Powering up: nuclear on the move

A 550-tonne outer dome is hoisted in place at the construction site of the commercial SMR Linglong One, China

The Asia Pacific region is a major nuclear market, with five projects reaching final investment decision (FID) since 2023. China and India account for two projects each, Pakistan one. These will deliver a combined 8.7GW of power at an estimated US$19.5bn CAPEX, largely as expansions to existing plants. All three countries are looking to expand their nuclear power capacity, with China aiming for 200GW by 2040, India 100GW by 2047 and Pakistan 40GW by 2050.

Asia Pacific leads the charge

The Asia Pacific region is stepping up efforts to deploy nuclear power, with Indonesia, the Philippines and Malaysia all looking at constructing their first nuclear reactors. Malaysia has launched a feasibility study to assess nuclear’s role in its future energy mix.

Small modular reactors (SMRs) are gaining traction, with 14 projects under development across the region. China leads the way for SMR deployment, with five projects moving forward, three of which are under construction and set to be in operation by 2030. South Korea follows, with three projects in the early stages of development.

Nuclear power in the Asia Pacific region is poised to grow significantly in the coming decades, driven by surging electricity demand, decarbonisation goals and the pursuit of long-term energy security and resilience.

China leads the way for SMR deployment, with five projects moving forward, three of which are under construction and set to be in operation by 2030

North America focuses on SMRs

North America has seen one project reach FID since 2023: Canada’s four BWRX-300 units, producing 1.2GW of power, will be developed by Ontario Power Generation at a cost of US$15.1bn.

The region is expanding nuclear power development, with SMRs at the forefront of the growth. Currently 23 SMR projects are proposed: seven in Canada and 16 in the US. President Trump has expressed his fondness for nuclear, signing executive orders to quadruple capacity by 2050 from the current 96GW in operation. However, many experts have said this is highly unlikely to be achieved. The Department of Energy is also working with developers on 11 advanced reactor projects, announced as part of the nation’s Nuclear Reactor Pilot Program, to progress the technologies towards operation.

The growth of AI has seen an unprecedented surge in data centre deployment – and with it, a massive rise in electricity demand. SMRs are touted as a solution to meet this demand due to their smaller scale, flexibility and near-constant power. Companies, including Google and Equinix, a major data centre developer, are already signing power purchase agreements to use electricity generated by various SMR projects in the US.

Europe divided on nuclear’s future

Since 2023, Europe has seen two projects reach FID: Türkiye’s 4.8GW Akkuyu nuclear power plant, the nation’s first, and the UK’s 3.2GW Sizewell C nuclear power plant. Together, these projects represent a combined CAPEX of around US$71bn. Unit 1 of Akkuyu is nearing completion, having entered the commissioning phase, with preparations underway to connect it to Türkiye’s power transmission system.

Europe’s nuclear outlook contrasts with other regions. Several nations – including Italy, Denmark and Germany – have phased it out of their energy mix, and Spain is looking to shut down remaining reactors by 2035, although its nuclear operators are pressing for a rethink. In February 2025, the country’s nuclear industry called for a review of the phaseout plan, and the Iberian Peninsula blackout in April is likely to influence the alteration of this plan.

At the same time, new entrants are moving forward. Poland and Estonia, both lacking nuclear infrastructure, are targeting their first nuclear power plants within the next decade. Estonia plans to install two BWRX-300 reactors, while Poland aims to have a 3.75GW nuclear plant and nine SMR projects in operation by 2036.

The road ahead

A nuclear renaissance is underway. While the volume of projects reaching the FID remains low, the trajectory points upwards, with supply chain opportunities growing globally. EIC sees supply chain opportunities in emerging regions such as the Middle East as it starts to make its mark in nuclear – the UAE is looking to construct its second large nuclear power plant, while Saudi Arabia is pursuing 17.6GW by 2040 under its Vision 2030 strategy.

Nuclear power is expected to expand in the coming decades, propelled by the drive to cut carbon emissions and secure reliable, long-term energy supplies. From Asia Pacific’s mega-builds to North America’s SMR drive, Europe’s policy debates and the Middle East’s new entrants, nuclear is reclaiming its place at the centre of the global energy transition.

Are you ready to export? Email: jack.boggis@the-eic.com

Image credit | Getty