Asia-Pacific SMRs: Building the Next Nuclear Frontier

详细摘要

Asia-Pacific (APAC) is shaping up as the world’s next big arena for small modular reactors (SMRs). After decades in which nuclear growth in the region meant large reactors built…

Asia-Pacific (APAC) is shaping up as the world’s next big arena for small modular reactors (SMRs). After decades in which nuclear growth in the region meant large reactors built by a handful of countries, governments, utilities and vendors from China to Southeast Asia are now positioning for a new generation of smaller, potentially factory-manufactured units. Their appeal goes beyond firm low-carbon power. Smaller units offer more siting flexibility, they fit more easily into the small, islanded and less interconnected power systems common across Southeast Asia; and several designs can supply steam and process heat for refining, chemicals and other heavy industry.

The question now is how quickly that momentum turns into concrete and steel. China is already out in front: two of the 18 SMR initiatives Dow Jones Energy tracks across 12 APAC markets have reached operation or undergoing commissioning, HTR-PM at Shidao Bay in Shandong, in commercial operation since December 2023, and Linglong One (ACP100) at Changjiang in Hainan, now in commissioning.

The next wave is already forming behind it. Four initiatives have moved into project licensing or pre-construction—South Korea’s i-SMR, India’s BSMR-200 and SMR-55 at Tarapur, and ThorCon’s project at Kelasa Island in Indonesia—and another 12 are working through design and feasibility. A non-APAC benchmark of 12 initiatives, screened on the same criteria, is further along, with eight under construction or in project licensing, as shown in the chart below.

The demand case is getting stronger. In Dow Jones Energy’s Global Power Market Outlook (June 2026), electricity demand is forecast to grow by 24% in ASEAN and 32% in India between 2025 and 2030. Data-centre growth adds to interest in round-the-clock low-carbon supply, although announced pipelines tend to overstate eventual demand.

Industrial heat and energy security deepen the commercial case. China, India, Japan and South Korea have large refining, chemicals and steel sectors…

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