Nuclear Reactor Construction Market Size & Share, by Reactor Type (Pressurized Water Reactors, Boiling Water Reactors, Small Modular Reactors, and Advanced Reactors); Application; and Value Chain - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

APAC Market Forecast

Asia Pacific nuclear reactor construction market is projected to hold revenue share of over 33.3% by the end of 2037. The region is emerging as the global epicenter of nuclear reactor construction, with significant market dynamics. The World Economic Forum reports, that as of 2022, there are 35 nuclear reactors under construction in the region. China, Japan, and India are leading the charge for nuclear energy. Another 220 nuclear power stations have been proposed in Asia.

China is one of the most dynamic and rapidly expanding countries in the global nuclear energy sector. As the world’s largest emitter of greenhouse gases, the country is heavily investing in nuclear power as part of its strategy to reduce carbon emissions, improve energy security, and meet its growing electricity demand. This aggressive push for nuclear energy is supported by both government policies and technological advancements, making China a major player in the global nuclear power industry.

China is focusing on improving its nuclear fuel cycle, including fuel enrichment, spent fuel reprocessing, and waste management. China has developed an integrated fuel cycle system to support its rapidly growing nuclear energy sector, driven by the need for energy security, cost optimization, and long-term sustainability in nuclear power generation.

Nuclear fuel cycle in China

Uranium mining and milling

The country has domestic uranium mines primarily located in provinces such as Xinjiang, Inner Mongolia, Jiangxi, and Guangdong. To meet growing demand, China relies heavily on imported uranium, sourcing it from Kazakhstan, Nambia, Canada, and Australia. The nation proclaims to be a uranium-rich country based on an estimated 2 million tons of uranium. As of January 2021, identified recoverable resources amounted to 223,900 tU at USD 130/kg, of which 107,600 were reasonably assured. Further, extracted uranium ore is processed into yellowcake at domestic and international milling facilities.

Conversion and Enrichment

Uranium ore is converted into uranium hexafluoride (UF6), a gaseous form used in the enrichment process. China operates gas centrifuge enrichment facilities to produce enriched uranium for its nuclear reactors. The main facilities are operated by the China Nuclear Fuel Corporation (CNFC).

Fuel Fabrication

Enriched UF6 is transported to a fuel fabrication facility, where it is heated back to a gas and chemically processed into uranium dioxide powder. The powder is crushed into ceramic pellets and sintered (baked) at a high temperature (more than 2550 F). Fuel rods are created by encasing the pellets in metal tubes and arranging them in a fuel assembly that is prepared for reactor introduction. Nuclear fuel assemblies are manufactured following quality assurance standards and are specially made for certain reactor types, such as PWRs.

China operates several fuel fabrication plants to produce fuel assemblies for its reactors, ensuring a steady supply for its nuclear power plants. China National Nuclear Corporation (CNNC) is in charge of fuel manufacturing, using certain technology that was transferred from TVEL, Areva, and Westinghouse. The demand for manufactured fuel was approximately 1300 tU in 2013 and 1800 tU in 2020, while exact figures vary due to the need for initial core loads in new reactors.

Power Reactor

The process of producing electricity begins with the splitting of uranium atoms (known as fission) by neutrons. After splitting a 235U atom, neutrons from the uranium atom collide with additional 235U atoms. A chain reaction begins, generating heat. This heat is utilized to heat water and convert it to steam. The steam is used to power a turbine, which is connected to a generator that produces electricity. From 2011 to 2020, China connected 37 nuclear reactors to the grid. These reactors had a capacity of approximately 36 GW, accounting for roughly 60% of the nuclear power capacity added globally during this period.

Reprocessing, Recycling

Spent nuclear fuel can be reprocessed into fresh fuel and byproducts. After five years of reactor operation, the fuel retains almost 90% of its potential energy. CNNC Longrui Technology Company, established in March 2015, is constructing a demonstration fuel reprocessing plant in Gansu Nuclear Technology Industrial Park near Jinta in Gansu province, capable of processing 200 tons of spent fuel annually. Operation is anticipated to begin around 2025.

Spent Fuel Storage

Spent fuel is the nuclear fuel that has been utilized in a reactor. A centralized used fuel storage facility has been developed at the Lanzhou Nuclear Fuel Complex, located 25 kilometers northeast of Lanzhou in central Gansu province. The initial stage of the project has a storage capacity of 550 tons, which can be increased to 1300 tons.

Waste Management

Under the 14th Five-Year Plan, work on the underground laboratory to separate high-level waste began in June 2021, with a seven-year construction period and a 50-year operational goal. It will include 13.4 kilometers of tunnels and a gross floor area of 2.39 million square meters. USD 420 million is the estimated cost. The project is being led by the Beijing Research Institute of Uranium Geology (BRIUG). China’s robust approach to nuclear waste management reflects its commitment to the sustainable development of nuclear energy while addressing environmental and safety concerns.

The Government of India is making significant strides in nuclear reactor investment through several initiatives. The Union Budget for 2024-25 is an important milestone for India's nuclear energy sector. The government has committed USD 270 million to nuclear power projects, indicating a significant investment in developing the country's nuclear infrastructure. Furthermore, the budget includes USD 14 million particularly for the Atomic Energy Regulatory Board (AERB), demonstrating a significant emphasis on increasing regulatory control and safety measures in the nuclear sector.

Moreover, the government has issued invitations to private enterprises to invest in nuclear energy projects. India hopes to raise a total of USD 26 billion in private investment for its nuclear energy sector. This effort provides a significant opportunity for private investors to participate in a nuclear reactor construction market previously controlled by state enterprises, thereby contributing to the expansion of nuclear generating capacity.

North America Market Analysis

The North America nuclear reactor construction market will garner a substantial share during the projected period. The market is marked by a relatively fragmented landscape. Global players dominate this market, along with certain regional firms. This concentration of distinct enterprises demonstrates a wide range of expertise and technology, allowing them to serve different parts of the nuclear construction industry. As the industry evolves, competition among these specialized firms remains fierce, with each competing for contracts and projects. The market's fragmented nature indicates potential for collaboration and integration as enterprises seek to enhance their position and expand their reach.

In the U.S. the nuclear reactor construction market is driven by a mix of established energy companies, innovative startups, and engineering firms specializing in advanced reactor technologies. The Vogtle Electric Generating Plant is Georgia Power's second nuclear facility and one of three in the Southern Company system. Georgia Power, Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia, and Dalton Utilities jointly own Plant Vogtle. Unit 1 began commercial operations in 1987, and Unit 2 in 1989. The firm recently completed commercial operations on Vogtle Units 3 and 4, making Plant Vogtle the largest generator of clean energy in the U.S. Unit 3 began commercial operations on July 31, 2023, while Unit 4 began commercial operations on April 29, 2024.

The U.S. Department of Energy (DOE) also provides funding and policy support for advanced nuclear technologies through initiatives like the Advanced Reactor Demonstration Program (ARDP). ARDP will accelerate the demonstration of advanced reactors through cost-sharing agreements with the U.S. industry. The ARDP will offer USD 160 million in initial funding and will also leverage the National Reactor Innovation Center to rapidly test and analyze ARD technologies by engaging the world-renowned capabilities of the national laboratory system to bring nuclear reactors from blueprints to reality.

In Canada, the Canadian Nuclear Safety Commission (CNSC) oversees all aspects of the life cycle of each nuclear power station, from the environmental study required before plant construction to the facility's decommissioning once operations are completed. Since the early 1960s, nuclear power stations in Canada have produced commercial electricity. At present five sites in three provinces house 22 nuclear power reactors. Nuclear energy generates around 15% of Canada's electricity.  All nuclear power plants in Canada use CANDU (Canadian Deuterium-Uranium) reactors. These pressurized heavy water reactors run on natural uranium and use heavy water as a coolant and moderator.