Türkiye’s Triple Nuclear Market Structure: How EPC, SMRs, and R&D Are Advancing Together
As Türkiye charts a clear course towards energy independence and a net-zero future by 2053, its burgeoning nuclear program is rapidly evolving into a multi-faceted landscape of opportunity. Beyond the headlines of its inaugural nuclear power plant, a closer look reveals three distinct, yet interconnected, markets taking shape: the large-scale Engineering, Procurement, and Construction (EPC) market; a dynamic industrial Small Modular Reactor (SMR) market; and a thriving advanced Research and Development (R&D) ecosystem. For businesses ranging from multinational construction giants to nimble R&D firms, understanding this tripartite structure is the key to unlocking immense value in one of the world's most promising nuclear newcomers.
With a national strategy aiming for over 20 GW of installed nuclear capacity by the 2050, Türkiye's commitment to atomic energy is a cornerstone of its economic and environmental policy. This creates a long-term, stable foundation for investment and growth across all three market pillars.
The Foundation: The Large-Scale EPC Market
Türkiye's entry into the nuclear age is being spearheaded by its large-scale EPC projects, creating a foundational market with significant opportunities for major contractors, engineering firms, and a vast supply chain.
The flagship project is the Akkuyu Nuclear Power Plant (NPP) on the Mediterranean coast of Mersin province. A collaboration with Russia's Rosatom, this 4,800 MW plant, consisting of four VVER-1200 Generation III+ reactors, is a hive of activity. With the first unit slated to come online in 2025 and full operation expected by 2028, the project is a testament to Türkiye's ability to execute complex megaprojects. The construction of the Akkuyu nuclear power plant has significantly boosted the development of a local supply chain in Türkiye. Turkish companies are now supplying a wide range of goods and services—from construction materials and engineering support to logistics—resulting in an impressive 56% local content rate. This strong push for localization aligns with the government’s broader strategy to strengthen domestic industrial capacity in the nuclear sector.
Beyond Akkuyu, the EPC market is set to expand significantly. Plans are well underway for a second NPP in Sinop, on the Black Sea coast. The state-owned Turkish Nuclear Energy Company (TÜNAŞ) has been designated as the owner of the project, and while discussions have been held with various international partners, Rosatom has expressed keen interest in extending its collaboration.
A third large-scale project is envisioned for the Thrace region in northwestern Türkiye. Advanced negotiations have been reported with China’s State Power Investment Corporation (SPIC) for the construction of another multi-unit plant. The strategic location of Thrace, in close proximity to major industrial hubs and European energy markets, underscores the project's economic importance.
For international firms, the entry points into this market are clear. Opportunities abound for EPC contractors with proven track records in nuclear construction, as well as for specialized firms in areas such as project management, quality assurance, and the provision of high-specification components. For Turkish companies, these projects serve as an invaluable platform for gaining experience and integrating into the global nuclear supply chain.
The Industrial Game-Changer: The Small Modular Reactor (SMR) Market
In addition to its large-scale nuclear development plans, Türkiye is taking a strategic step towards SMRs. Recognizing the potential of these smaller, factory-built reactors to decarbonize its industrial base and provide flexible power, the government has set a target of achieving 5 GW of SMR capacity by 2050. This has opened up a dynamic and potentially lucrative market with a different set of players and opportunities.
The rationale for Türkiye's SMR push is compelling. The country's robust manufacturing sector, a cornerstone of its economy, is energy-intensive and heavily reliant on fossil fuels. SMRs offer a viable path to decarbonization, providing not just electricity but also high-temperature process heat for industries like steel, cement, and chemicals. Furthermore, the burgeoning data center sector, which demands a constant and reliable power supply, is seen as a prime candidate for SMR deployment.
Ankara is actively fostering international collaborations to accelerate its SMR ambitions. Memoranda of Understanding and discussions have been initiated with leading SMR developers from the United States, the United Kingdom, and other nations. Companies like Westinghouse and Rolls-Royce are exploring opportunities to deploy their innovative designs in the Turkish market. The estimated value of Türkiye's SMR market, projected to be between $10 billion and $30 billion by 2050, is attracting significant international attention.
This market opens the door for a new cadre of businesses. Technology developers, specialized engineering firms with expertise in advanced reactor designs, and manufacturers of modular components will find a fertile ground for growth. For Turkish industrial conglomerates, SMRs present an opportunity to secure a clean, reliable, and long-term energy source, enhancing their competitiveness in a world increasingly focused on sustainability. The Turkish Nuclear Regulatory Authority (NDK) is concurrently working to develop a robust and agile regulatory framework to safely and efficiently license these next-generation reactors.
The Engine of Innovation: The Advanced R&D Market
Underpinning the development of both the EPC and SMR markets is a rapidly maturing advanced Research and Development ecosystem. Türkiye is making strategic investments in building the intellectual capital and technical infrastructure necessary to become not just a consumer but also a contributor to nuclear innovation.
At the heart of this effort is the Turkish Energy, Nuclear and Mineral Research Agency (TENMAK). Established in 2020, TENMAK has consolidated the nation's nuclear R&D activities, focusing on a broad spectrum of areas including radiation safety, waste management, and the development of advanced nuclear technologies. TENMAK's research portfolio is diverse, encompassing everything from fusion energy research to the development of novel materials.
The national 2030 Industry and Technology Strategy further emphasizes the importance of nuclear R&D as a driver of technological independence and economic competitiveness. This strategy envisions the development of indigenous capabilities across the nuclear fuel cycle and in the design and manufacturing of nuclear components.
The R&D market offers a unique entry point for specialized firms, academic institutions, and individual experts. Opportunities exist for collaborative research projects, technology transfer agreements, and the provision of specialized consultancy services. For Turkish universities and research institutes, the expanding nuclear program provides a powerful impetus for developing new curricula and research programs, cultivating the next generation of nuclear scientists and engineers.
Interlocking the Three Parallel Markets
The true strength of Türkiye's nuclear strategy lies in the interlocking nature of these three parallel markets. The experience and supply chain developed through the large-scale EPC projects will provide a critical foundation for the deployment of SMRs. The challenges and opportunities encountered in both the EPC and SMR markets will, in turn, inform and direct the focus of the R&D community. And the innovations emerging from the R&D ecosystem will ultimately enhance the safety, efficiency, and economic viability of future nuclear projects.
For businesses seeking to engage with Türkiye’s nuclear future, understanding this integrated, triple market structure is key. Whether their niche lies in the complex construction of full-scale nuclear power plants, the flexible rollout of industrial SMRs, or the pioneering space of nuclear research and development, companies have a unique opportunity to align with Türkiye’s energy transformation.
The message from Ankara is clear: Türkiye’s nuclear market is open for business, offering a diverse and interconnected landscape of opportunities for those with the expertise and foresight to contribute to a cleaner, more secure energy future.
