North America Nuclear Power Plant and Equipment Market Report and Forecast 2024-2032

North America Nuclear Power Plant and Equipment Market Outlook

The North America nuclear power plant and equipment market size reached around USD 14.45 billion in 2023. The market is projected to grow at a CAGR of 4.0% between 2024 and 2032, reaching almost USD 20.71 billion by 2032.

Key Takeaways:

• The United States of America accounts for 30% of the world’s nuclear power generation.

• Public Utilities are expected to constitute a major portion of the North America nuclear power plant and equipment market share.

• Canada is expected to witness a significant increase in the demand for nuclear power plants and equipment in upcoming years.

Nuclear power is responsible for meeting 20% of the total electricity demand in the United States. Even a modest increase in the consumption of electricity could trigger a wide gap between the supply and demand for nuclear power, which currently accounts for 55% of the carbon-free electricity generation in the United States. To avoid this, 55 GWe of new nuclear power capacity has to be established in the United States by 2035. This is expected to drive the North America nuclear power plant and equipment market expansion over the forecast period.

Improvements in safety systems and refuelling and maintenance processes in nuclear power plants have led to a reduction in the cost of nuclear power generation in the United States and Canada. This is expected to increase the nuclear power production in the region, thereby fuelling the North America nuclear power plant and equipment market growth over the forecast period.

The provision of various laws, such as the Inflation Reduction Act of 2022, which favour the expansion of existing facilities and construction of new nuclear power plants are expected to drive the North America nuclear power plant and equipment market growth in the coming years.

Market Segmentation

North America Nuclear Power Plant and Equipment Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Reactor Type

• (PWR) Pressurised Water Reactor

• (PHWR) Pressurised Heavy Water Reactor)

• Boiling Water Reactor (BWR)

• Light Water Graphite Reactor (LWGR)

• Gas Cooled Reactor (GCR) 

• Others

Market Breakup by Equipment Type

• Island Equipment

• Auxiliary Equipment

Market Breakup by Application

• Military

• Public Utilities

• Others

Market Breakup by Country

• United States of America

• Canada

The key North America nuclear power plant and equipment market players are GE-Hitachi Nuclear Energy Ltd., Toshiba Corp. (Toshiba Energy Systems & Solutions Corporation), Doosan Corp., Mitsubishi Heavy Industries Ltd., BWX Technologies Inc., Nuscale Power Corp., Westinghouse Electric Company LLC, and Terrestrial Energy Inc., among others.

Key Highlights of the Report