SOURCE RESEARCH
Small Modular Reactors (SMRs) – Technologies, Applications, and Use Cases
Report | 4Q 2025 | AN-6502
Get The ReportNuclear energy in the form of Small Modular Reactors (SMRs) is quickly becoming the focal point of the ongoing debate around the need for future massive, sustainable, and clean energy. This drives stock price hikes from vendors like Oklo and NuScale Power Corporation amid a very favorable fundraising environment. However, the emerging hype surrounding SMRs needs to be disassembled into realistic revenue opportunities and feasible timelines.Government support and funding spurring a nuclear revival (United States, United Kingdom, Korea, China, Russia); sustainability regulatory pressures; exploding energy needs due to accelerating electrification and data center expansion; bypassing energy grid capacity constraints.
The main countries currently developing and planning the adoption of SMRs include the United States, the United Kingdom, France, Poland, Sweden, Canada, Russia, China, and Korea. Accumulated SMR Capital Expenditure (CAPEX) will amount to more than US$320 billion by 2040.
The CAPEX breakdown by 2040 is:
- North America (US$17.2 billion)
- Europe (US$16.2 billion)
- Asia-Pacific (US$15.6 billion)
- Rest of World (US$4.8 billion)
Research Highlight: Are Small Modular Reactors (SMRs) Viable?
