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.

After several decades without funding nuclear projects, the World Bank has formed a strategic partnership with the IAEA to provide technical and financial support to countries integrating nuclear energy into their energy strategies.
South Korea's Nuclear Safety and Security Commission officially validates the decommissioning of reactor number one at the Kori plant, initiating an unprecedented project for the national industry scheduled to last until 2037.
Uranium producer enCore Energy surpasses three thousand pounds per day at its Alta Mesa ISR complex and sees three new Texas laws as a strong signal for faster nuclear production permits.
The International Atomic Energy Agency expresses concerns over Iran’s enriched uranium stockpiles following the abrupt suspension of inspections at key sites disrupted by recent attacks whose consequences remain uncertain.
NPCIL has announced an extension until September 30 for industrial proposals concerning Bharat Small Reactors (BSR), following increased interest from the Indian private sector.
Facing rising temperatures, EDF anticipates cuts in nuclear production starting early July, primarily due to thermal constraints on rivers used for cooling the power plants.
The preliminary agreement launches planning and site assessment for a tailored AP1000 reactor, following two years of feasibility study, and enlists Westinghouse and Hyundai to support Fortum’s regional nuclear expansion.
Donald Trump's unprecedented decision to dismiss Christopher Hanson, a member of the NRC, provokes outrage among former federal officials and raises concerns over the regulatory independence of the U.S. nuclear sector.
Uranium Energy Corp strengthens its position in Anfield Energy Inc., now holding approximately 32.4% of the company’s shares following an investment of CAD19.55mn ($14.82mn), significantly expanding its strategic influence in the uranium market.
New York State plans an advanced nuclear power plant with a 1-gigawatt capacity to meet long-term energy and economic goals, involving significant investment to enhance regional energy independence.
Niger announces its intention to nationalize SOMAÏR, a mining company jointly owned with Orano, provoking strong opposition from the French company and paving the way for further international legal tensions.
Russia strengthens its economic presence in Mali with new agreements, notably in nuclear energy and gold refining, consolidating strategic cooperation within a rapidly evolving geopolitical context.
The US government grants a fourth payment of $100.45 mn to Holtec International to restart the Palisades Nuclear Plant, pending regulatory approval, marking an unprecedented event in the United States.
EDF announces a major agreement with Apollo to raise up to £4.5 billion via bonds to finance the British nuclear project Hinkley Point C, whose costs continue to rise significantly.
The Élysée proposes Anne-Isabelle Étienvre, current Director of Fundamental Research at the CEA, as General Administrator to replace François Jacq, recently appointed President of CNES.
Greek Prime Minister Kyriakos Mitsotakis has announced his country's interest in small modular nuclear reactors to meet national energy challenges and decarbonize the maritime sector within the next fifteen years.
TerraPower, an American nuclear company, secures $650 million funding from investors, including NVIDIA, to develop its Natrium modular reactors in the United States and internationally.
EDF and the French state finalize a €70 billion financing plan for six EPR2 nuclear reactors, including a specific territorial coordination framework in Gravelines led by Michel Marbaix, awaiting European approval by 2026.
Maire S.p.A and Newcleo form strategic partnership to industrialise the development of 200 MW modular nuclear power plants, via a joint venture majority-owned by Nextchem.
A new European consortium launches the design of a small lead-cooled modular reactor, targeting global commercialisation by 2039, with a demonstration scheduled as early as 2035.