Nuclear Energy Market: By Reactor (Type Pressurized Water & Heavy Water Reactor, Boiling Water Reactor, High-temperature Gas-Cooled Reactor, Liquid-metal Fast-Breeder Reactor, Other Reactor Types),  By Reaction Type (Nuclear Fission, Nuclear Fusion, Nuclear Decay,  By Equipment Type (Island Equipment, Auxiliary Equipment), By Application (Electricity Power Generation, LifeScience & Research, Food & Agriculture, Consumer Products, Industrial Applications, Space & Defense Research, Others), and Geography  

Nuclear Energy Market size was valued at USD 389.62 billion in 2023 and is poised to grow at a CAGR of 1.37% from 2024 to 2030. Technological advancements in nuclear energy, energy storage devices, and other advancements are likely to be major drivers of the nuclear energy market. Globally, Nuclear energy has become the second-largest source of low-carbon emission power source and is expected to continue to increase during the forecast period. The growing demand for decreasing older fossil fuel-dependent units, specifically coal-powered electricity generators is a key driver for the market. The high carbon emission profile of coal-powered generators is anticipated to turn countries into nuclear energy to meet their growing energy demands. The need to reduce air pollution, reduce environmental damage while meeting the world’s growing energy demands has led to various international agencies promoting the need for development of nuclear energy in many of their policy recommendations and scenarios. This growing focus on nuclear energy will undoubtedly increase the demand for nuclear energy during the forecast period. Increasing demand for energy self-sustainability among countries will also play a crucial role in the development of the market. The investment in research and development of novel nuclear energy reactors by countries across the globe is projected to further enhance the growth of the market. The development of new energy storage technologies that will allow for more efficient storage of energy is likely to have a positive impact on the advancement of the nuclear energy market.

Nuclear Energy Market Key Developments:

• In February 2022, The China National Nuclear Corp. (CNNC) signed an agreement with the Argentine government to raise the USD 8 billion Atucha III nuclear power plant using China's Hualong One technology. This is being done to bring back a deal that had been stuck for years. Atucha III is likely to have a gross power of 1,200 MW and an initial useful life of 60 years which will allow the development of nuclear capacities in the country.
• In February 2022, Jim Justice West Virginia Governor signed a bill eradicating the United States ban on nuclear power plants.