U.S. Nuclear Power Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)

U.S. Nuclear Power Market Dynamics

Small Modular Reactors Are Biggest Trends

• Small modular reactors (SMRs) are attracting increasing interest because of their reduced costs and adaptive nature.
• SMR development is led by major power companies, such as NuScale, GE Hitachi, Toshiba, and Rolls-Royce.
• In January 2024, NuScale Power's VOYGR received the U.S. Nuclear Regulatory Commission certification.
• Several small modular reactor installations at existing nuclear power facilities are currently in planning or execution.
• In October 2024, Amazon.com Inc. announced three agreements in the area of SMRs.
• The agreement with Energy Northwest in Washington state will entail the development of four advanced SMRs with a capacity of 320 Megawatts in the first phase and ultimate capacity of 960 MW.
• The reactors will be developed by X-energy, which Amazon announced a significant investment to enable 5 GW of capacity.
• Amazon also signed an agreement with utility company Dominion Energy to develop SMRs near the latter’s nuclear power station in North Anna.
• The project will produce around 300 MW of nuclear power for the residents of Virgina.
• Just like the conventional high-capacity reactors, SMRs are ideal for power generation, heat production, desalination, desalination, and many other purposes.
• The DoE is currently engaged in the development of SMRs cooled by light water, which would further bring down the cost of the technology.
• Moreover, they are being designed to be simpler in design yet highly safe.

Rising Demand for Clean Energy Propels Market

• Nuclear power plays a crucial role in meeting the expanding electrical requirements due to population increase, demand for transport electrification, and industrial growth.
• Nuclear power generates about 18% of the national electricity and almost 50% of the nation's emission-free electricity.
• In 2023, 775 billion kilowatt-hours of nuclear power was produced in the country, as per the EIA.
• In 2024, utility-scale nuclear power plants in the U.S. had a cumulative capacity of 96,402.8 MW.
• The high operating efficiency of nuclear power plants enhances economic performance, which enables a stable and continuous power supply.
• As per the DoE, nuclear power plants boast a capacity factor (duration for which they operate at full power) of over 92%.
• This is on contrast to 56% for natural gas, 41% for hydropower, 40% of coal-based, 35% of wind, and 25% of solar power plants.
• The price competition for nuclear power stands strong when compared to different forms of electrical power generation specifically in areas with limited easy access to cheap fossil fuel sources.
• The market is seeing increasing investment because the government at the federal and state levels supports nuclear power through tax credits, research and development funding, and loan guarantees.
• The biggest reason behind this is the high GHG emissions of the U.S., which are only behind those of China.
• As per the EPA, the country emitted 6,343 million tCO₂e of emissions in 2022, which is why it is aiming for a zero-emission grid by 2030.

U.S. Nuclear Power Market Segmentation Analysis

Type Insights

Nuclear power plants dominate the market with a revenue share of 75% in 2024. Because of the technical complexities associated with understanding and harnessing nuclear power with utmost safety, only well-funded utilities, mostly public ones, produce it. The widespread adoption of the PWR technology is because it offers improved safety, better thermal efficiency, and a reduced radioactive contamination potential.

Here are the different types that are studied in the report:

• Nuclear Power Plants (Larger Category)
  • Pressurized water reactors (PWR)
  • Pressurized heavy water reactors (PHWR)
  • Boiling water reactors (BWR)
  • Others
• Small Modular Reactors (Faster-Growing Category)
  • Heavy water reactors
  • Light water reactors
  • High-temperature reactors
  • Fast neutron reactors
  • Molten salt reactors

Capacity Insights

The large (above 1,000 MW) category accounted for the largest revenue share, of around 45%, in 2024, and this category is further expected to maintain its position during the forecast period. Most of the nuclear energy in the country is produced by high-capacity reactors by major utilities. These facilities generate abundant power at manageable expenses with reliable systems. Moreover, after a brief lull, the establishment of utility-scale nuclear power plants in the country has begun again. Unit 3 at Vogtle nuclear power plant began operations in 2023, ending a drought in new atomic power station operationalization existing since 2016.

The capacities covered in the report are:

• Small (less than 500 MW) (Fastest-Growing Category)
• Medium (500–1000 MW)
• Large (above 1,000 MW) (Largest Category)

Fuel Type Insights

Uranium is the highest revenue contributor, in 2024. U₂₃₅ and U₂₃₈ are preferred for nuclear reactors due to their high energy density and fission reaction sustainability. Uranium continues to be popular because of the technological improvements in mining and processing techniques.

The following are the fuel types studied in the report:

• Uranium (Largest and Fastest-Growing Category)
• Thorium
• Mixed Oxide (MOX) Fuel

Application Insights

The energy category accounted for the largest revenue share in the market in 2024. Nuclear reactors enable dependable electricity generation and production with minimal emissions, thereby meeting the rising requirements for sustainable power. While the market has been driven by utilities till now, SMRs installed in independent private and public premises and captive, off-grid power generation will drive future market growth in this category. Many companies across the U.S. are signing agreements and undertaking R&D to install SMRs of varying capacities at their commercial and industrial complexes.

The following are the applications studied in the report:

• Energy (Largest Category)
• Defense
• Industrial (Fastest-Growing Category)
• Others

U.S. Nuclear Power Market Regional Outlook

The Southern region dominates the market with 40% revenue as it houses the most nuclear power plants in the country. The Alvin W. Vogtle plant in Georgia is the largest in the country with four reactors accounting for a total capacity of 4,536 MW. Other states with a high density of atomic power plans are Louisiana, Alabama, South Carolina, North Carolina, and Florida. The region is also the base for major nuclear power utilities, such as Duke Power and Southern Company.

These regions are covered:

• West
• Northeast
• Midwest (Fastest-Growing Region)
• South (Largest Region)

U.S. Nuclear Power Market Share

• The market is severely fragmented because multiple organizations operate in different domains of nuclear power, from reactor design through fuel supply to plant operation.
• Several leading companies, together with specialized firms, compete in the market.
• Westinghouse Electric Company, GE Hitachi, and Exelon Corporation are the major entities, along with Toshiba Corporation, Fuji Electric Co. Ltd., and Mitsubishi Heavy Industries Ltd.
• While these companies majorly offer medium- and high-capacity reactors for utilities, a number of companies have entered the market with SMRs for independent and captive electricity producers.
• The stiff competition between firms drives them to create sophisticated nuclear technologies.
• While most are working within the fission process, a few have ventured into the challenging fusion technology as well.
• Organizations are working on offering comprehensive services to outperform their industry rivals.