- What you need to know...
- The nuclear power sector is expected to grow over the next decade as demand for electricity rises. The global cumulative installed nuclear power capacity was 392 gigawatts (GW) in 2017 and is expected to reach 536 GW by 2030 at a compound annual growth rate (CAGR) of 2.4%.
- Some countries that currently have little to no nuclear power capacity look at the technology as a viable option to increase their energy independence and the diversity of their energy portfolio.
- Even the leading exporters of fossil fuel products, such as Iran and Saudi Arabia, are looking to develop nuclear power in order to reduce domestic fossil fuel consumption and boost their exports.
Soaring fossil fuel prices and scarcity of energy sources are encouraging countries to adopt nuclear power
The future growth of nuclear power will be driven by large-scale capacity additions in Asia-Pacific, where fast-growing economies like India and China are witnessing rapidly increasing electricity demands. Of the total 556 nuclear projects in the pipeline, including projects which are announced, financed, under permitting, or under construction, nearly 241 are in China alone.
The US and Russia also have major plans for nuclear power. Middle Eastern countries such as the UAE, Iran, Turkey, Saudi Arabia, and Jordan are also planning to include nuclear in their power generation mix, and are currently witnessing developments in building new nuclear power capacity.