How much will nuclear electricity market grow by 2029

Thanks to the shift to new power sources and the acceptance of the public.

The nuclear electricity market is expected to reach $328.54b in 2029, growing at a compound annual growth rate of 4.2%.

“There are several contributing factors to this growth in the projection period, such as mitigating climate change, transition to new energy sources, the ageing of existing nuclear fleets, and the acceptance of the public,” according to a report by The Business Research Company (TBRC).

The anticipated surge in electricity requirements is predicted to significantly impact the nuclear power generation market in the coming years. This trend is closely tied to economic growth and population boom, particularly in emerging countries such as China, India, Brazil, and certain African nations.

TBRC said the nuclear electricity market is projected to increase from $269.48b in 2024 to $279.17b in 2025 due to factors such as reduced carbon emissions, enhanced energy security, government backing, and extended lifespan.

The Asia-Pacific also dominated the nuclear electricity market in 2024.