Nuclear Reactor Construction Market Size - By Reactor Type (Pressurized Water Reactors, Boiling Water Reactors, Advanced Reactors), By Application (Baseload Electricity Generation, Desalination & Process Heat, Marine Propulsion), By Value Chain & Forecast

Nuclear Reactor Construction Market Size - By Reactor Type (Pressurized Water Reactors, Boiling Water Reactors, Advanced Reactors), By Application (Baseload Electricity Generation, Desalination & Process Heat, Marine Propulsion), By Value Chain & Forecast, 2024 - 2032

The global nuclear reactor construction market is expected to grow at a CAGR of 1.5% during 2024-2032, driven by an increased demand for clean energy and favorable government policies.

According to the data published by UN, the renewable sources currently contribute to 29% of the world's electricity and this is expected to increase further. With the growing awareness of climate change and the need to reduce carbon emissions, nuclear power emerges as a low-carbon alternative capable of providing a stable and reliable energy supply. Additionally, advancements in nuclear technology, improved safety measures, and favorable government policies are further contributing to the growth of the industry. The significant investments, and collaborations between governments and private entities are further fostering innovation and development in the nuclear energy sector.

The global nuclear reactor construction market is classified based on reactor type, application, value chain, and region.

The Boiling Water Reactors (BWRs) segment is set to grow manifold through 2032, owing to their efficiency and simplicity. These reactors directly convert water into steam to generate electricity, streamlining the energy production process. The process is safe, cost-effective, and has easy operation. Leading industry players are investing in R&D to enhance the performance and safety features of BWRs, ensuring their continued prominence in the nuclear energy landscape.

The marine propulsion application segment is expected to witness growth till 2032, driven by extended operational range and reduced reliance on traditional fuel sources. Nuclear-powered vessels offer extended operational range, reduced reliance on traditional fuel sources, and increased mission endurance. With naval forces worldwide recognizing the strategic advantages of nuclear propulsion in safeguarding maritime interests, there will be increased traction for nuclear reactor construction.

North America nuclear reactor construction industry size is poised to grow swiftly through 2032, driven by stricter emission regulations, coupled with the need for reliable and resilient power sources. The collaborations between industry players and government agencies are fostering innovation and creating a conducive environment for nuclear energy expansion in the region.