Asia-Pacific Nuclear Power: The next wave of nuclear builds. What does a $250bn nuclear pipeline mean for Doosan?

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Asia-Pacific Nuclear Power: The next wave of nuclear builds. What does a $250bn nuclear pipeline mean for Doosan?

29 June 2026

Asia-Pacific Nuclear Power

Asia-Pacific Nuclear Power: The next wave of nuclear builds.

What does a $250bn nuclear pipeline mean for Doosan?

We identify ~35GW or ~USD250bn of nuclear projects nearing procurement for Brian Ho, CFA

+852 2123 2615 Doosan Enerbility. This pipeline is primarily driven by large-scale reactors (APR/AP1000)

brian.ho@bernsteinsg.com with a smaller contribution from SMRs. Regionally, the near-term pipeline is dominated by

projects in Europe, with U.S. projects emerging toward the end of the decade as financing

Neil Beveridge, Ph.D. and supply chain support improves.

+852 2123 2648

neil.beveridge@bernsteinsg.com

This pipeline translates into ~USD44bn (KRW67tn) of potential nuclear equipment

Kelvin Yuan, Ph.D., CFA contracts. Near-term visibility is strongest in Europe, where Poland is moving toward

+852 2123 2612 equipment and EPC contracting this year, followed by Bulgaria targeting EPC contracting in

kelvin.yuan@bernsteinsg.com 2027. Longer term, the key source of upside is U.S. nuclear project progression, supported

by policy initiatives such as DOE financing programs. In our view, Doosan’s established role

in AP1000 and large reactor supply chains positions it well to capture a meaningful share of

this opportunity.

Despite capacity expansion for gas turbines, we believe fundamentals remain

structurally supportive underpinning pricing and margin strength. We expect

Doosan’s gas orders to increase from KRW4.7tn in 2025 to ~KRW7tn by 2030, supported

by capacity expansion. As the installed base scales, we estimate gas services revenue could

reach ~KRW0.4tn by 2030 and ~KRW1tn by 2035, providing a growing and higher-margin