Asia drives global nuclear construction as US new-build boom remains elusive
Asia accounts for 57 of the 77 nuclear reactors reportedly under construction worldwide, while US growth remains focused on existing assets and uncertain small modular reactor projects.
Global nuclear construction is concentrated in Asia, despite projections of sharply higher US electricity demand. Of 77 reactors reportedly under construction worldwide, 57 are in Asia, according to nuclear fuel supplier Cameco. The total includes 37 reactors in China, eight in India and 12 elsewhere in the region.
Only three reactors are reportedly under construction in the broader Americas. In the United States, the nuclear industry has so far expanded mainly through existing assets rather than a broad new-build cycle. Electricity demand is projected to rise 60% between 2025 and 2045, compared with a 10% increase between 2005 and 2025.
Constellation Energy has signed agreements with artificial-intelligence data-centre owners and other companies that could extend reactor operations or increase output from existing plants. Southern Company has also completed two reactors, positioning it to supply nuclear power for decades.
For investors seeking exposure to growth outside the US, Cameco owns 50% of Westinghouse, a nuclear services provider. Brookfield Renewable also owns a stake in Westinghouse, offering less direct exposure through its wider portfolio of renewable-energy assets.
Small modular reactors remain a higher-risk prospect. Oklo said its removal from a PJM Interconnection study could delay development by at least 14 months. NuScale Power has potential customers, but no confirmed sale has been reported, and its ability to manufacture reactors reliably remains unproven.
The nuclear sector is expanding globally, but the source material cautions that large share-price movements in companies including Constellation Energy, Oklo and NuScale may outpace the development of long-term opportunities.
