23 September 2013 – The Asia-Pacific region is scheduled to install some 103 nuclear reactors by 2025, to both meet rising power demands and lower carbon emissions, according to the latest forecast from research and consulting firm GlobalData. China and India will be the two countries primarily responsible for nuclear installations in the region, jointly contributing more than 60% of the reactors planned to come online by 2025.
In the Asia-Pacific region, nuclear installed capacity increased from 67 GW in 2000 to 88 GW in 2012, at an average annual growth rate (AAGR) of 2.4%. It is forecast to increase to 187 GW by 2025, equating to an AAGR of 6% between 2012 and 2025. Among the emerging nuclear countries, Turkey is expected to install the greatest nuclear power capacity by 2025. Turkey and Vietnam plan to install six reactors each by 2025, but those planned in Turkey will be of a larger capacity.
Other regions will also see an increase in installations, with 88 reactors in Europe, 24 in North America, eight in the Middle East and Africa, and three in South and Central America during the forecast period.
Pranay Srivastava, GlobalData’s associate analyst covering power, says, “The key drivers for promoting the use of nuclear energy worldwide are burgeoning power demand, increasing fossil fuel prices, the need to mitigate greenhouse gas emissions and the low cost of electricity generation that is associated with nuclear energy.
“However, the global nuclear power industry is facing a major challenge in funding. New government policy changes, which are backed by a fear of radiation and anti-nuclear public opinion, have caused uncertain market conditions, whereby investment in nuclear projects is deemed increasingly risky.”
Nevertheless, GlobalData predicts that the expected nuclear reactor installations will open up numerous opportunities for various players involved in the new-build nuclear market in the foreseeable future.