Nuclear Power Market

The nuclear power market is forecasted to reach USD 44.71 billion by 2029 from an estimated USD  38.84 billion in 2024, at a CAGR of 2.9% during the forecast period (2024-2029). There is increasing global energy demand, especially in emerging economies, which drives the investment in nuclear power to ensure a stable supply of energy. Besides, Nuclear power provides a stable and predictable supply of electricity, reduces dependency on imported fossil fuels, and enhances national energy security.

The key players following the strategies between 2020 to 2024, The State Atomic Energy Corporation ROSATOM (Russia), EDF (France), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), AtkinsRéalis (Canada) and Westinghouse Electric Company LLC. (US). The companies are majorly following product launches, investments, expansions, contracts, agreements, partnerships, funding, and acquisition as the strategy to grow and expand the market.

The State Atomic Energy Corporation Rosatom (Russia), is one of the diversified corporations involved in all stages of the nuclear production chain. The company specializes in nuclear energy, nuclear plants, nuclear reactors & services, nuclear power generation, uranium enrichment, innovation, nuclear fuel, nuclear equipment, nuclear engineering, electricity trading, nuclear decommissioning, radioactive waste management, and nuclear fuel cycle. its business segments include uranium exploration and mining, nuclear fuel fabrication, nuclear power plant design and construction, power generation, and radioactive waste management.

With over 400 organizations, including research institutes and a unique fleet of nuclear-powered icebreakers, ROSATOM is Russia’s largest power generation company and a major player in global nuclear technology markets. The corporation also engages in innovative projects, such as wind power and nuclear medicine, and leads the Proryv (Breakthrough) Project, which aims to close the nuclear fuel cycle and enhance clean energy production.

Westinghouse Electric Company LLC. (US) is one of the leading service providers and product suppliers in the nuclear power industry, specializing in nuclear power, plant upgrades, nuclear fuel, new plant, and outage services. Westinghouse Electric Company LLC provides products, solutions, and services including mission-critical nuclear fuel, maintenance services, engineering solutions, instrumentation and control systems, and manufactured components. It also offers services related to the decontamination, decommissioning, and remediation of power plant sites as well as technologies, equipment, and engineering and design services for new power plants.

Westinghouse Electric Company LLC offers small modular reactors such as integral pressurized water reactors and microreactors. The company played a pivotal role in the nuclear era by building the world’s first commercial pressurized water reactor in Shippingport, Pennsylvania.

The company has a geographic presence in North America, Europe, the Middle East, and Asia and is operational in more than 19 countries across the world. It has established approximately 42 corporate offices in North America and Europe and operates sales and service centers in Japan, China, South Korea, the UAE, and South Africa.

Related Reports:

Nuclear Power Market by Plant Lifecycle Stage (EPC, Decommissioning, Operation & Maintenance), Type (Nuclear Power Plant, SMR), Application (Power Generation, Desalination, Industrial), Connectivity, Capacity, and Region - Global Forecast to 2029

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