Nuclear Power - United States | Statista Market Forecast

Electricity generation in Nuclear Power market is projected to amount to 811.80bn kWh in 2024.
An annual growth rate of 0.29% is expected (CAGR 2024-2029).

The nuclear energy market is a subset of the energy industry that involves the generation of electricity from nuclear reactions. Nuclear power plants use uranium or plutonium as fuel to produce heat, which is then used to generate electricity. The market has faced several challenges, including concerns over safety, waste disposal, and proliferation of nuclear weapons. However, some countries continue to rely on nuclear power as a significant source of electricity, particularly in regions with limited access to other sources of energy.

The market is dominated by a small number of large companies, with significant investment required for the construction and operation of nuclear power plants. The market is also subject to significant government regulations, oversight, and international treaties governing the peaceful use of nuclear energy.

Operational nuclear plants and reactors

Scientific and experimental nuclear and thermonuclear reactors

The energy market is expected to continue growing, with increasing demand for energy worldwide as populations grow and economies develop. However, the mix of energy sources is expected to shift towards cleaner and more sustainable options, with renewable energy sources like solar, wind, and hydropower projected to continue growing rapidly. Fossil fuels are expected to gradually decline in importance, although they are likely to remain significant contributors to the global energy mix for several decades, especially in countries that rely almost totally on fossils.

The outlook for the nuclear power market varies depending on the region and country. In some countries, such as China, nuclear power is expected to continue to grow and be an important part of their energy mix. However, in other countries, such as Germany and Japan, there are plans to phase out nuclear power in the coming years. Additionally, the development of new nuclear power projects has been slow due to several factors, including safety concerns, public opposition, and high costs. The construction of new nuclear power plants has also faced delays and cost overruns. The ongoing Russia-Ukraine war has far-reaching effects on the nuclear market, as sanctions imposed on Russia cast doubts on the future of its nuclear industry in the global arena.

The fossil fuel energy market is expected to face significant challenges and changes in the coming years. While there is still significant demand for oil, natural gas, and coal, the industry is increasingly facing pressure from the growth of renewable energy sources, as well as concerns over climate change and environmental impacts, with many companies and governments investing in carbon capture and storage technologies, as well as exploring alternative sources of energy. It is difficult to predict with certainty which countries will increase their share of fossil fuels, as it depends on a variety of factors such as government policies, energy demand, and the availability and cost of alternative energy sources. However, countries with significant fossil fuel reserves and/or a reliance on fossil fuel exports may continue to prioritize their use, at least in the short term. For example, some Middle Eastern countries like Saudi Arabia and Kuwait have announced plans to increase their oil production in the coming years. Additionally, some countries with growing economies and energy demands, such as China and India, may also increase their use of fossil fuels.

The renewable energy market is expected to continue to grow in the coming years. This growth is driven by a combination of factors, including falling costs of renewable energy technologies, increasing demand for clean energy sources, supportive policies and regulations, and improvements in energy storage and grid integration technologies. In addition, the COVID-19 pandemic has accelerated the shift towards renewable energy, as governments and businesses have recognized the importance of building resilient and sustainable energy systems. The Russia-Ukraine war has brought to light the precarious and exposed reliance on certain energy sources, such as gas and oil, ultimately necessitating a significant diversification of countries' energy portfolios in the long term. Overall, the outlook for the renewable energy market is positive, and the sector is expected to continue to play an increasingly important role in meeting global energy demand while reducing greenhouse gas emissions.

Data coverage:

The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Industrial market, in a PDF format.

Germany was to phase-out nuclear power by the end of 2022, after a widespread debate that lasted around 40 years. Accordingly, over 15 of Germany’s nuclear power units have been switched-off and decommissioned in the last 20 years. The remaining three nuclear power plants in the country – Emsland, Isar 2, and Neckarwestheim 2 reactors – were shut down on Saturday, April 15, 2023, after a three-month delay due to the energy crisis that greatly impacted Germany in 2022. Although the contribution of nuclear power to Germany’s energy mix in 2022 was as small as six percent– down from almost 30 percent in the 2000s–, it was not without criticism that the country exited nuclear energy. Among the main concerns of the national and international opponents to this action were its environmental impact and the implications for the future of Germany’s power supply.