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市场调查报告书
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2023802

小型模组化反应器（SMR）全球市场（2026-2046 年）

The Global Nuclear Small Modular Reactors (SMRs) Market 2026-2046
出版日期: | 出版商: Future Markets, Inc. | 英文 363 Pages, 146 Tables, 39 Figures | 订单完成后即时交付

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全球小型模组化反应器（SMR）市场正步入业内分析师所称的“核能黄金时代”，2025-2026年将是政策、资金筹措和商业交易量方面的关键转折点。 SMR（通常在装置容量小于300兆瓦的核子反应炉中製造）正从示范阶段迈向实用化阶段。这是因为各国政府、超大规模企业和重工业都将核电视为唯一可扩展的稳定、零碳、高密度电力来源，以满足人工智慧和资料超大规模资料中心业者、再工业化以及净核能目标带来的激增需求。

近期的资金筹措活动规模空前。 2026年4月，英国国家财富基金承诺向劳斯莱斯小型模组化反应器（SMR）提供5.99亿英镑（约合8.05亿美元）的信贷额度，巩固了总额达26亿英镑的“支出审查”拨款，以及一项25亿英镑的SMR加速计划，旨在支持英国能源核能公司（Great British Energy-Nuclear）位于安格尔西岛的威尔法（Wylfa）项目，该项目包含三座反应器。在美国，川普政府宣布了2050年核能发电达到400吉瓦的目标。此外，2025年12月，美国能源部向田纳西河谷管理局/霍尔泰克公司（TVA/Holtec）拨款8亿美元，用于开发克林奇河SMR-300反应堆，并启动了27亿美元的高低浓铀（HALEU）采购计画。 NSTM-3指令（2026年4月）正式启动了美国国家太空核能计划，为核子反应炉发展设定了里程碑，从NASA的NASA太空反应器-1“自由”号（2028年）到国防部的中功率太空核子反应炉（2031年）。欧盟的PINC蓝图在2050年拨款2,410亿欧元，瑞典宣布了价值2,200亿欧元的新核能框架，世界银行于2025年6月正式解除了长达数十年的核能融资禁令。

除了政策层面，商业性需求也不断成长。超大规模资料中心业者已与亚马逊和X-energy、Google和Kairos、Equinix和Oklo等公司签署了突破性的购电协议，他们为稳定清洁电力支付的价格已达到每兆瓦时130美元。由雪佛龙、康菲石油、埃克森美孚、自由港麦克莫兰、纽柯、力拓和壳牌组成的工业先进核能联盟（IANC）于2025年9月成立，旨在整合需求。 Centrica和X-energy已宣布计画在英格兰东北部建造12座小型模组化反应器（SMR）。 Holtec/EDF UK/Tritax也在科塔姆共同开发SMR-300反应器，而ORLEN Synthos Green Energy正在波兰推进BWRX-300反应器的建设。

小型模组化反应器（SMR）蕴藏着 700 吉瓦的潜在工业机会，价值 5,000 亿美元至 1.5 兆美元。从订单的EPC 模式转向造船厂和大规模生产（Prodigy、Blue Energy、Copenhagen Atomics、Aalo、Project Pele），旨在将成本从大约 125 美元/兆瓦时降低到 40 美元/兆瓦时至 70 美元/兆瓦时，使其成为支持 21 世纪工业脱碳的关键技术。

本报告对全球小型模组化反应器（SMR）市场进行了深入分析，提供了未来 20 年 SMR 行业的商业性、技术、监管和投资环境方面的资讯。

目录

第一章：执行摘要

  • 市场概览
  • 市场预测
  • 科技趋势
  • 监理情势
  • 2025-2026 年关键市场催化剂（英国NWF/美国 NSTM-3/欧盟 PINC）
  • 工业应用需求与小型模组化反应器（SMR）性能的兼容性。
  • 4 供给 x 4 需求情境 - 市场进入矩阵
  • 主要市场驱动因素

第二章：引言

  • SMR的定义和特征
  • 成熟的核能技术
  • 小型模组化反应器技术的历史与发展
  • 小型模组化反应器（SMR）的优点和缺点
  • 与传统核子反应炉的比较
  • 目前小型模组化核子反应炉设计和项目
  • SMR 型
  • SMR类别边界

第三章 市场驱动因素、工业应用与需求

  • SMR市场及应用
  • 小型模组化反应器（SMR）应用及市场份额
  • 发展状况
  • 小型模组化反应器（SMR）的市场挑战
  • 全球能源结构预测（2026-2046 年）
  • 预测能源需求
  • 工业能源挑战－从风险到机会
  • 三级产业分类：催化剂/高可靠性/高影响力
  • 11个主要工业部门：技术要求概况
  • 匹配SMR的技术能力（加热温度×部门）
  • 小型模组化反应器的技术潜力：约15,000太瓦时至2,200吉瓦
  • 资料中心和人工智慧的电力需求将成为小型模组化反应器（SMR）成长的驱动力。

第四章：技术概述

  • 小型模组化反应器设计原则
  • 主要组成部分和系统
  • SMR的主要安全特性
  • 先进製造技术
  • 模组化和工厂化生产
  • 交付模式的演变－订单→标准化→船厂→大规模生产
  • 运输和现场组装
  • 电网整合和负载追踪能力
  • 新科技与未来发展
  • 供应炼和零件前置作业时间长
  • 「过渡能源」：从天然气过渡到核能的架构

第五章法规结构与许可

  • 国际原子能总署（IAEA）准则
  • 美国核能管理委员会（NRC）对小型模组化反应器（SMR）的态度
  • 欧洲核子安全监管机构小组（ENSREG）的观点
  • 监管挑战和协调努力
  • 小型模组化反应器（SMR）许可流程
  • 环境影响评估
  • 社会接受度和相关利益者参与
  • 基于SMR产品的授权和型式认可
  • 美国核能管理委员会 (NRC) 10 CFR 第 53 部分 - 基于风险资讯的绩效框架
  • 关于全国公民登记册改革的预先法案和总统令
  • 申请前倡议案例研究
  • 国际监管协调努力
  • 海事核能法规结构

第六章 市场分析

  • 全球市场规模及成长预测（2026-2046）
  • 市场区隔
  • SWOT分析
  • 价值链分析
  • 成本分析与经济可行性
  • 资金筹措模式和投资策略
  • 市场进入框架 - 技术 → 可能存在干扰 → 可能进入
  • 四种供应情境：目前（7 吉瓦）/ 计画（120 吉瓦）/ 爆发式成长（347 吉瓦）/ 变革性成长（700 吉瓦）
  • 四种需求情境：能源成本/能源安全/先进公共服务/近零能耗
  • 潜在进入市场的热力图－北美（最高 424 吉瓦）和欧洲（最高 277 吉瓦）（2035 年和 2050 年）
  • 区域市场分析

第七章 竞争情势

  • 竞争策略
  • 新产品开发与创新
  • 私人投资进入SMR
  • SMR上市股票概览
  • 领先科技公司和超大规模资料中心业者资料中心营运商对小型模组化反应器的投资承诺
  • 併购与整合
  • 工业用户买家联盟

第八章：小型模组化反应器部署场景

  • 首创（FOAK）项目
  • NOAK（第N种）预测与学习曲线
  • 部署时间表和里程碑
  • 预计产能扩张（2026-2046 年）
  • 市场渗透率分析
  • 全球主要小型模组化反应器专案追踪（截至2026年第二季）
  • 专案经济性比较：主要轻水器和小型模组化反应器设计
  • 小型模组化反应器（SMR）产业的就业创造

第九章 环境影响

  • 碳排放分析 - 生命週期二氧化碳当量/度数
  • 碳排放减少潜力（2026-2046 年）
  • 土地利用比较－小型模组化反应器、传统核能发电与可再生能源
  • 用水量比较
  • 核废弃物管理－数量、分类和处置途径
  • 乏燃料处置：依核子反应炉类型
  • 特定核子反应炉对环境的影响
  • 公共卫生与安全
  • 社会接纳与社区参与

第十章：政策与政府倡议

  • 美国联邦核子战略
  • 英国——伟大的英国核能和“核能黄金时代”
  • 加拿大—社会与医学研究27项国家行动计划
  • 欧盟－PINC（2050年投入2,410亿欧元）和欧洲工业联盟关于小型模组化反应器的研究
  • 瑞典－价值2,200亿瑞典克朗的新核能框架
  • 芬兰 - Steady Energy LDR-50，LUT（Helen Oy SMR 的子公司）的测试设施。
  • 挪威 - 特隆赫姆莱亚 Kjernekraft/Norsk Kjernekraft
  • 其他欧洲国家政策
  • 日本－首相高市早苗关于运作核子反应炉的政策
  • 中国—目标是到2030年实现110吉瓦的核能
  • 韩国 - SMART、KHNP、工业供应链
  • 印度 - 国内 iPHWR、钍伙伴关係
  • 中东、非洲和拉丁美洲的政策
  • 世界银行于 2025 年 6 月改变了其在核能相关融资方面的政策。
  • 国际合作与和谐
  • 出口管制和防止核扩散

第十一章 挑战与风险

  • 技术挑战
  • 经济挑战
  • 监管挑战
  • 社会和政治问题
  • 供应链风险
  • 实施风险 - 从 FOAK 过渡到 NOAK
  • 地缘政治风险
  • 风险管理框架

第十二章 市场与应用

  • 发电－基本负载、柔软性、汽电共生
  • 工业应用中的製程热
  • 核能区域供热
  • 海水淡化
  • 氢气和工业气体的生产
  • 合成燃料－SAF、绿色甲醇、绿色氨
  • 偏远地区与离网电力－采矿、北极、离岛、军事
  • 资料中心/AI 直接供电
  • 海洋小型模组化反应器 - 推进系统、海洋平台、浮体式工厂
  • 太空应用－月球反应器-1、自由号太空反应器-1、太空推进系统
  • 国防应用
  • 综合能源中心－电力+热能+氢气+海水淡化

第十三章：未来展望与情景

  • 六大关键市场驱动因素－展望2046年
  • 交付模式创新方案
  • 监理现代化方案
  • 经济可行性情景
  • 设施可用性情景
  • 资金筹措方案
  • 开发者生态系场景
  • 综合情境－供需路径整合
  • 各项技术的发展轨迹（截至2046年）
  • 按地区分類的市占率趋势（2026-2046 年）
  • 对供应商、客户和投资者的策略意义
  • 关键决策点与转捩点（2026-2035 年）
  • 长期市场预测（2046年及以后）
  • 潜在的颠覆性技术
  • 全球能源结构情境（包括小型模组化反应器併网）
  • 核融合能源有可能成为长期的竞争对手。

第十四章：公司简介（61家公司简介）

第十五章附录

第十六章 参考文献

The global Small Modular Reactor market has entered what industry analysts are calling the "Golden Age of Nuclear," with 2025-2026 marking a decisive inflection point in policy, financing, and commercial offtake. SMRs-factory-fabricated nuclear units typically under 300 MWe-are moving from demonstration to deployment as governments, hyperscalers, and heavy industry converge on nuclear as the only scalable source of firm, zero-carbon, high-density power capable of meeting surging AI/data-center load, re-industrialization, and net-zero targets.

Recent funding activity has been unprecedented. In April 2026, the UK's National Wealth Fund committed a Pound 599 million ($805 million) loan facility to Rolls-Royce SMR, anchoring a broader Pound 2.6bn Spending Review allocation and a Pound 2.5bn SMR acceleration package supporting Great British Energy-Nuclear's three-unit Wylfa programme on Anglesey. In the United States, the Trump Administration unveiled a 400 GW-by-2050 nuclear target; the DOE awarded $800 million to TVA/Holtec for Clinch River SMR-300 deployment in December 2025 and launched a $2.7 billion HALEU procurement. The NSTM-3 directive (April 2026) formally established the National Initiative for American Space Nuclear Power, with reactor milestones spanning NASA Space Reactor-1 "Freedom" (2028) through the Department of War mid-power in-space reactor (2031). The EU's PINC roadmap earmarks Euro-241 billion to 2050, Sweden unveiled a SEK 220bn new-nuclear framework, and the World Bank formally reversed its decades-long ban on nuclear financing in June 2025.

Commercial demand is hardening alongside policy. Hyperscalers are signing landmark offtake deals-Amazon/X-energy, Google/Kairos, Equinix/Oklo-with willingness-to-pay benchmarks reaching $107-130/MWh for firm clean power. The Industrial Advanced Nuclear Consortium (IANC), comprising Chevron, ConocoPhillips, ExxonMobil, Freeport-McMoRan, Nucor, Rio Tinto and Shell, was formed in September 2025 to pool demand. Centrica and X-energy announced a 12-SMR plan for North East England; Holtec/EDF UK/Tritax is co-developing SMR-300 at Cottam; and ORLEN Synthos Green Energy is advancing a BWRX-300 fleet across Poland.

Against a potential 700 GW industrial opportunity valued at $0.5-1.5 trillion, delivery-model innovation-from bespoke EPC toward shipyard and mass manufacturing (Prodigy, Blue Energy, Copenhagen Atomics, Aalo, Project Pele)-is targeting a cost descent from ~$125/MWh to $40-70/MWh, positioning SMRs as the backbone technology for 21st-century decarbonized industry.

The Global Nuclear Small Modular Reactors (SMRs) Market 2026-2046 is a comprehensive 363-page strategic intelligence report that maps the commercial, technological, regulatory, and investment landscape of the SMR industry across a twenty-year horizon. It is designed for reactor developers, utilities, industrial offtakers, hyperscalers, financiers, policymakers, EPC contractors, fuel-cycle suppliers, and sovereign infrastructure vehicles evaluating the opportunity to participate in what the report frames as a 700 GW, $0.5-1.5 trillion industrial transformation.

The report opens with an executive synthesis of the "Golden Age of Nuclear" thesis, anchoring six critical market drivers-delivery innovation, regulatory evolution, economic viability, site availability, capital access, and developer-ecosystem maturation-that pace the pathway from today's ~7 GW installed base to a 700 GW transformation scenario by 2050. It provides a rigorous technical overview of every active SMR family (PWRs, PHWRs, BWRs, HTGRs, LMFRs including lead-bismuth designs, MSRs, SCWRs and microreactors), with technology benchmarking across 15+ designs and heat-temperature-to-sector capability matching.

A distinctive contribution is the Market-Access Matrix pairing four supply scenarios (Current 7 GW / Programmatic 120 GW / Breakout 347 GW / Transformation 700 GW) with four demand scenarios (Energy Cost / Energy Security / APS / NZE), generating accessible-market heatmaps for North America (up to 424 GW) and Europe (up to 277 GW). Sectoral deep-dives quantify demand across eleven industrial applications-data centers (75 GW), coal repowering (110 GW), synthetic aviation fuels (203 GW), synthetic maritime fuels (90 GW), chemicals (55 GW), iron & steel (33 GW), refining, food & beverage, district energy, upstream oil & gas, and military (12 GW).

The regulatory chapter covers NRC 10 CFR Part 53, the ADVANCE Act, UK GDA progression, product-based licensing, the Atlantic Partnership for Advanced Nuclear Energy, and maritime frameworks (IAEA ATLAS, IMO MSC 110, NEMO). Policy chapters detail the Trump Administration's 400 GW target, NSTM-3 space nuclear initiative, UK National Wealth Fund architecture, Canada's 27-point plan, and the EU PINC Euro-241bn roadmap.

Additional chapters cover delivery-model evolution (onsite EPC -> shipyard -> mass manufacturing), HALEU/TRISO supply chains, long-lead component capacity (BWXT, Doosan, HD Hyundai, IHI, SGL Carbon), listed-equity and private-capital flows, hyperscaler offtake economics, fourteen detailed case studies (Wylfa, Palisades, Natrium, Seadrift, Cascade, Norrsundet, Salmisaari, ORLEN, EAGL-1, Jimmy x Cristal Union), and 61 company profiles-providing a single authoritative reference spanning strategy to subcomponent supply.

Report Contents include:

  • Executive Summary covering the $0.5-1.5 trillion / 700 GW thesis, the "Golden Age of Nuclear" 2025-2026 inflection point, AI & data-center demand anchors, and six critical market drivers.
  • Full technology review of SMR families: PWRs, PHWRs, BWRs, HTGRs, LMFRs (including LBE designs EAGL-1 and SEALER), MSRs, SCWRs, and microreactors, with benchmarking tables and heat-temperature matching.
  • Industrial application demand model across eleven sectors: data centers (75 GW), coal repowering (110 GW), synthetic aviation fuels (203 GW), synthetic maritime fuels (90 GW), chemicals (55 GW), iron & steel (33 GW), food & beverage (43 GW), district energy (33 GW), upstream O&G (33 GW), refining (13 GW), military (12 GW).
  • 15,000 TWh / ~2,200 GW technical-potential ceiling with three-tier industry categorization (Catalyst / High-Confidence / High-Impact).
  • Four Supply x Four Demand market-access matrix (Current 7 GW -> Transformation 700 GW) with accessible-market heatmaps for North America (up to 424 GW) and Europe (up to 277 GW) for 2035 and 2050.
  • Delivery-model cost curves from onsite EPC (~$125/MWh) through standardised EPC, shipyard manufacturing, and mass manufacturing ($40-70/MWh).
  • Supply-chain analysis of forgings, pressure vessels, HALEU/TRISO fuel, graphite, lithium-7, and molten salt; in-house vs. outsourced strategies.
  • Hyperscaler & Big Tech offtake chapter: Amazon/X-energy, Google/Kairos, Equinix/Oklo, Microsoft, plus willingness-to-pay benchmarks ($107-130/MWh).
  • Regulatory framework: NRC 10 CFR Part 53, ADVANCE Act, UK GDA, product-based licensing, Atlantic Partnership, IAEA NHSI, MDEP, and maritime regulation (ATLAS, IMO MSC 110, NEMO).
  • Policy chapter: Trump 400 GW strategy, NSTM-3 space nuclear initiative, UK NWF/Pound 2.6bn Spending Review, Canada 27-point plan, EU PINC (Euro-241bn), Sweden SEK 220bn framework, World Bank reversal (June 2025).
  • Regional deep-dives across North America, Europe (UK, France, Sweden, Finland, Norway, Poland, Czech Republic, EU), Asia-Pacific (China, Japan, South Korea, India, Vietnam, Philippines, Indonesia, Singapore), MENA and Latin America.
  • Competitive landscape: recent 2025-Q2 2026 news tracker, SMR private investment tables, listed-equity snapshot, M&A activity, IANC and Texas A&M buyer consortia.
  • SMR deployment scenarios: FOAK vs. NOAK, major projects tracker, capacity additions forecast to 2046.
  • Sectoral deep-dives including space nuclear (NASA "Freedom," Lunar Reactor-1, DoW mid-power reactor), maritime (synthetic fuels vs. direct propulsion), multi-product energy centres.
  • Fourteen case studies: NuScale VOYGR, Rolls-Royce Wylfa, Holtec Palisades, TerraPower Natrium, X-energy Seadrift & Cascade, Blykalla Norrsundet, Steady Energy Salmisaari, HTR-PM, Akademik Lomonosov, Darlington, FANCO EAGL-1, ORLEN, Jimmy x Cristal Union.
  • Investment analysis: ROI projections, sovereign vehicles (UK NWF, EU PINC, Sweden SEK 220bn, France EDF), EaaS business models, policy-instrument comparison (ETS, RECs, 30% ITC, CfDs).
  • 61 detailed company profiles covering technology, funding, pipeline, partnerships and contacts.
  • Appendices: 9-criteria industry evaluation matrix, summary of IAEA/IEA/OECD-NEA/DOE/DNV/EPRI/INL studies, maritime pathway comparison, glossary, acronyms, and full references.

The report's 61 company profiles include Aalo Atomics, ARC Clean Technology, Blue Capsule, Blue Energy, Blykalla (Leadcold), BWX Technologies (BWXT), Centrica, China National Nuclear Corporation (CNNC), Copenhagen Atomics, Deep Fission, Doosan Enerbility, EDF, First American Nuclear (FANCO), Fermi Energia, GE Hitachi Nuclear Energy, General Atomics, HD Hyundai, Helen Oy, Hexana, Holtec International, IHI Corporation, Jimmy Energy, Kairos Power, Karnfull Next and more alongside additional long-lead component and fuel-cycle suppliers supporting the wider SMR ecosystem.

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

  • 1.1 Market Overview
    • 1.1.1 The nuclear industry
    • 1.1.2 Nuclear as a source of low-carbon power
    • 1.1.3 Challenges for nuclear power
    • 1.1.4 Construction and costs of commercial nuclear power plants
    • 1.1.5 Renewed interest in nuclear energy
    • 1.1.6 Projections for nuclear installation rates
    • 1.1.7 Nuclear energy costs
    • 1.1.8 SMR benefits
    • 1.1.9 Decarbonization
    • 1.1.10 The "Golden Age of Nuclear": 2025-2026 policy inflection point
    • 1.1.11 AI, data centers and Big Tech as SMR demand anchors
    • 1.1.12 The 700 GW industrial opportunity - $0.5-1.5 trillion thesis
  • 1.2 Market Forecast
  • 1.3 Technological Trends
  • 1.4 Regulatory Landscape
  • 1.5 Key 2025-2026 Market Catalysts (UK NWF / US NSTM-3 / EU PINC)
  • 1.6 Industrial Application Requirements and SMR Capability Matching
  • 1.7 Four Supply x Four Demand Scenarios - Market-Access Matrix
  • 1.8 Critical Market Drivers

2 INTRODUCTION

  • 2.1 Definition and Characteristics of SMRs
  • 2.2 Established nuclear technologies
  • 2.3 History and Evolution of SMR Technology
    • 2.3.1 Nuclear fission
    • 2.3.2 Controlling nuclear chain reactions
    • 2.3.3 Fuels
    • 2.3.4 Safety parameters
      • 2.3.4.1 Void coefficient of reactivity
      • 2.3.4.2 Temperature coefficient
    • 2.3.5 Light Water Reactors (LWRs)
    • 2.3.6 Ultimate heat sinks (UHS)
    • 2.3.7 Learning Curves in Nuclear Construction: US vs. China"
    • 2.3.8 Uranium Mining Capacity as Structural Supply Constraint
  • 2.4 Advantages and Disadvantages of SMRs
  • 2.5 Comparison with Traditional Nuclear Reactors
  • 2.6 Current SMR reactor designs and projects
  • 2.7 Types of SMRs
    • 2.7.1 Designs
    • 2.7.2 Coolant temperature
    • 2.7.3 The Small Modular Reactor landscape
    • 2.7.4 Light Water Reactors (LWRs)
      • 2.7.4.1 Pressurized Water Reactors (PWRs)
      • 2.7.4.2 Pressurized Heavy Water Reactors (PHWRs)
      • 2.7.4.3 Boiling Water Reactors (BWRs)
    • 2.7.5 High-Temperature Gas-Cooled Reactors (HTGRs)
      • 2.7.5.1 Overview
      • 2.7.5.2 Elevated operating temperatures
      • 2.7.5.3 Key features
      • 2.7.5.4 Examples
    • 2.7.6 Fast Neutron Reactors (FNRs)
      • 2.7.6.1 Overview
      • 2.7.6.2 Key features
      • 2.7.6.3 Examples
    • 2.7.7 Molten Salt Reactors (MSRs)
      • 2.7.7.1 Overview
      • 2.7.7.2 Key features
      • 2.7.7.3 Examples
    • 2.7.8 Microreactors
      • 2.7.8.1 Overview
      • 2.7.8.2 Key features
      • 2.7.8.3 Examples
    • 2.7.9 Heat Pipe Reactors
      • 2.7.9.1 Overview
      • 2.7.9.2 Key features
      • 2.7.9.3 Examples
    • 2.7.10 Liquid Metal Cooled Reactors
      • 2.7.10.1 Overview
      • 2.7.10.2 Key features
      • 2.7.10.3 Examples
    • 2.7.11 Supercritical Water-Cooled Reactors (SCWRs)
      • 2.7.11.1 Overview
      • 2.7.11.2 Key features
    • 2.7.12 Pebble Bed Reactors
      • 2.7.12.1 Overview
      • 2.7.12.2 Key features
  • 2.8 SMR Category Boundary

3 MARKET DRIVERS, INDUSTRIAL APPLICATIONS AND DEMAND

  • 3.1 Markets and Applications for SMRs
  • 3.2 SMR Applications and Market Share
  • 3.3 Development Status
  • 3.4 Market Challenges for SMRs
  • 3.5 Global Energy Mix Projections (2026-2046)
  • 3.6 Projected Energy Demand
  • 3.7 Industrial Energy Challenges - from Risk to Opportunity
    • 3.7.1 Energy security and price volatility
    • 3.7.2 Reliability deterioration - April 2025 Spain-Portugal blackout
    • 3.7.3 Decarbonization pressure - CBAM, ETS, Scope-3
  • 3.8 Three-tier industry categorization: Catalyst / High-Confidence / High-Impact
  • 3.9 The 11 key industrial sectors: technical requirements profile
    • 3.9.1 Data centers
    • 3.9.2 Upstream oil & gas
    • 3.9.3 Military applications
    • 3.9.4 Chemicals
    • 3.9.5 District energy
    • 3.9.6 Refining oil & gas
    • 3.9.7 Food & beverage
    • 3.9.8 Coal repowering
    • 3.9.9 Synthetic aviation fuels
    • 3.9.10 Synthetic maritime fuels
    • 3.9.11 Iron & steel - EAF, DRI, H2-DRI pathways
  • 3.10 SMR technical-capability matching (heat temperature x sector)
  • 3.11 SMR Technical Potential: ~15,000 TWh - 2,200 GW upper bound
  • 3.12 Data Center & AI Power Demand as SMR Growth Engine
    • 3.12.1 Hyperscaler offtake deals (Amazon/X-energy, Google/Kairos, Equinix/Oklo)
    • 3.12.2 Dedicated-SMR data-center campuses (Dow Seadrift, Cottam, Cascade)
    • 3.12.3 Willingness-to-pay benchmarks - Google/Fervo $107/MWh, Equinix $130/MWh
    • 3.12.4 US Data Center Power Gap

4 TECHNOLOGY OVERVIEW

  • 4.1 Design Principles of SMRs
  • 4.2 Key Components and Systems
  • 4.3 Key Safety Features of SMRs
  • 4.4 Advanced Manufacturing Techniques
  • 4.5 Modularization and Factory Fabrication
  • 4.6 Delivery-Model Evolution - bespoke -> standardised -> shipyard -> mass manufacturing
    • 4.6.1 Onsite EPC (current, ~$125/MWh, 10+ years)
    • 4.6.2 Standardised onsite EPC ($90-125/MWh, 5-7 years)
    • 4.6.3 Shipyard manufacturing ($60-90/MWh, 2-3 years) - Prodigy, Blue Energy
    • 4.6.4 Mass manufacturing ($40-70/MWh) - DfMA, Aalo, Copenhagen Atomics, Project Pele
  • 4.7 Transportation and Site Assembly
  • 4.8 Grid Integration and Load Following Capabilities
  • 4.9 Emerging Technologies and Future Developments
  • 4.10 Supply Chain & Long-Lead Components
    • 4.10.1 Forgings, pressure vessels, steam generators (BWXT, Doosan, HD Hyundai, IHI)
    • 4.10.2 Specialty materials - SGL Carbon graphite, lithium-7, molten salt
    • 4.10.3 In-house vs. outsourced manufacturing strategies
    • 4.10.4 HALEU / TRISO fuel supply chain
  • 4.11 "Bridge Power" gas-to-nuclear transition architectures

5 REGULATORY FRAMEWORK AND LICENSING

  • 5.1 International Atomic Energy Agency (IAEA) Guidelines
  • 5.2 Nuclear Regulatory Commission (NRC) Approach to SMRs
  • 5.3 European Nuclear Safety Regulators Group (ENSREG) Perspective
  • 5.4 Regulatory Challenges and Harmonization Efforts
  • 5.5 Licensing Processes for SMRs
  • 5.6 Environmental Impact Assessment
  • 5.7 Public Acceptance and Stakeholder Engagement
  • 5.8 Product-Based Licensing and Type Certification for SMRs
  • 5.9 NRC 10 CFR Part 53 - risk-informed, performance-based framework
  • 5.10 ADVANCE Act and Executive Order on NRC reform
  • 5.11 Pre-Application Engagement Case Studies
    • 5.11.1 First American Nuclear (FANCO) EAGL-1 - April 2026 filing
    • 5.11.2 Newcleo LFR pre-application (February 2026)
    • 5.11.3 TerraPower Natrium - first US advanced-reactor construction permit in a decade
  • 5.12 International Regulatory Harmonization Initiatives
    • 5.12.1 IAEA Nuclear Harmonization and Standardization Initiative (NHSI)
    • 5.12.2 OECD-NEA Multinational Design Evaluation Programme (MDEP)
    • 5.12.3 UK-US-Canada Trilateral Regulatory Cooperation
    • 5.12.4 Atlantic Partnership for Advanced Nuclear Energy (Sept 2025)
    • 5.12.5 EDF NUWARD-TM joint regulatory review
  • 5.13 Maritime Nuclear Regulatory Framework
    • 5.13.1 IAEA ATLAS initiative (2024)
    • 5.13.2 IMO MSC 110 revision of 1981 Code for Nuclear Merchant Ships
    • 5.13.3 Nuclear Energy Maritime Organization (NEMO)

6 MARKET ANALYSIS

  • 6.1 Global Market Size and Growth Projections (2026-2046)
  • 6.2 Market Segmentation
    • 6.2.1 By Reactor Type
    • 6.2.2 By Application
    • 6.2.3 By Region
  • 6.3 SWOT Analysis
  • 6.4 Value Chain Analysis
  • 6.5 Cost Analysis and Economic Viability
  • 6.6 Financing Models and Investment Strategies
  • 6.7 Market Access Framework - Technical -> Addressable -> Accessible
  • 6.8 Four Supply Scenarios: Current (7 GW) / Programmatic (120 GW) / Breakout (347 GW) / Transformation (700 GW)
  • 6.9 Four Demand Scenarios: Energy Cost / Energy Security / APS / NZE
  • 6.10 Accessible-market heatmaps - North America (up to 424 GW) and Europe (up to 277 GW), 2035 & 2050
  • 6.11 Regional Market Analysis
    • 6.11.1 North America
      • 6.11.1.1 United States
      • 6.11.1.2 Canada
    • 6.11.2 Europe
      • 6.11.2.1 United Kingdom - The "Golden Age of Nuclear"
      • 6.11.2.2 France
      • 6.11.2.3 Russia
      • 6.11.2.4 Sweden - SEK 220bn new-nuclear framework; Blykalla Norrsundet
      • 6.11.2.5 Finland - Helen Oy SMR subsidiary, LUT test facilities, Steady Energy LDR-50
      • 6.11.2.6 Norway - Trondheimsleia Kjernekraft / Norsk Kjernekraft
      • 6.11.2.7 Poland - ORLEN Synthos Green Energy BWRX-300 fleet
      • 6.11.2.8 Czech Republic - CEZ 20% stake in Rolls-Royce SMR
      • 6.11.2.9 EU - European Industrial Alliance on SMRs, PINC (Euro 241bn to 2050)
      • 6.11.2.10 Other European Countries
    • 6.11.3 Asia-Pacific
      • 6.11.3.1 China - 110 GW nuclear target by 2030
      • 6.11.3.2 Japan - PM Sanae Takaichi reactor-restart policy
      • 6.11.3.3 South Korea
      • 6.11.3.4 India
      • 6.11.3.5 Vietnam - Ninh Thuan 1 (Rosatom) revival
      • 6.11.3.6 Philippines, Indonesia and Singapore SMR programmes
    • 6.11.4 Middle East and Africa
    • 6.11.5 Latin America

7 COMPETITIVE LANDSCAPE

  • 7.1 Competitive Strategies
  • 7.2 New Product Developments and Innovations
  • 7.3 SMR Private Investment
  • 7.4 SMR Listed-Equity Snapshot
    • 7.4.1 Pure-play SMR developers
    • 7.4.2 Fuel-cycle infrastructure
    • 7.4.3 Nuclear-manufacturing conglomerates with SMR exposure
    • 7.4.4 Utility and offtaker exposure
  • 7.5 Big Tech and Hyperscaler SMR Capital Commitments
  • 7.6 M&A and Consolidation
    • 7.6.1 Rescue acquisitions and distressed asset transfers
    • 7.6.2 Strategic consolidation and brand rationalization
    • 7.6.3 Vertical integration by fuel-cycle consolidation
    • 7.6.4 SPAC listings and public-market capital
    • 7.6.5 Strategic equity partnerships and minority investments
  • 7.7 Industrial-User Buyer Consortia
    • 7.7.1 IANC - Industrial Advanced Nuclear Consortium (Chevron, ConocoPhillips, ExxonMobil, Freeport-McMoRan, Nucor, Rio Tinto, Shell)
    • 7.7.2 Texas A&M RELLIS - Kairos, Terrestrial, Aalo, Natura (Feb 2025)
    • 7.7.3 NATO microreactor programme (Last Energy advisory)

8 SMR DEPLOYMENT SCENARIOS

  • 8.1 First-of-a-Kind (FOAK) Projects
  • 8.2 Nth-of-a-Kind (NOAK) Projections and Learning Curves
  • 8.3 Deployment Timelines and Milestones
  • 8.4 Capacity Additions Forecast (2026-2046)
  • 8.5 Market Penetration Analysis
  • 8.6 Major SMR Projects Tracker - Global (Q2 2026 snapshot)
  • 8.7 Project Economics Comparison: Leading LWR SMR Designs
  • 8.8 Job Creation in SMR Industry

9 ENVIRONMENTAL IMPACT

  • 9.1 Carbon Emissions Analysis - Lifecycle g CO2e/kWh
  • 9.2 Carbon Emissions Reduction Potential (2026-2046)
  • 9.3 Land Use Comparison - SMR vs. Traditional Nuclear vs. Renewables
  • 9.4 Water Usage Comparison
  • 9.5 Nuclear Waste Management - Volumes, Categories, and Disposal Pathways
  • 9.6 Spent Fuel Handling by Reactor Type
  • 9.7 Environmental Impact of Specific Reactor Types
  • 9.8 Public Health and Safety
  • 9.9 Social Acceptance and Community Engagement

10 POLICY AND GOVERNMENT INITIATIVES

  • 10.1 US Federal Nuclear Strategy
    • 10.1.1 Trump Administration 400 GW Nuclear-by-2050 Target
    • 10.1.2 NSTM-3 - National Security Technology Memorandum on Space Nuclear (April 14, 2026)
    • 10.1.3 DOE $800m TVA/Holtec SMR-300 Award (December 2025)
    • 10.1.4 DOE $2.7bn HALEU Procurement
    • 10.1.5 ADVANCE Act and Executive Orders on NRC reform
    • 10.1.6 State-level SMR Policy Landscape
  • 10.2 UK - Great British Nuclear and the "Golden Age of Nuclear"
  • 10.3 Canada - 27-Point SMR National Action Plan
  • 10.4 European Union - PINC (Euro 241bn to 2050) and European Industrial Alliance on SMRs
  • 10.5 Sweden - SEK 220bn New-Nuclear Framework
  • 10.6 Finland - Helen Oy SMR subsidiary; LUT test facilities; Steady Energy LDR-50
  • 10.7 Norway - Trondheimsleia Kjernekraft / Norsk Kjernekraft
  • 10.8 Other European National Policies
  • 10.9 Japan - PM Sanae Takaichi Reactor-Restart Policy
  • 10.10 China - 110 GW Nuclear Target by 2030
  • 10.11 South Korea - SMART, KHNP, Industrial Supply Chain
  • 10.12 India - Indigenous iPHWR, Thorium Partnerships
  • 10.13 Middle East, Africa and Latin America Policies
  • 10.14 World Bank June 2025 Nuclear Lending Reversal
  • 10.15 International Cooperation and Harmonization
  • 10.16 Export Control and Non-Proliferation

11 CHALLENGES AND RISKS

  • 11.1 Technical Challenges
    • 11.1.1 Design Certification and Licensing
    • 11.1.2 Fuel Development and Supply
    • 11.1.3 Component Manufacturing and Quality Assurance
    • 11.1.4 Grid Integration and Load Following
  • 11.2 Economic Challenges
    • 11.2.1 Capital Costs and Financing
    • 11.2.2 Economies of Scale
    • 11.2.3 Market Competition from Other Energy Sources
  • 11.3 Regulatory Challenges
    • 11.3.1 Harmonization of International Standards
    • 11.3.2 Site Licensing and Environmental Approvals
    • 11.3.3 Liability and Insurance Issues
  • 11.4 Social and Political Challenges
    • 11.4.1 Public Perception and Acceptance
    • 11.4.2 Nuclear Proliferation Concerns
    • 11.4.3 Waste Management and Long-Term Storage
  • 11.5 Supply Chain Risks
  • 11.6 Execution Risks - FOAK-to-NOAK Transition
  • 11.7 Geopolitical Risks
  • 11.8 Risk Management Framework

12 MARKETS AND APPLICATIONS

  • 12.1 Electricity Generation - Baseload, Flexibility, Cogeneration
  • 12.2 Process Heat for Industrial Applications
    • 12.2.1 Strategic co-location of SMRs with industrial facilities
    • 12.2.2 High-temperature reactors for industrial heat
    • 12.2.3 Coal-fired power plant conversion
  • 12.3 Nuclear District Heating
  • 12.4 Desalination
    • 12.4.1 Technology pathways
    • 12.4.2 Principal regional markets
    • 12.4.3 Commercial developments and reactor matching
    • 12.4.4 Economics
  • 12.5 Hydrogen and Industrial Gas Production
  • 12.6 Synthetic Fuels - SAF, Green Methanol, Green Ammonia
  • 12.7 Remote and Off-Grid Power - Mining, Arctic, Islands, Military
  • 12.8 Data Center / AI Direct Power
  • 12.9 Marine SMRs - Propulsion, Offshore Platforms, Floating Plants
  • 12.10 Space Applications - Lunar Reactor-1, Space Reactor-1 "Freedom", In-Space Propulsion
  • 12.11 Defence Applications
  • 12.12 Integrated Energy Centers - Electricity + Heat + H2 + Desalination

13 FUTURE OUTLOOK AND SCENARIOS

  • 13.1 The Six Critical Market Drivers - Progression to 2046
  • 13.2 Delivery Model Innovation Scenario
  • 13.3 Regulatory Modernization Scenario
  • 13.4 Economic Viability Scenario
  • 13.5 Site Availability Scenario
  • 13.6 Capital Access Scenario
  • 13.7 Developer Ecosystem Scenario
  • 13.8 Combined Scenario - Integrated Supply and Demand Pathways
  • 13.9 Technology-by-Technology Trajectory to 2046
  • 13.10 Regional Market Share Evolution (2026 -> 2046)
  • 13.11 Strategic Implications for Vendors, Customers, and Investors
  • 13.12 Key Decision Points and Inflection Events 2026-2035
  • 13.13 Long-Term Market Projections Beyond 2046
  • 13.14 Potential Disruptive Technologies
  • 13.15 Global Energy Mix Scenarios with SMR Integration
    • 13.15.1 Central-case projection (Breakout supply x APS demand)
    • 13.15.2 NZE scenario (Transformation supply x NZE demand)
    • 13.15.3 Energy Cost scenario (Programmatic supply x Energy Cost demand)
    • 13.15.4 Regional deployment concentration
    • 13.15.5 Interaction with variable renewables
  • 13.16 Fusion Energy as Potential Long-Term Competitor

14 COMPANY PROFILES (61 company profiles)

15 APPENDICES

  • 15.1 Research Methodology
    • 15.1.1 Methodology Framework
    • 15.1.2 Definitions
    • 15.1.3 Data Sources
    • 15.1.4 Limitations
  • 15.2 Nine-Criteria Design Evaluation Matrix
    • 15.2.1 Application of the Framework - Summary Matrix
  • 15.3 Study Summaries - Key Peer-Reviewed and Institutional Studies Referenced
  • 15.4 Maritime Pathway Comparison
  • 15.5 Glossary
  • 15.6 Acronyms and Abbreviations

16 REFERENCES

List of Tables

  • Table 1. Motivation for Adopting SMRs.
  • Table 2. Generations of nuclear technologies.
  • Table 3. SMR Construction Economics.
  • Table 4. Cost of Capital for SMRs vs. Traditional NPP Projects.
  • Table 5. Comparative Costs of SMRs with Other Types.
  • Table 6. SMR Benefits.
  • Table 7. SMR Market Growth Trajectory, 2026-2046.
  • Table 8. Major 2025-2026 SMR policy and funding catalysts.
  • Table 9. Technological trends in Nuclear Small Modular Reactors (SMR).
  • Table 10. Regulatory landscape for Nuclear Small Modular Reactors.
  • Table 11. Industrial Sector Technical Requirements Analysis.
  • Table 12. Four Supply x Four Demand Scenario Matrix - summary.
  • Table 13. Critical Market Drivers - overview and KPIs.
  • Table 14. Established nuclear technologies.
  • Table 15. Safety Physics Indicators by Reactor Family.
  • Table 16. Ultimate Heat Sink Requirements by Reactor Type.
  • Table 17. US vs China Nuclear Construction Cost Learning - Historical and Projected.
  • Table 18. Global Uranium Mining Capacity Outlook.
  • Table 19. Advantages and Disadvantages of SMRs.
  • Table 20. Comparison with Traditional Nuclear Reactors.
  • Table 21. SMR Projects (2026 update).
  • Table 22. SMR Technology Benchmarking.
  • Table 23. Comparison of SMR Types: LWRs, HTGRs, FNRs, and MSRs.
  • Table 24. Quantitative Benchmark - 10 SMR Technologies (scored 1-5).
  • Table 25. Types of PWR.
  • Table 26. Key Features of Pressurized Water Reactors (PWRs).
  • Table 27. Comparison of Leading Gen III/III+ Designs
  • Table 28. Gen-IV Reactor Designs
  • Table 29. Key Features of Pressurized Heavy Water Reactors
  • Table 30. Key Features of Boiling Water Reactors (BWRs).
  • Table 31. HTGRs- Rankine vs. Brayton vs. Combined Cycle Generation.
  • Table 32. Key Features of High-Temperature Gas-Cooled Reactors (HTGRs)
  • Table 33. Comparing LMFRs to Other Gen IV Types.
  • Table 34. The Upper Boundary of "Small Modular Reactors" - Design Comparison.
  • Table 35. Markets and Applications for SMRs.
  • Table 36. SMR Applications and Their Market Share, 2026-2046.
  • Table 37. Development Status.
  • Table 38. Market Challenges for SMRs.
  • Table 39. Global Energy Mix Projections, 2026-2046.
  • Table 40. Projected Energy Demand (2026-2046).
  • Table 41. Forces Driving Industrial Nuclear Adoption.
  • Table 42. April 2025 Spain-Portugal Blackout - Impacts and Lessons.
  • Table 43. Three-tier Industry Categorization.
  • Table 44. Key 11 Industrial Sectors - technical requirements summary.
  • Table 45. Heat Demand Breakdown by Temperature Band for Key Industries.
  • Table 46. Recoverable Heat Temperature by Reactor Technology.
  • Table 47. Hyperscaler SMR Offtake Agreements (2024-2026).
  • Table 48. Data Center / AI Dedicated SMR Projects.
  • Table 49. Willingness-to-pay benchmarks for firm clean power.
  • Table 50. US Data Center Power Supply-Demand Balance, 2024-2030.
  • Table 51. Key Components and Systems.
  • Table 52. Key Safety Features of SMRs.
  • Table 53. Advanced Manufacturing Techniques.
  • Table 54. SMR Cost Evolution by Delivery Model.
  • Table 55. Emerging Technologies and Future Developments in SMRs.
  • Table 56. Long-Lead Component Suppliers and Capacity.
  • Table 57. RPV Supply Capacity vs. Scenario Demand.
  • Table 58. In-house vs. Outsourced Manufacturing - SMR Developer Strategies.
  • Table 59. HALEU Supply - DOE Awards, Producers, Offtake (2024-2026).
  • Table 60. Regulatory Challenges and Harmonization Efforts.
  • Table 61. SMR Licensing Process Timeline.
  • Table 62. Active NRC Pre-Application Engagements (2025-2026).
  • Table 63. UK-US Atlantic Partnership for Advanced Nuclear Energy: Key Provisions.
  • Table 64. Maritime Nuclear Regulatory Initiatives (IAEA ATLAS, IMO MSC 110, NEMO).
  • Table 65. SMR Market Size by Reactor Type, 2026-2046.
  • Table 66. SMR Construction Revenue by Reactor Technology 2026-2046 (US$ Billions).
  • Table 67. SMR Market Size by Application, 2026-2046.
  • Table 68. SMR Market Size by Region, 2026-2046.
  • Table 69. SMR Construction Revenue by Region 2026-2046 (US$ Billions, Breakout Central Case).
  • Table 70. Cost Breakdown of SMR Construction and Operation.
  • Table 71. Financing Models for SMR Projects.
  • Table 72. Project Supply Scenarios - Main Assumptions.
  • Table 73. Energy Demand Scenarios - Assumptions.
  • Table 74. Accessible Market Heatmap - North America, 2035 and 2050.
  • Table 75. Top-Five SMR Accessible Markets by Region (Transformation + APS, 2050).
  • Table 76. US DOE Awards for SMR Deployment (2024-2026).
  • Table 77. US State-Level SMR Legislation (2025-2026).
  • Table 78. UK Great British Nuclear / GBE-N Funding Commitments (2024-2026).
  • Table 79. Rolls-Royce SMR Wylfa Project Economics and Milestones.
  • Table 80. European SMR Country-by-Country Programmes.
  • Table 81. Competitive Strategies in SMR.
  • Table 82. New Product Developments and Innovations.
  • Table 83. SMR Private Investment (by investor category, 2020-2026).
  • Table 84. Listed SMR-Related Equities (Q2 2026).
  • Table 85. Big Tech / Hyperscaler SMR Capital Commitments (2024-2026).
  • Table 86. Notable SMR M&A and Corporate Events (2024-2026).
  • Table 87. IANC Founding Members - Industry and Strategic Rationale.
  • Table 88. FOAK SMR Projects - Status (Q2 2026).
  • Table 89. FOAK vs. NOAK SMR Projections - Key Parameters.
  • Table 90. SMR Deployment Timeline and Phase Characteristics, 2026-2046.
  • Table 91. Annual Global SMR Capacity Additions and Cumulative Capacity, 2026-2046.
  • Table 92. Regional Cumulative SMR Capacity, 2046 (Central / Breakout Scenario).
  • Table 93. SMR Market Penetration by Segment, 2046.
  • Table 94. Major SMR Projects and Their Status, Q2 2026.
  • Table 95. Project Economics Comparison - Leading LWR SMR Designs.
  • Table 96. Project Economics Comparison - Leading Advanced SMR Designs.
  • Table 97. Job Creation in SMR Industry by Sector, 2046 (Central Case).
  • Table 98. Comparison of Carbon Emissions - SMRs vs. Other Energy Sources.
  • Table 99. Carbon Emissions Reduction Potential of SMRs, 2026-2046.
  • Table 100. Regional Avoided Emissions at 2046 (Base Case Scenario).
  • Table 101. Sectoral Avoided Emissions at 2046 (Base Case Scenario).
  • Table 102. Land Use Comparison - SMRs vs. Traditional Nuclear vs. Renewables.
  • Table 103. Water Usage Comparison - SMRs vs. Traditional Nuclear.
  • Table 104. SMR Waste Volumes, Categories, and Disposal Pathways.
  • Table 105. Spent Fuel Handling by Reactor Type.
  • Table 106. Environmental Profile by Reactor Type.
  • Table 107. Public Acceptance - 2025 Polling Across Key Markets.
  • Table 108. NSTM-3 - Three Parallel Space-Nuclear Programmes.
  • Table 109. US Federal SMR-Related Funding Commitments (2023-2026).
  • Table 110. UK Nuclear Programme Funding and Milestones (2024-2026).
  • Table 111. EU PINC Euro 241bn Investment Roadmap - Allocation Summary.
  • Table 112. European National Policy Summary (Q2 2026).
  • Table 113. International SMR Cooperation Frameworks (Q2 2026).
  • Table 114. Technical Challenges in SMR Development and Deployment.
  • Table 115. Economic Challenges for SMR Implementation.
  • Table 116. Regulatory Challenges for SMR Adoption (Update 2026).
  • Table 117. Social and Political Challenges for SMR Implementation.
  • Table 118. Supply Chain Risk Assessment.
  • Table 119. FOAK Execution Risk Framework.
  • Table 120. SMR Risk Allocation Framework by Counterparty.
  • Table 121. Electricity Generation SMR Applications.
  • Table 122. Industrial Process Heat SMR Applications and Reactor Match.
  • Table 123. Nuclear District Heating - Key Projects and Technologies.
  • Table 124. Nuclear Desalination Applications.
  • Table 125. Nuclear Hydrogen Production Pathways.
  • Table 126. Synthetic Fuels Applications.
  • Table 127. Remote / Off-Grid SMR Applications.
  • Table 128. Marine SMR Applications.
  • Table 129. Space Nuclear Reactor Programmes (Q2 2026).
  • Table 130. Integrated Energy Center Examples - Regional Deployment Archetypes.
  • Table 131. Six Critical Market Drivers - Status and Inflection Events.
  • Table 132. Delivery Model Scenario Bands (2046 GW Outcomes).
  • Table 133. Developer Ecosystem Consolidation Scenarios (2030 Outcome).
  • Table 134. Combined Supply x Demand 2046 Outcomes.
  • Table 135. Technology Trajectory by Reactor Family, 2026-2046 (Central Case).
  • Table 136. Regional Market Share Evolution, 2026-2046.
  • Table 137. Key Decision Points and Inflection Events, 2026-2035.
  • Table 138. Fusion vs SMR Commercial Timeline Comparison.
  • Table 139. NuScale VOYGR - SWOT Analysis
  • Table 140. Rolls-Royce SMR - SWOT Analysis.
  • Table 141. TerraPower Natrium - SWOT Analysis.
  • Table 142. X-energy Xe-100 - SWOT Analysis.
  • Table 143. Nine-Criteria SMR Design Evaluation Framework.
  • Table 144. Nine-Criteria Design Evaluation - Leading SMR Designs (Summary, Q2 2026).
  • Table 145. Maritime Pathway Comparison - Floating Power Plants vs. Marine Propulsion vs. Offshore Platforms.
  • Table 146. Acronyms and Abbreviations.

List of Figures

  • Figure 1. Global SMR Market Growth Trajectory, 2026-2046
  • Figure 2. Schematic of Small Modular Reactor (Integral PWR) operation
  • Figure 3. SMR Coolant Temperature Hierarchy and Applications
  • Figure 4. Pressurized Water Reactors.
  • Figure 5. CAREM reactor.
  • Figure 6. Westinghouse Nuclear AP300-TM Small Modular Reactor.
  • Figure 7. Advanced CANDU Reactor (ACR-300) schematic.
  • Figure 8. GE Hitachi's BWRX-300.
  • Figure 9. The nuclear island of HTR-PM Demo.
  • Figure 10. U-Battery schematic.
  • Figure 11. TerraPower's Natrium.
  • Figure 12. Russian BREST-OD-300.
  • Figure 13. Terrestrial Energy's IMSR.
  • Figure 14. Moltex Energy's SSR.
  • Figure 15. Westinghouse's eVinci .
  • Figure 16. GE Hitachi PRISM.
  • Figure 17. Leadcold SEALER.
  • Figure 18. SCWR schematic.
  • Figure 19. Total Industrial Energy Demand in Selected Industries, North America, 2025-2050
  • Figure 20. Three-Tier Industry Categorization Diagram
  • Figure 21. Heat Demand Breakdown by Temperature Band - SMR Technology Matching
  • Figure 22. SMR Cost Curves Under Four Delivery-Model Generations
  • Figure 23. SMR Supply Chain Map - Critical Long-Lead Components and Suppliers
  • Figure 24. SWOT Analysis of the SMR Market
  • Figure 25. Nuclear SMR Value Chain
  • Figure 26. From SMR Technical Potential to Accessible Market
  • Figure 27. Accessible SMR Market Waterfall - 7 -> 700 GW under Four Supply Scenarios
  • Figure 28. ARC-100 sodium-cooled fast reactor.
  • Figure 29. Rendering of a Blykalla small modular reactor nuclear power plant.
  • Figure 30. Design concept of BWXT Advanced Nuclear Reactor.
  • Figure 31. ACP100 SMR.
  • Figure 32. Deep Fission pressurised water reactor schematic.
  • Figure 33. NUWARD SMR design.
  • Figure 34. Design concept of Holtec SMR-160 nuclear power plant.
  • Figure 35. Design concept of Kairos Power fluoride salt-cooled high-temperature reactor.
  • Figure 36. A rendering image of NuScale Power's SMR plant.
  • Figure 37. Oklo Aurora Powerhouse reactor.
  • Figure 38. Design concept of TerraPower molten chloride fast reactor technology.
  • Figure 39. Design concept of Westinghouse eVinci microreactor.