Nuclear power faces industry stagnation amid potential demand resurgence

The global nuclear power industry presents a complex landscape of stagnation and potential resurgence. According to the World Nuclear Industry Status Report, nuclear power has experienced a quarter-century of stagnation. While operating capacity reached a record 375 GW in mid-2026, the industry's share of global electricity generation fell to 8.8% in 2025, its lowest value in nearly half a century. Outside of China, nuclear generation has seen significant declines compared to historical peaks.

However, some analysts suggest a potential renaissance driven by rising electricity demand from technologies such as artificial intelligence and electric vehicles. In the United States, electricity demand is projected to grow by 60% between 2025 and 2045. This shift could benefit uranium producers like Cameco, as demand for uranium is estimated to outstrip supply in the early 2030s. While renewables like solar PV continue to see rapid growth, the need for consistent, greenhouse-gas-free power may drive renewed interest in nuclear energy.