Advanced Nuclear Reactors Market

Advanced Nuclear Reactors Market Overview

The global Advanced Nuclear Reactors Market size was valued at USD XX billion in 2024 and is predicted to reach USD XX billion by 2030 with a CAGR of XX% from 2025-2030.

The nuclear power industry is driven by numerous factors such as rising electricity demand, boosting military sector and rising industrialization. The market is however, hindered by the high upfront cost. However, the convergence of next-generation nuclear reactors with the renewable energy sector holds prospects in the future. Also, number of leading companies such as Saskatchewan Power Corporation, BWX Technologies, Inc and Kairos Power LLC are implementing several strategies such as acquisition, expansion and collaboration to keep up with their hold on the market. This key development is anticipated to drive innovation in the domain driving more research for better sustainability.

Rising Electricity Demands Fuels Market Growth

The growing need for electricity drives advanced nuclear reactors market demand as better and cleaner forms of energy sources are needed to cater to rising power consumption in various industries. The reactors provide a high-capacity, trusted energy solution with a constant source of power supply and reduction of carbon emissions that leads to its adoption. According to the latest report published by the Ember, world electricity demand increased from 26,654.8 TWh in 2020 to 29,479 TWh in 2023, growing by 10.6% over a span of 3 years. The increasing demand for low-carbon and reliable energy solutions is, therefore, the driving force for the next generation of nuclear reactors, satisfying electricity needs.

Boosting Military Sector Bolster Advanced Nuclear Reactors Market Growth

The boosting defense sector bolster the demand for the next-generation nuclear reactors by necessitating the need for compact and reliable sources of power for remote bases and military operations, ensuring energy security and operational performance. According to the latest report published by the Stockholm International Peace Research Institute, global expenditures on the military reached USD 2443 billion in 2023, a 6.8% increase from the previous year. The rising military spending increases the adoption of these reactors, ensuring energy security for defense operations.

Rising Industrialization Spurs Market Growth

The growing industrialization propels advanced nuclear reactors market trends due to rising demand for high-capacity, reliable energy solutions to propel massive industrial processes and reduce dependence on fossil fuels. Based on the report published by the United Nations Industrial Development Organization (UNIDO), global industrial industries such as manufacturing, mining and others contributed 2.3% growth in 2023. The rising industrialization prompts the demand for advanced nuclear reactors, as industries need sustainable high-capacity energy solutions to support growth and reduce reliance on traditional energy sources.

High Upfront Cost Hinders Market Growth

The initial investment costs associated with next-generation nuclear reactors are enormous and act as a major barrier to their mass adoption. The cost of constructing, testing, and maintaining the reactors is high, making them less appealing and hence their deployment limited.

Integration with Renewable Energy Creates Future Opportunities 

Combining advanced nuclear reactors with renewable energy systems offer significant future prospects. The hybrid combination of the constancy of nuclear power and the sustainability of the renewable source creates a continuous low-carbon generation of power. By overcoming the intermittency inherent in renewable power, such as wind and solar power, new-generation nuclear technologies fill the gap to provide a firm power supply.

Market Segmentations and Scope of the Study

The advanced nuclear reactors market report is segmented on the basis of type, coolant type, fuel type, end users, and region. On the basis of type, the market is classified into small modular reactors (SMRs), molten salt reactors (MSRs), sodium-cooled fast reactors (SFRs), lead-cooled fast reactors (LFRs), gas-cooled fast reactors (GFRs), high temperature gas reactors (HTGRs), and others. On the basis of coolant type, the market is divided into water-cooled, gas-cooled, liquid metal-cooled, and molten salt-cooled. On the basis of fuel type, the market is distributed into uranium-based fuel, thorium-based fuel, and others. On the basis of end users, the market is divided into energy & utilities, chemical, defense & military, water management & desalination, and others. The regional breakdown includes regions such as North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

Geographical Analysis

North America accounts the dominates the advanced nuclear reactors market share and is forecasted to remain at the position during the forecast period. This is on account of growing electricity demand, that drives demand for strong, high-power energy solutions provided by such technologies in the region. According to the International Energy Association report, the U.S. electricity demand is expected to increase 3% in 2024 from a year ago. This rising demand for electricity highlights the role of future nuclear technology in providing high-capacity, reliable energy choices to meet escalating levels of consumption and supplement carbon reduction efforts. 

Moreover, the growth of the defense industry in the region fuels the need for next-generation nuclear reactors as they are stable, high-output energy sources for essential defense functions. The report of the Canada Government states that Canada's defence expenditure is expected to account for 1.37% of its GDP, with 18.6% being spent on major equipment, from 1.31% of GDP and 14.8% on major equipment in the 2023-24 fiscal year. As a result, enhanced defense spending raises the need for sophisticated nuclear technology to support secure and stable energy solutions for essential defense infrastructures. 

Conversely, the Asia-Pacific region experiences increasing growth in the advanced nuclear technologies due to the growing industrial sector in the region that calls for higher energy needs. As per the report by China Power, the China’s manufacturing value added USD 4.66 trillion in 2023 accounting to 29% of the global total value combining the U.S., Japan, Germany and India. Such booming industrial sector needs high-capacity energy solution that promotes growth in the market. 

In addition, the regional growth is also driven by the government strategy to increase its energy requirements by application of advanced technology. The government seeks to improvise the usage of nuclear energy in a bid to enhance energy security and reduce carbon emissions. According to the Department of Atomic Energy 2023, India aims to increase nuclear capacity from 7,480 MW to 22,480 MW by 2031-2032. The expansion of nuclear needs of the country as part of government plans for energy needs promotes growth in the market.

Competitive Landscape

Various market players operating in the advanced nuclear reactors industry includes Korea Hydro & Nuclear Power Co., Ltd., NuScale Power Corporation, Westinghouse Electric Company LLC, General Electric Company, X Energy, LLC, BWX Technologies, Inc., Cameco Corporation, MoltexFLEX Limited, Saskatchewan Power Corporation, Babcock & Wilcox Enterprise, Inc., General Atomics, Kairos Power LLC, Nano Nuclear Energy, Inc., General Electric Company, Dassault Systèmes, and others. These market players continue to adopt various market development strategies including acquisition, business expansion and partnership to maintain their dominance in the market.

For instance, BWX Technologies, Inc. in January 2025 acquired Kinectrics of Toronto to strengthen its global nuclear energy and radiopharmaceutical solutions. The acquisition is a sign of the company's intention to expand its international customer base. 
Moreover, in September 2024, Kairos Power LLC expanded its New Mexico operations through the development of three structures or its center of research and development engineering to help commercialize its innovative reactor technology. The project anticipates igniting regional economic growth and innovation. 

Furthermore, in June 2024, SaskPower collaborated with Westinghouse Electric Company, and Cameco Corporation to explore the capabilities of the nuclear reactor technologies and the fuel supply chain to serve Saskatchewan's future clean energy needs.

Key Benefits

• The report provides quantitative analysis and estimations of the advanced nuclear reactors market from 2025 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the advanced nuclear reactors market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the advanced nuclear reactors trend is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Advanced Nuclear Reactors Market Key Segments

By Type

• Small Modular Reactors (SMRs)

• Molten Salt Reactors (MSRs)

• Sodium-Cooled Fast Reactors (SFRs)

• Lead-Cooled Fast Reactors (LFRs)

• Gas-Cooled Fast Reactors (GFRs)

• High Temperature Gas Reactors (HTGRs)

• Others

By Coolant Type 

• Water-Cooled

• Gas-Cooled

• Liquid Metal-cooled

• Molten Salt-cooled

By Fuel Type

• Uranium-based Fuel

• Thorium-based Fuel

• Others

By End Users

• Energy & Utilities

• Chemical

• Defense & Military

• Water Management & Desalination

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France    

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• Korea Hydro & Nuclear Power Co., Ltd.

• NuScale Power Corporation

• Westinghouse Electric Company LLC

• General Electric Company

• X Energy, LLC

• BWX Technologies, Inc.

• Cameco Corporation

• MoltexFLEX Limited

• Saskatchewan Power Corporation

• Babcock & Wilcox Enterprise, Inc.

• General Atomics

• Kairos Power LLC

• Nano Nuclear Energy, Inc.

• General Electric Company

• Dassault Systèmes

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2024	USD XX Billion
Revenue Forecast in 2030	USD XX Billion
Growth Rate	CAGR of XX% from 2025 to 2030
Analysis Period	2024–2030
Base Year Considered	2024
Forecast Period	2025–2030
Market Size Estimation	Billion (USD)
Growth Factors	The rising demand for electricity drives the growth of the market. The military sector boosts demand for advanced nuclear reactors industry. The rising industrialization fuels the growth of the market.
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.