Nuclear Reactor Companies | Forecast by 2033

18 Sep 2024

Table of Content

1. Nuclear Reactor Market Growth, Trends and Report Highlights 2. Market Overview 3. Emerging Trends of the Nuclear Reactor Market 4. Top Nuclear Reactor Market Companies 5. Market Potential & Growth Opportunity 6. Regional Insights 7. Nuclear Reactor Market Highlights 8. Nuclear Reactor Market News

Nuclear Reactor Market Growth, Trends and Report Highlights

The global nuclear reactor market size is expected to rise with an impressive CAGR and generate the highest revenue by 2034. The growing adoption of nuclear reactors for safeguarding air quality and generating emission-free electricity is increasing the demand for the nuclear reactor market. Innovation in advanced nuclear reactors and small modular reactors is bringing significant growth to the market.

Market Overview

A nuclear reactor represents a specific system designed to contain and manage nuclear chain reactions that generate heat through the process of fission. This thermal energy is subsequently harnessed to produce steam, propelling a turbine to generate electricity. Reactors are facilitated in generating electricity, military applications, medical isotopes and scientific research.

Currently, more than 400 nuclear reactors are operating in 32 countries worldwide, including 93 in the United States. Collectively, these reactors contribute approximately 10% of the world’s total electricity generation.

Kairos Power is developing an innovative reactor design. Up to the present, approximately 70 companies in the U.S. are working on various advanced reactor designs.

The main components of the nuclear reactor:

• Core: It contains all the nuclear fuel and generates the heat. The center of the nuclear reactor is where nuclear fission takes place. It contains low-enriched uranium (<5% U-235), control systems, and structural materials. The core can contain hundreds of thousands of individual fuel pins.
• Coolant: It is a material that passes through the core, transferring the heat from the fuel to a turbine. It could be water, heavy water, liquid sodium, helium, or another substance. In the U.S. fleet of power reactors, water is the standard. The turbine transfers the heat from the coolant to electricity, just like in a fossil-fuel plant.
• Containment: A structure that separates the reactor from the environment. These are usually dome-shaped, made of high-density, steel-reinforced concrete. Chernobyl did not have a containment to speak of.
• Cooling towers: They are needed by some plants to dump the excess heat that cannot be converted to energy due to the laws of thermodynamics. These are the hyperbolic icons of nuclear energy. They emit only clean water vapor.

Emerging Trends of the Nuclear Reactor Market

• Advanced nuclear reactors: the design of an advanced reactor consists of a non-light water reactor (non-LWR), which makes use of various technologies from existing operating reactors such as passive safety features, using different fuel or coolants, or scaling the entire realtor smaller. Companies in the nuclear reactor market are actively working on alternative versions of nuclear reactor technology beyond the traditional commercial reactors. These advanced designs aim to improve safety, efficiency, and sustainability.
• Small modular reactors (SMRs): SMRs are gaining attention in the nuclear reactor market due to their scalability, flexibility, and quicker deployment. These compact reactors can serve remote areas or complement existing grids. The capacity of this is less than 300MW. NuScale Power’s advanced SMR is an example of this technology, costing from USD 1 to USD 3 billion. Small modular reactor is one of the most promising options, with approximately 20 in development globally and 4 in production in Russia, China, and Argentina.
• Increased nuclear power capacity: An average nuclear reactor produces 1 gigawatt (GW) of electricity.  As of July 2023, 32 countries have 413 GW of nuclear power capacity in operation. Presently, the U.S. holds the largest nuclear energy capacity, totaling 102 GW across 94 reactors. Despite global crises, nuclear power capacity has shown gradual growth over the past decade.
• Innovations in fuel and safety: with the help of nuclear power technologies, innovations in the industry have been witnessed, particularly in fuel and safety, such as tri-structural isotropic fuel (TRISO), Thorium-based nuclear power, artificial intelligence (AI) and portable nuclear microreactor. Researchers are exploring advanced fuels, accident-tolerant fuels, and materials that can burn waste as an energy resource.

The Increasing Decarbonization in the Nuclear Reactor Market

Increasing decarbonization in nuclear reactors is expected to enhance the market outlook. The process of reducing emissions and transitioning industries to net zero by using nuclear energy solutions brings benefits to the nuclear industry. Efficient Heat Utilization in traditional nuclear power plants generates substantial heat, but much of it goes undeveloped. Around 70% of the heat produced in current reactors is released into the environment during the steam-to-electricity conversion process.

Small modular reactors are like compact powerhouses. They generate electricity but also use excess heat for industrial applications. Industries like plastics manufacturing or chemical processing on heat. Incorporating small modular reactors into these processes contributes to maximizing energy efficiency and minimizing carbon emissions. The SMR is a secret weapon in this sustainability matter.

• Dow Inc., a chemical company, plans to swap out gas-fired combustion and steam engines with an SMR. The action will result in efficient, eco-friendly, and ready-to-cut emissions. Dow aims to reduce carbon emissions by 30% by 2030 and achieve carbon neutrality by 2050.

The shutting down of nuclear plants is a major issue. There are various reasons for this action. Due to the rise in competition for nuclear power plants, with low-cost gas and renewable energy sources, The maintenance and upgrading of aged reactors grows significantly higher. Safely, concerns are adding to the reason for the shutdown. Countries like Japan, Germany, and others have decided to phase out nuclear power due to potential catastrophic meltdowns and long-term radioactive legacies.

• Nuclear power plants can take 5–17 years longer to build than solar or wind power plants, which means that fossil-fueled plants emit more CO2 while waiting to be replaced. Germany expected to shut down its entire nuclear fleet by 2022.

Top Nuclear Reactor Market Companies

• Constellation Energy Corporation
• Westinghouse Electric Company
• BWX Technologies Inc.
• China General Nuclear Power Group
• NuScale Power Corporation
• Rosatom
• TerraPower
• Areva
• Cameco Corporation
• Ontario Power Generation
• Kairos Power
• Centrus Energy Corp.

Recent Development by Constellation Energy Corporation in the Nuclear Reactor Market

Recent Development by BWX Technologies Inc. in the Nuclear Reactor Market

Market Potential & Growth Opportunity

The future of advanced nuclear technology in the nuclear industry is promising for market growth. Innovations such as new designs, increased capacity, and a role in providing clean power are expected. Some advanced reactor designs include small modular reactors (SMRs), which are light-water-cooled, and designs that use molten salts and high-temperature gases. These designs allow reactors to operate at higher temperatures and lower pressures and provide a reliable, clean power source for electricity generation, industrial processes, and drinking water.

Some countries are planning to increase nuclear capacity in the future. The Institute of Energy Economics in Japan also projects an increase in nuclear power plant construction by 2050, with nuclear generation increasing to 5565 TWh and maintaining its share of total supply at about 10%. Nuclear reactors could also help provide clean power and could be used to drive industrial processes and provide drinking water to communities in water-scarce locations.

• India's government announced plans in April 2023 to increase nuclear capacity from 6780 MWe to 22,480 MWe by 2031, with nuclear accounting for nearly 9% of the country's electricity by 2047.

Regional Insights

Europe is projected to host the fastest-growing nuclear reactor market in the coming years. Europe hosts a significant portion of these reactors. In Western Europe, the growth in reliable electricity generation capacity and nuclear power has been limited for many years.

• As of July 2023, a total of 407 nuclear reactors were operating globally in 32 countries.

Asia Pacific held the largest share of the nuclear reactor market in 2023. China holds the maximum share of the market, driven by rising electricity demand and pollution concerns from coal-based energy plants. Asia Pacific is the largest region globally in terms of electricity generation capacity and nuclear power. Several new nuclear power reactors are expected to be built to meet the increasing demand for clean electricity.

• In Asia Pacific, about 145 operable nuclear power reactors are placed, 45 are under construction, and 50-60 are expected to be built in the future.

Currently, about three-quarters of the reactors under construction worldwide are in Asia. By 2030, China is poised to surpass both France and the United States in nuclear power generation. Its ambitious expansion plans align with broader green transition goals, emphasizing coastal nuclear power alongside wind, solar, and hydropower. China’s rapid build-up of nuclear reactors positions it as a global leader in the nuclear reactor market.

Nuclear Reactor Market Highlights

Nuclear Reactor Market News

• In June 2024, at the U.S. Department of Energy’s Argonne National Laboratory (ANL), researchers, five nuclear scientists, and engineers ensure the future of nuclear power is clean energy. The areas of focus were advanced reactor design and safety analysis, nuclear material management, fuel cycle physics, nuclear engineering modeling, and sensors, instruments, and diagnostics.
• In August 2024, India aims to deploy 40-50 small modular nuclear reactors to replace captive thermal power plants, aligning with its net-zero emissions goal by 2070. Tata Consulting Engineers, in collaboration with the Department of Atomic Energy, is redesigning the Pressurised Heavy Water Reactor (PHWR) to create the Bharat Small Modular Reactor.

Market Segmentation

By Type

• Pressurized Water Reactor (PWR)
• Pressurized Heavy Water Reactor (PHWR)
• Advance Reactor
• High-Temperature Gas-Cooled Reactor
• Liquid-Metal Fast-Breeder Reactor (LFBR)
• Light Water Graphite Moderated Reactor

By Equipment

• Island Equipment
• Auxiliary Equipment

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