The global Nuclear Power Market is estimated to be valued at US$ 399.09 GW in 2023 and is expected to exhibit a CAGR of 1.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The nuclear power market involves production of electricity through nuclear fission. Nuclear power plants generate electricity by heating water into steam using the heat from nuclear fission and then powering steam turbines which activates generators to produce electricity. Nuclear power is considered a low-carbon source of electricity generation that does not produce greenhouse gases such as carbon dioxide.

Market key trends:
One of the key trends in the nuclear power market is growing investment in small modular nuclear reactors (SMRs). SMRs are much smaller in size compared to conventional nuclear reactors and offer advantages such as reduced upfront capital costs, modular construction, and the ability to be sited closer to population centers to meet demand. SMRs can range from 300 MW or less capacity and are expected to see increased adoption to fulfill the needs of developing nations and for remote off-grid applications. Countries such as Canada, China, Russia, and United States are actively investing in SMR technology development which is expected to boost the nuclear power market growth during the forecast period.
Market key trends:
One of the key trends in the nuclear power market is the increasing support for Small Modular Reactors (SMRs). SMRs are smaller in size, modular in design, and are easier to manufacture and transport compared to traditional large reactors. Countries around the world are showing significant interest in SMRs as they provide flexibility and have potential for cost savings. For emerging economies and regions with small grids, SMRs offer reliable and zero-carbon energy source that can help meet increasing electricity demand.

SWOT Analysis
Strengths: Nuclear energy is a reliable source of baseload power that produces zero emissions. New plant designs have enhanced safety features.
Weaknesses: High upfront capital costs of nuclear plants. Disposing of nuclear waste is challenging and expensive. Events like Fukushima affect public perception negatively.
Opportunities: Increasing focus on reducing carbon emissions drives opportunities in SMRs and advanced reactor technologies. Emerging technologies promise passively safe designs and cost reductions.
Threats: Stiff competition from renewable energy sources and natural gas plants poses a threat. Regulatory changes and policy support for nuclear varies across countries.

Key Takeaways
The global Nuclear Power Market Growth  size was valued at USD 399.09 billion in 2023 and is expected to reach USD 407.67 billion by 2030, registering a CAGR of 1.2% during the forecast period. Several countries, especially in Asia, are focusing on expanding their nuclear energy capacity to reduce dependence on fossil fuels and meet electricity needs of a growing population. Regional analysis indicates that Asia Pacific dominated the nuclear power market in 2023 and is expected to continue its leading position, driven by rapid infrastructure development and growing energy demand in China, India, and South Korea. Some of the major players operating in the nuclear power market are GE-Hitachi Nuclear Energy Inc., Westinghouse Electric Company LLC, STP Nuclear Operating Company, SKODA JS AS, China National Nuclear Corporation, Bilfinger SE, BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd, Mitsubishi Heavy Industries Ltd, Bechtel Group Inc., Japan Atomic Power Co., and Rosatom Corp.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it