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.

California-based Radiant will build its first microreactor production facility in Oak Ridge, on a former Manhattan Project site, with production targeted at 50 units per year by 2028.
EDF restarted the Flamanville EPR reactor after repairing non-compliant valves, delaying the target of reaching full power output of 1,620 MW until the end of autumn.
Nano Nuclear and the University of Illinois will begin drilling operations for the KRONOS MMR™ reactor on October 24, marking a key step toward commercialisation of the nuclear project on the Urbana-Champaign campus.
Natura Resources is finalising construction of the MSR-1, an advanced liquid-fuel nuclear reactor, with a planned launch in 2026 on the Abilene Christian University campus.
JPMorganChase commits $10bn in direct investments as part of a $1.5tn plan to boost energy independence and strategic technologies, including next-generation nuclear power.
A roadmap under development aims to establish regulatory and technical foundations for the deployment of small modular reactors, with the goal of strengthening national energy security and attracting private capital.
EDF adjusts its 2025 nuclear production forecast to between 365 and 375 TWh, supported by the performance of its industrial programme START 2025 focused on maintenance efficiency.
The United Nations nuclear agency is urging Ukraine and Russia to establish a local ceasefire to repair damaged power lines at the Zaporizhzhia plant, which remains on alert after losing all external power supply.
Deep Isolation is calling on First Mover States to incorporate radioactive waste management into their joint strategy to ensure the industrial viability of new nuclear reactors.
Canada’s nuclear regulator has approved the launch of a new building that will store used steam generators from Bruce Power's refurbishment programme.
Costain has been selected to upgrade essential utilities at the Sellafield nuclear site under a contract worth up to £1bn over fifteen years.
A 5,000-megawatt nuclear programme will be launched by the South African government with NECSA to support national electricity supply and reduce power cuts.
Canada’s IsoEnergy will acquire Australia’s Toro Energy for AUD75mn ($49mn), creating a diversified uranium production platform with assets across Australia, Canada and the United States.
The upcoming Sizewell C nuclear power plant secures its fuel supply through agreements signed with Urenco and Framatome, marking a key step in strengthening the United Kingdom’s long-term energy stability.
The construction of Uzbekistan’s first small modular reactor (SMR) is underway, with 1.5mn m³ of earth being excavated in Jizzakh, marking a major milestone for the nuclear project led by Rosatom.
A nationwide debate on radioactive waste strategy begins on October 13 for four months. It will accompany the preparation of the next five-year roadmap regulating storage, treatment and funding policies through 2031.
Holtec International has ended its planned interim nuclear storage facility in New Mexico, citing ongoing legal hurdles and political deadlock over spent fuel management.
An international audit led by the International Atomic Energy Agency confirms that Spain has fully addressed the recommendations made in 2018 regarding its nuclear waste management programme.
EDF anticipates a 35 MW decrease in output for the Flamanville EPR between 2026 and 2031, citing a degraded performance level with no official technical explanation to date.
Nuclear Power Corporation of India Ltd has pushed the Bharat Small Reactors proposal deadline to 31 March 2026, aiming to expand private sector engagement in the captive nuclear energy project.

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