The Future of Small Modular and Advanced Nuclear Reactors

Keywords: SMR, LWR, HTGR, PWR, BWR, CANDU, RBMK, Micro Reactor, LEU, HALEU, Uranium, Thorium

Overview

Is a global renaissance in nuclear energy underway, with approximately 70 companies competing to develop and deploy Small Modular Reactors (SMRs) and other advanced reactor designs? The push is driven by the increasing demand for reliable, carbon-free energy and process heat for industrial, commercial, and residential applications. However, this competitive field faces significant headwinds from economic uncertainties, regulatory hurdles, waste disposal challenges, and the long shadow of past nuclear accidents.

There are about 440 operational commercial nuclear reactors worldwide and many research reactors that are investigating new designs and fuels for reactors. It's also notable that nuclear power provides about one-quarter of the world's low-carbon electricity. Most commercial nuclear power reactors worldwide are Light Water Reactors (LWRs), Mostly PWR (Pressurized Water Reactors) and BWR (Boiling Water Reactors).

The Nuclear Renaissance in 2025: A Competitive Landscape Analysis

The Small Modular Reactor (SMR) and advanced reactor companies are developing new reactors that promise to overcome the faults of past reactors and provide reliable, safe, and cost-effective power that is being demanded by data centers, and the electrification of vehicles, industry, and buildings. Media reports of strong government, industry, and public support paint a promising future. This report takes an in-depth look at the many approaches these companies are taking, and the obstacles they face. Fossil fuels have a demonstrated record of environmental damage and toxic emissions. Methane and CO2 emissions from fossil fuels continue to accumulate in our air and are the primary cause of rising global temperatures. Nuclear power has very low greenhouse gas emissions and has already demonstrated it can be built at scale. Statistics show nuclear power provides reliable base load power with an average capacity factor of over 90 percent, which is ideal for powering data centers.

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