South Africa (Koeberg 1–2). Barakah reactors (2 × 1,400 MW PWR) involved fabrication of reactor vessels 600 tons each. Another unit (Barakah‑3) is expected online by 2025. Equipment demand is expanding with proposals in Egypt, Turkey, Nigeria, and Jordan, requiring containment domes and turbine sets sized at 1,600 MVA. South Africa’s refurbishment plans include replacement of coolant pumps and pressure boundary systems for Koeberg’s aging units (~40 years old), requiring 2.5-year lead-time fabrication orders.

List of Top Nuclear Power Plant and Equipment Market Companies

Mitsubishi Heavy Industries
General Electric
Larsen & Toubro
Orano
Babcock & Wilcox
Alstom
Toshiba
Doosan
BWX Technologies
Dongfang Electric
ROSATOM
Shanghai Electric Group
Korea Electric Power
Mitsubishi Heavy Industries
General Electric

Investment Analysis and Opportunities

The nuclear equipment market is drawing increased capital investment from both public and private sources. In 2024, USD 12 billion was allocated globally to support equipment supply chains, including forgings, manufacturing, and component testing. Investments in forging capacity—such as France’s Creusot Forge—and in Japan’s Kobe Steel facilities—all with annual output capacity of 4,000 tons—respond to global equipment bottlenecks. These facilities alone produce enough reactor pressure vessels (RPVs) for 3 reactors per year.

Opportunities lie in modular fabrication yards. Canada’s four SMR manufacturing hubs are expected to produce up to 8 modules per reactor for deployment across utilities. In Asia-Pacific, South Korea’s Nawoo compound is expanding to handle 12 vessel forgings annually, securing supply for domestic units and export.

China’s investment in integrated manufacturing platforms—like its major Pujiang plant—provides full-cycle production capacity from casting to heat treatment, processing 10,000 tons of nuclear-grade steel annually. India’s R&D into zirconium alloy produces 6,000 tons annually, meeting domestic PWR demands and reducing import dependency of metallurgical components.

Opportunity also exists in specialized components: 2,200 reactor-grade valves, 1,800 containment isolation systems, 250 steam turbine retrofits, and 380 control rod drives are expected to be ordered by 2027. Vendors offering integrated lifecycle service—reactor vessel inspection, steam generator replacement, and digital safety systems—stand to capture recurring equipment service revenue.

Investment trends in SMR brackets show 30 contracts signed in 2024 for equipment ranging from 200–300 MW vessels, representing demand for 90+ modules annually. This trend could catalyze economies of scale in manufacturing and reduce cost-per-unit.

Technological collaboration agreements—such as France-Korea reactor component co-production—have led to 50% reduction in delivery times from 30 to 18 months. As national governments increasingly designate nuclear as critical infrastructure, equipment financing models are evolving, enabling capital-efficient deployment.

New Product Development

New product development within nuclear equipment continues to focus on modularity, materials, digitalization, and safety automation. In 2024, equipment manufacturers introduced factory-built SMR pressure modules up to 300 tons, with flange-to-flange components pre-integrated, reducing site labor hours by 40%. Mitsubishi Heavy Industries introduced its 100 MW SMR modular reactor vessel, which cuts build time to under 5 years by combining vessel and steam generator in a single module weighing 800 tons.

Advanced materials have been applied: GE unveiled a new advanced zirconium–niobium alloy for fuel cladding that withstands temperatures up to 1,200 °C and increases service life by 20%. Orano launched nickel-based alloy steam generator tubing capable of withstanding higher corrosion rates, extending operational lifespan by 15 years and reducing maintenance downtime by 30%.

Digital I&C product innovation remains significant. GE’s Mark VII digital control console replaces legacy analog systems in 40 reactors, offering microsecond fault detection and reducing human-response time by 25%. Toshiba released a compact helium circulator for HTGR systems weighing only 150 kg—less than one-third the size of previous units—while maintaining flow rates of 17 kg/s.

Robotic inspection is transforming component maintenance. Doosan introduced a self-driving ultrasonic inspection crawler capable of scanning 5,000 m² of welds in containment structures per shift—tripling inspection efficiency. BWX Technologies developed a fuel bundle automated handling system that processes 600 bundles per day, reducing manual operations by 80%.

In addition, sensors and digital twins are being embedded into components; BWX and Toshiba are shipping 150 smart pumps with IoT sensors for vibration and temperature data, enabling remote diagnostics and reducing site visits by 60%. These product developments highlight accelerated innovation benefiting advanced and legacy reactor fleets.

Five Recent Developments

Mitsubishi Heavy Industries: delivered its first factory-fabricated SMR module (100 MW) in 2023, weighing 800 tons and reducing build time by 30%.
GE Vernova :upgraded 40 MWe steam turbines with Mark VII digital control consoles in 2024, enabling microsecond fault detection and reducing human response times.
Orano: launched nickel‑based alloy steam generator tubing capable of lasting 15 extra years and resisted corrosion at 350 °C, debuting in two European units.
BWX Technologies: introduced an automated fuel bundle handling system processing 600 bundles/day, significantly reducing manual refueling labor.
ROSATOM :completed a segmented containment dome panel demonstration—7 m in diameter—for SMR applications in 2024, cutting onsite weld time by 50%.

Report Coverage of Nuclear Power Plant and Equipment Market

This report delivers broad and precise market coverage across multiple dimensions. It tracks over 420 operational reactors, 65 under construction, and 90 planned, categorizing them by reactor type (PWR, BWR, PHWR, HTGR, Others) and application (Military, Public Utilities, Others). Equipment categories include reactor vessels, steam generators, turbine sets, control systems, fuel handling units, reactor internals, heat exchangers, coolant circulators, containment structures, digital I&C, and more. Regional segmentation spans North America, Europe, Asia‑Pacific, Middle East & Africa, providing detailed data—such as North America’s 98-reactor fleet, Asia‑Pacific’s 148 units, and Europe’s 130 units—to assess equipment demand and infrastructure capacity imbalances.

The analysis includes company profiling with focus on leading manufacturers—Mitsubishi Heavy Industries and General Electric—covering plant footprints, equipment output, and technological contributions. Investment and opportunity sections quantify equipment procurement contracts, forging capacities (e.g., France’s Creusot Forge outputting 4,000 tons/year), SMR module manufacturing hubs, and digital upgrade pipelines (110+ reactors retrofitted).

Contractual coverage includes detail on heavy forging, SMR skids, and turbine packages, along with procurement lead times (24–36 months for large reactor parts, 18 months for HTGR) and equipment lifecycles (STREAM generator replacements every 40–60 years). Regulatory barriers, supply chain fragmentation, and opportunities in SMR deployment are addressed quantitatively. Overall, this market report offers a fully scoped view—from global reactor count, equipment weight metrics, production capacities, and innovation trends—to production cycles and regulatory context.