New York, NY – September 2, 2025 – The global nuclear power plant equipment market, valued at USD 22.72 billion in 2024, is poised for steady growth, projected to increase from USD 23.28 billion in 2025 to USD 28.37 billion by 2033, at a CAGR of 2.5% during the forecast period (2025–2033). This growth is fueled by surging global energy demand, heightened focus on clean energy to combat global warming, and increasing investments in nuclear power infrastructure, according to a comprehensive report by Straits Research.
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Market Drivers: Rising Energy Needs and Environmental Concerns
The global population is expected to surpass 8.5 billion by 2030 and reach 9.7 billion by 2050, driving an exponential increase in energy consumption. According to the U.S. Energy Information Administration (EIA), global electricity generation is projected to grow by 30% to 76% by 2050, with nuclear power and renewables potentially accounting for up to 66% of the global electricity supply. The push for low-carbon energy sources, spurred by rising global temperatures—0.32°F per decade since 1981, per NOAA’s 2021 Annual Climate Report—has further accelerated demand for nuclear power, which produces no greenhouse gas emissions during electricity generation.
Market Opportunities: Investments in Nuclear Innovation
Significant investments in nuclear technology are creating new growth opportunities. For instance, in July 2022, the U.S. Department of Energy (DOE) awarded contracts worth approximately USD 5 million each to Lockheed Martin, Westinghouse, and IX for designing a 40-kilowatt nuclear fission power system for lunar deployment. Such advancements are expected to bolster the market by demonstrating nuclear power’s reliability and versatility.
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Regional Insights
- Asia-Pacific: The region is set to dominate market growth, driven by rapid industrialization, urbanization, and ambitious nuclear energy goals. India aims to expand its nuclear capacity to 22.5 GW by 2031, with nuclear energy targeted to contribute 25% of electricity generation by 2050. Japan’s development of advanced light-water reactors, like the SRZ-1200 by Mitsubishi Heavy Industries, further strengthens the region’s market outlook.
- North America: Growth is supported by initiatives like Canada’s SMR Roadmap and the Enabling Small Modular Reactors Program, which allocated USD 22 million in 2023 to advance small modular reactor (SMR) technology.
- Europe: With a 2.3°C temperature rise since pre-industrial levels, Europe is prioritizing nuclear energy to reduce reliance on fossil fuels. In February 2023, eleven European nations committed to enhancing nuclear supply chain cooperation, fostering market expansion.
Market Challenges
High initial costs for nuclear power plant construction—ranging from USD 6 billion to USD 9 billion for a 1,100 MW plant—pose a significant restraint compared to more cost-competitive renewable energy options like solar (USD 2,000 per kilowatt).
Key Players and Recent Developments
Leading companies in the market include BWX Technologies Inc., Doosan Corporation, Larsen & Toubro Limited, Mitsubishi Heavy Industries Ltd., General Electric Company, Shanghai Electric Group Co. Ltd., Westinghouse Electric Company LLC., Korea Electric Power Corp., and Toshiba Energy Systems & Solutions Corporation. Notable developments include:
- May 2023: Dominion Energy and Westinghouse signed a contract for replacement steam generators at Surry Nuclear Power Station in Virginia.
- May 2023: Westinghouse launched the AP300™ SMR, a 300-MWe pressurized water reactor based on the proven AP1000® technology.
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Market Segmentation
- By Equipment Type: Island Equipment, Auxiliary Equipment
- By Reactor Type: Pressurized Water Reactor (PWR), Pressurized Heavy Water Reactor (PHWR), Boiling Water Reactor (BWR), Advanced Reactor
- By Region: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
About Straits Research
Straits Research is a leading market research and consulting firm, providing actionable insights and data-driven solutions to help businesses navigate complex market landscapes. For a detailed report, visit Straits Research.
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