The global floating nuclear power plant EPC (engineering, procurement, and construction) market is poised for substantial growth. Valued at US$ 327.0 Mn in 2023, the industry is forecast to grow at a CAGR of 9.3% from 2024 to 2034 and reach a value of US$ 1.0 Bn by the end of the forecast period. This surge is driven by a growing demand for clean, reliable energy in isolated and offshore regions, as well as advancements in small modular reactors (SMRs) that make deployment more practical and scalable.
What Are Floating Nuclear Power Plants?
Floating nuclear power plants (FNPPs) involve nuclear reactors installed on mobile platforms, such as ships or barges. These floating platforms are particularly useful in remote or geographically challenging areas, where traditional land-based nuclear facilities are not viable. From powering offshore oil rigs to serving small islands, FNPPs offer a strategic solution for localized, clean energy generation.
Drivers of Market Growth
The rise in demand for energy in remote locations is a major growth driver for the FNPP EPC market. Whether for military naval bases, Arctic regions, or energy-intensive offshore operations, FNPPs offer unmatched deployment flexibility. These plants not only provide electricity, but also support water desalination, district heating, and even hydrogen production in challenging environments.
One prominent example is Russia’s “Akademik Lomonosov”, which supplies power to remote Arctic towns and industrial installations. Similar models are now being planned or developed across Asia-Pacific, particularly in China, South Korea, Thailand, and Japan.
Technology at the Core: Small Modular Reactors
The evolution of small modular reactors (SMRs) is central to the FNPP EPC market’s rapid expansion. SMRs offer compact designs, enhanced safety features, and lower upfront costs, making them ideal for mobile installations. Their modular nature enables rapid production and deployment, even in difficult-to-access coastal locations.
The Pressurized Water Reactor (PWR) segment dominates the market with an 88.9% share in 2023. PWRs are widely favored due to their proven safety, efficiency, and ease of integration into marine platforms. Emerging technologies like Compact Molten Salt Reactors (CMSR) and Molten Chloride Fast Reactors (MCFR) are gaining interest and could shape the market’s technological landscape in the future.
Clean Energy for Decarbonization
FNPPs represent a clean energy alternative capable of addressing greenhouse gas emissions from traditionally hard-to-decarbonize sectors. They are particularly promising for heavy industries, shipping, and remote infrastructure, all of which demand reliable power but contribute significantly to global emissions.
By generating zero-emission electricity, FNPPs offer an opportunity to reduce dependency on diesel or coal-based power in regions where renewable options are limited. Their adoption is expected to accelerate as clean energy policies and decarbonization mandates gain momentum worldwide.
Global and Regional Market Insights
According to market analysis, Russia leads the FNPP EPC market with a 42.2% share of global EPC projects. Russia’s success is largely driven by its Arctic energy strategy and its investment in mobile nuclear energy for defense and civilian use.
The Asia Pacific region follows closely, with a 38.9% market share. Notable contributors include:
- China (27.3%)
- South Korea (30.9%)
- Thailand (28.8%)
- Japan (12.9%)
Many projects in these regions are in the final stages of design, with construction expected to ramp up between 2026 and 2029. By the end of the decade, the market could see over nine FNPPs operational globally, supporting industries and communities with clean, reliable energy.
Challenges and Considerations
Despite the market’s promising trajectory, challenges remain. Key among them are:
- High upfront capital costs
- Strict regulatory requirements from bodies like the Nuclear Regulatory Commission (NRC)
- Public perception and nuclear safety concerns
- Environmental and geopolitical risks tied to marine installations
New entrants must navigate these hurdles carefully by aligning with regulatory bodies and investing in public communication to build trust in nuclear technologies.
Key Players and Collaborations
The FNPP EPC market is dominated by industry giants and specialized players including:
- Rosatom (Russia)
- Seaborg Technologies (Denmark)
- KEPCO E&C and KHNP (South Korea)
- China General Nuclear Power Group
- Wison Group
- Mitsubishi Heavy Industries
- Samsung Heavy Industries
- MAN Energy Solutions
Collaborations and MoUs continue to drive innovation. For instance, the 2024 partnership between KAERI and Seaborg Technologies aims to advance Molten Salt Reactor technologies for carbon neutrality.
Outlook to 2034
The floating nuclear power plant EPC market is entering a phase of rapid development. Supported by:
- Technological innovation
- Policy incentives
- Rising global demand for clean, mobile energy
FNPPs are set to become a mainstream component of the world’s clean energy mix. From supporting decarbonization to enabling resilient energy systems in remote geographies, the potential of floating nuclear reactors is vast.
By 2034, this niche but strategic segment of the energy industry will likely become a key enabler of the world’s transition to sustainable, scalable, and secure power infrastructure.
