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.

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.
The Philippine government grants contractual advantages and priority dispatch to its first nuclear project, laying the groundwork for sustained sector development in the coming decades.
The merger between Terra Innovatum and GSR III Acquisition Corp. includes $130mn in proceeds aimed at supporting the industrial development of its SOLO™ micro-nuclear reactor.
US nuclear technology firm NANO Nuclear Energy has secured $400mn through an oversubscribed private placement, raising its cash position to approximately $600mn to accelerate development of its KRONOS MMR™ microreactors.
Global Nuclear Fuel, a GE Vernova-led alliance with Hitachi, plans the first use of its GNF4 boiling water reactor fuel in 2026, with full-scale production expected by 2030.
Arkansas has appointed Excel Services to analyse the economic, technological and logistical outlook of a new nuclear programme, with results expected within ten months.
Operator Belgoprocess has received authorisation to build a new facility to store waste generated from the ongoing decommissioning of Belgium’s nuclear reactors.
The British government has launched a consultation on the regulatory justification request for Rolls-Royce’s modular reactor, a decisive step towards its approval in the country’s nuclear market.
GVH and Samsung C&T join forces to accelerate international deployment of BWRX-300 small modular reactors, with a strong focus on Sweden and the consolidation of the nuclear supply chain.
The Swedish government aims to establish a right to compensation for operators if a political reversal leads to the early shutdown of nuclear plants, in a move to reduce investment risks.
Duke Energy adds a large nuclear reactor project to its 2025 plan for the Carolinas, anticipating electricity demand more than twice previous forecasts.
EDF has selected Arabelle Solutions to supply two complete turbine islands for the Sizewell C nuclear power plant, strengthening their industrial cooperation initiated at Hinkley Point C.
The Italian government has approved a bill granting the executive authority to regulate the return of nuclear energy, in line with European carbon neutrality and energy security targets for 2050.
Framatome and the French Alternative Energies and Atomic Energy Commission have commissioned a specialised industrial line in Jeumont for the manufacturing of nuclear components used in French Navy vessels.
Italian company Terra Innovatum is advancing the commercialisation of its SOLO micro-reactor, with two new partnerships and $42.5mn in funding as part of a merger with a listed company.
The Nurlikum Mining joint venture enters a new industrial phase with the launch of the South Djengeldi project, targeting annual production of 500 tonnes of uranium over ten years in Uzbekistan.
The containment structure over Chernobyl’s destroyed reactor lost power after a Russian strike, as Zaporizhzhia remains cut off from external electricity for over a week.
Uranium deliveries to U.S. civilian operators rose 8% in 2024, while the average price climbed to its highest level since 2012, according to the latest available data.
The Vice-Chairman of Russia’s Security Council believes more countries will develop nuclear weapons and generative AI technologies as a result of increasing public sector efforts.

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