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Global nuclear energy industry outlook

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2026-10-23 23:22 UTC → 2026-10-24 10:11 UTC · added ~~removed~~

The global nuclear power industry is characterized by a period of long-term stagnation, with its share of global electricity generation falling to 8.8% in ~~2025.~~ 2025, its lowest value in nearly half a century. While operating capacity reached a record 375 GW by mid-2026, nuclear generation has seen significant declines outside of China compared to historical peaks. Despite this, analysts suggest a potential renaissance driven by the massive electricity requirements of 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. Projections indicate that nuclear capacity could double to approximately 750 GW by 2050, accounting for roughly 10% of the global electricity supply. Achieving this growth would require annual investments to increase from $50 billion to $200 billion. Challenges to this expansion include the fact that nuclear energy is often not cost-competitive with wind and solar, and the widespread deployment of small modular reactors remains one to two decades away. Supply chain risks are also noted, specifically regarding Russia’s control of 40% of global uranium enrichment capacity. In Northern Europe, specifically Sweden and Finland, experts emphasize the necessity of extending the life of existing reactors to prevent significant electricity shortages as industries electrify and data centers expand. In a 2026 report to the UN General Assembly, IAEA Director-General Rafael Grossi announced that global nuclear power capacity could more than triple by 2060. This growth is expected to be fueled by increased electrification, the energy demands of AI data centers, and corporate demand for reliable, carbon-free power. As of 2025, over 400 operating reactors in more than 30 countries produced 10% of global electricity and 25% of its low-carbon electricity, with more than 60 new reactors under construction. Grossi also highlighted geopolitical concerns, including the war in Ukraine, North Korea’s expanding program, and the necessity of a diplomatic solution regarding Iran that includes IAEA verification and inspector access.

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