The Global Nuclear Market Will Reach USD 44.71 Billion by 2029 Through Strategic Investments

Driven by favorable public policies and growing energy demand, the global nuclear energy market is projected to reach USD 44.71 billion by 2029, with an annual growth rate of 2.9%. Major powers are intensifying investments in the sector.

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The global nuclear energy market is experiencing significant expansion, bolstered by strategic public policies and decarbonization goals. Valued at USD 38.84 billion in 2024, this sector is expected to grow to USD 44.71 billion by 2029, with a compound annual growth rate (CAGR) of 2.9%.

Investments in nuclear energy are intensifying, particularly in major powers such as China, Russia, and France, which consider nuclear power a cornerstone of their energy sovereignty. These nations are enhancing their capacity to meet rising electricity demand while reducing reliance on fossil fuels.

A Market Supported by Public Policies

Governments play a central role in driving the growth of the sector. For example, China and Russia are heavily investing in advanced reactors and robust infrastructure development. In France, authorities support the modernization of existing plants while developing next-generation technologies to maintain their leadership in the field.

In the United States, funding programs and tax incentives are fostering innovation, particularly in small modular reactors (SMRs), which represent a flexible and economical alternative for local electrical grids.

Economic Drivers of the Nuclear Market

The competitive cost of nuclear energy compared to fossil fuels is one of its main growth drivers. Unlike renewable energies, which are subject to weather variations, nuclear energy provides a consistent electricity supply essential for stabilizing energy grids, particularly in regions with rapid urbanization and industrialization.

However, the sector must overcome several challenges, including high infrastructure costs and concerns related to radioactive waste management. Market players such as EDF (France) and Rosatom (Russia) are focusing on innovations to mitigate these constraints and ensure greater efficiency.

Asia-Pacific: A Key Player

The Asia-Pacific region dominates the global market, driven by China, India, and South Korea. These countries are investing in large-scale projects to meet growing energy demand. In China, for instance, ambitious plans aim to multiply reactors to achieve environmental and economic objectives.

Simultaneously, India is accelerating the development of its nuclear infrastructure to support its energy transition, while South Korea is strengthening international partnerships to export its advanced technologies.

Major Companies Shaping the Future of Nuclear

Companies like Westinghouse Electric Company (United States) and Rolls-Royce (United Kingdom) play a crucial role in the market’s evolution. These actors focus on developing new technological solutions, such as modular reactors and advanced waste management systems.

In Russia, Rosatom diversifies its activities, particularly in enriched uranium and fuel cycle-related services, to consolidate its position in the global market. These initiatives reflect a shared commitment to adapting the nuclear sector to the specific needs of each region.

Strategic Perspectives and Implications

By 2029, nuclear energy will remain a critical lever for addressing global energy challenges. Countries heavily investing in this sector will benefit from greater energy security and enhanced economic competitiveness.

However, the transition to a low-carbon energy system requires increased collaboration between governments and companies to maximize the benefits of nuclear power while addressing sustainability and safety requirements.

Bahrain has concluded a civil nuclear agreement with the United States and formalised a commitment of $17bn in public investments in the US market, further strengthening bilateral cooperation.
Kairos Power has installed the vessel for its third test prototype in Oak Ridge, aiming to validate manufacturing methods for its future Hermes reactor supported by the US Department of Energy.
London and Prague formalise a strategic partnership to develop the nuclear sector, focusing on small modular reactors and industrial cooperation on supply chains.
Experts have broadly approved France’s Cigéo deep nuclear waste repository project, highlighting technical uncertainties that demand stronger guarantees for long-term safety.
Uzbekistan advances its nuclear project by signing a protocol with Hungary for the supply and local assembly of dry cooling systems, expanding its industrial partnerships in the region.
Polskie Elektrownie Jądrowe is asking the European Commission to review its $49bn investment to build Poland’s first nuclear power plant, a step required under the Euratom Treaty before any construction permit can be issued.
The International Atomic Energy Agency mission completed on July 11 warns that the National Nuclear Safety Administration must hire staff to oversee a fleet of 59 reactors in operation and 32 more under construction.
Energoatom signed strategic agreements with Westinghouse and Holtec at the Ukraine Recovery Conference, aiming to establish nuclear fuel production and small modular reactor capabilities in the country.
Tehran agrees to reopen its nuclear facilities to the IAEA, aiming to resume negotiations with Washington, while Moscow pushes for a “zero enrichment” agreement without getting involved in supervision.
TerraPower has selected three new American suppliers for its advanced Natrium nuclear reactor, confirming progress on the project located in Kemmerer, Wyoming, intended to replace a retiring coal-fired power plant.
Energy Exploration Technologies acquires Daytona Lithium, an Australian subsidiary of Pantera Lithium, for AUD40mn ($27mn), bringing its strategic lithium basin footprint in Smackover, USA to nearly 50,000 acres.
The Canadian Nuclear Safety Commission has identified no major barriers to licensing the ARC-100 reactor, announces ARC Clean Technology.
SE Ignalina, the Lithuanian nuclear operator, has signed a memorandum of understanding with French firm Newcleo to explore the integration of small modular reactors (SMRs) using lead-cooled fast reactor (LFR) technology in Lithuania.
Egyptian President Abdel Fattah al-Sisi oversaw the signing of new agreements for the construction of the El Dabaa nuclear power plant, thus strengthening the strategic cooperation between Egypt and Russia.
Vistra Corp receives green light to extend Perry nuclear plant operations in Ohio by 20 years, securing regional electricity supply until 2046 and ensuring operational continuity for all its nuclear reactors in the United States.
EDF will hold a 12.5% stake in the Sizewell C nuclear project in the UK, a €1.3 billion investment announced during Emmanuel Macron’s official visit to London, confirming the strategic nuclear energy alignment between the two countries.
The French Cigéo project, designed to bury the most hazardous radioactive waste deep underground, obtains a crucial technical validation before its final authorization, expected by the end of 2027.
EDF confirms the continuation of its industrial project in Fessenheim for recycling very low-level radioactive metals, a first in France requiring specific regulatory authorizations, following a public debate concluded last February.
NANO Nuclear Energy Inc. formalizes its collaboration with UrAmerica Ltd. to strengthen Argentina’s uranium supply, aiming to secure future nuclear fuel supply chains for the U.S. market.
American companies SHINE Technologies and Standard Nuclear partner to recycle uranium and plutonium, supplying advanced fuel to the nuclear reactor sector and enhancing the national energy security of the United States.