Global Nuclear Power Plant and Equipment Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2025-2034)

Global Nuclear Power Plant and Equipment Market Growth

The nuclear power plant and equipment market is driven by the growing demand for electricity from low-carbon sources and the growth in the construction of nuclear reactors.

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As of July 2023, nuclear power accounted for about 10% of the electricity production globally, primarily led by advanced economies. By 2024, the global electricity demand is projected to increase by around 4%, up from 2.3% in 2023, leading to further opportunities for electricity production from nuclear sources.

Figure: Domestic Electricity Consumption (TWh) by Country; 2023

Between 2020 and 2035, China aims to construct 150 new nuclear reactors. According to the International Atomic Energy Agency (IAEA), as of September 2024, around 54 pressurized light-water moderated and cooled reactor have been installed globally. As of 2024, China and India hold the most number of reactors under construction globally, accounting for 28 and 7 units, respectively.

Figure: Operational Reactors and Their Net Electric Capacity (GW) by Type; 2024

Global electricity consumption increased by 2.6% in 2023, aligning with the typical annual growth rate of about 2.7%. China's consumption grew by more than 6.9%, representing one-third of global usage, while India saw a 6.7% rise and Brazil 3.2%, driven by strong economic growth and higher demand in sectors like cooling in India and Brazil, and irrigation in India.

Key Trends and Developments

Global Nuclear Power Plant and Equipment Market Trends

Increasing energy demands create opportunities for nuclear power to play a larger role in diversifying energy sources. The U.S. Department of Energy (DOE) projects an additional 200 GW of nuclear capacity to reach net-zero emissions by 2050. Some of the nuclear power can be potentially produced at or near retiring coal plants. As of 2024, around 30% of the USA’s coal-fired power plants are projected to retire by 2035. According to the DOE, over 300 existing and retired coal power plant sites are suitable to host advanced nuclear power plants in the USA.

SMRs have a power capacity of up to 300 MW(e) per unit, which is about 1/3rd of the generating capacity of traditional nuclear power reactors. SMRs are advantageous due to their small and modular design. Prefabricated units reduce construction costs and delays compared to custom-designed reactors.  Limited grid coverage and high connection costs hinder rural electrification. SMRs can address this by being installed on existing grids or off-grid, offering low-carbon power in areas with inadequate transmission infrastructure.  SMRs have reduced fuel needs, requiring refueling every 3 to 7 years, compared to 1 to 2 years for conventional plants. SMrs are under construction or in the licensing stage in China, Russia, Argentina, Canada, South Korea, and the USA.

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Global Nuclear Power Plant and Equipment Industry Segmentation

Global Nuclear Power Plant and Equipment Market Share

Based on application, public utilities account for a significant share of the nuclear power plant and equipment market

Nuclear power is being increasingly used to generate electricity, amidst the growing importance of net zero emissions. In 2022, the nuclear reactors in the United States contributed to 18% of total electrical output, whereas in the UK, the nuclear power provided 13.9% of total electricity supplied in 2022. In 2023, nuclear reactors generated a total of 2,602 TWh of electricity, an increase from 2,544 TWh in 2022.

Governments such as Russia and China are developing microreactors for propulsion. By 2030, the US army aims to deploy prototype microreactor nuclear power plant at an installation in the continental U.S. Nuclear power is being used for powerful submarine propulsion. As of February 2023, globally, over 160 ships were powered by over 200 small nuclear reactors.

Based on reactor type, pressurised water reactor is a major contributor to the global nuclear power plant and equipment market revenue

A pressurised water reactor (PWR) has fuel assemblies of 200-300 rods each, which are arranged vertically in the core. Typically, a large reactor has the presence of about 150-250 fuel assemblies with 80-100 tonnes of uranium. The nuclear island equipment includes a reactor pressure vessel, steam generator, and pressurizer. As of April 2022, the total number of Pressurized Light-Water Moderated and Cooled Reactors across the globe were recorded at 306.

The Pressurised Heavy Water Reactors (PHWRs) are typically fuelled by natural uranium. Typically, for a 700 MW PHWR (at 85% Capacity Factor), the annual requirement of fuel (UO2) is about 125 tons.

Leading Manufacturers in the Global Nuclear Power Plant and Equipment Market

Other notable players operating in the global nuclear power plant and equipment market are GE Vernova Inc, Korea Electric Power Corporation, Toshiba Energy Systems & Solutions Corporation, Mitsubishi Heavy Industries, Ltd, Larsen & Toubro Limited, and Doosan Enerbility Co., Ltd, among others.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Global Nuclear Power Plant and Equipment Market Analysis by Region

Asia is expected to dominate the nuclear capacity installations by 2033 installing over 49 GW, as China, India, and Japan make huge investments towards clean energy solutions. As of August 2024, Asia has 145 operational nuclear power reactors and 45 under construction.

EU regulators are increasingly advocating nuclear power as a key solution for reducing greenhouse gas emissions and achieving carbon neutrality in Europe by 2050. In 2022, nuclear power accounted for 22% of the EU’s energy mix.

Opportunities for nuclear energy in North America include its ability to provide a reliable power source and its low emissions profile compared to fossil fuels. As of 2023, nuclear energy meets 20% of the electricity demand in the United States and 15% in Canada.