Bank of America predicts global investment in nuclear projects will exceed $3 trillion by 2050.

Global investment in nuclear projects will exceed $3 trillion by 2050. Nuclear power plant capacity will triple, according to Bank of America.

By this date, global nuclear energy will reach a potential market value of $10 trillion, according to a Bank of America report.

Nuclear power capacity worldwide could triple by 2050 from the current 441 nuclear reactors in 32 countries generating 2,667 TWh of electricity.

According to Bank of America, the fastest-growing sector will be small modular reactors (SMRs), with a capacity of approximately 500 MW per plant. Unlike traditional nuclear power plants, which can take years, if not decades, to commission, SMRs are cheaper and faster to manufacture thanks to their modular components, which can be mass-produced and assembled on an assembly line.

"Nuclear power has been 'rediscovered' amid growing electricity demand driven by the development of artificial intelligence and data centers, the electrification of buildings, industrial growth, and the adoption of electric vehicles. It is a proven technology that can provide reliable, affordable, clean, and safe electricity as a bridge to renewable sources once they are ready on a larger scale in 25 years," Bank of America analysts write in their report.