Asia to lead nuclear power expansion in the next 10 years

The region will install more than 49 GW over the period.

Asia will dominate the nuclear capacity installations over the next decade, comprising 88% of the projected 55.6 gigawatts (GW) new deployments from 2024 to 2033, according to a report by BMI.

The report noted that the region will see over 49 GW of new capacity growth driven by existing government support and robust investment frameworks and commitments.

BMI said nuclear power is key for the low-carbon energy push of markets like Mainland China and India.

Japan, meanwhile, is seen to provide further support for nuclear power in the coming quarters as the country is facing concerns regarding electricity prices and energy security. It is expected to see the strongest growth in nuclear power this year.

“The dominance of projects in the Asia region can be attributed to a wider acceptance of nuclear as a long term, large scale low carbon fuel as well as a regional greater ease of development,” the report read.

“Long construction periods highlight the intense regulatory oversight and detailed financial and logistical planning needed for safe, reliable nuclear plants,” it added.

Globally, there are 132 nuclear power plants with a total capacity of over 272 GW, of which 54 are in the Asia Pacific or a capacity of around 153.1 GW.

In terms of power generation, nuclear holds a small share of around 9.12% of the total. Its output is expected to rise to 3,273 terawatt-hours (TWh) by 2033 from 2,657 TWh in 2023.

Asia’s nuclear generation will grow by 430 TWh. 

On the other hand, the North American & Western Europe region will see a decline in nuclear power capacity over the decade, falling by 10 GW due to limited project activity and plant retirements.

“Nuclear generators have faced increased economic pressures from cheaper natural gas generation, prompting many utilities to plan plant retirements rather than invest in costly upgrades,” the report read.