Workers at the installation site of reactor pressure vessel of China National Nuclear Corporation's Fuqing nuclear power plant in southeast China's Fujian Province, Jan. 28, 2018. It is China's first demonstration nuclear power project using Hualong One technology, a domestically developed third-generation reactor design. Lin Shanchuan | Xinhua News Agency | Getty Images

India and China are set to drive the world's nuclear power production growth as the two developing nations — among the top consumers of energy in the world — pursue their respective national nuclear energy programs. According to the International Energy Agency, nuclear power production will grow by about 46 percent by 2040 — and more than 90 percent of the net increase will come from China and India. Global nuclear electricity output grew 1 percent in 2017, as the world's nuclear fleet generated 2,503 terawatt-hours (TWh) of electricity, according to the World Nuclear Industry Status Report 2018. Take China out of the picture, however, and the reality looks starkly different: Global nuclear power generation would have declined for a third consecutive year, the report showed. Asia, for its part, saw 8 to 9 percent growth in nuclear capacity last year, Agneta Rising, the director general of the World Nuclear Association, told CNBC at the Singapore International Energy Week conference last week. "(The) largest growth in nuclear energy is in the Asia region, especially in China and India," she said, adding that nuclear power is "absolutely compatible" and "necessary" for a low carbon future.

China dominates nuclear development

China added three new reactors to its fleet in 2017, bringing its total number of operating reactors to 41 — behind only the United States and France. The country reached its highest nuclear production that year, too: Its total output rose by a whopping 18 percent — or 35 TWh — the World Nuclear Industry Status Report showed. China's expansion of nuclear production capabilities comes amid its push toward greater energy efficiency, a reduction of carbon intensity and a diversification away from fossil fuels, as outlined by the country's 13th Five Year Plan. As part of that plan, Beijing is aiming to increase nuclear capacities to a total of 58 gigawatts (GW) by 2020. Its current nuclear capacity of 34.5 GW is, however, still dwarfed by renewable sources of energy such as wind and solar power — which are less costly, cleaner and safer to operate.

'Largest nuclear plant in the world'