SMRs poised to transform global nuclear capacity expansion

The sector holds less than 4% of all nuclear projects under planning or construction.

Despite only one project under construction, small modular reactors (SMR) are expected to play a vital role in driving the faster deployment of nuclear capacity globally as they receive international support.

In a report, BMI said that due to the smaller size, SMR development could enable centralised manufacturing and easier transport,  resulting in shorter and less expensive construction.

“We anticipate that SMRs will become key in maintaining the global nuclear landscape. Gaining international support, the SMR project activity has expanded and sees the increased appeal in a wider pool of markets, yet only one is under construction,” the report read.

BMI said that SMRs only account for under 4% of all nuclear projects in the planning or construction phase with a combined capacity of 10.85 GW.

China and Russia are at the forefront of SMR development with China developing the HTR-PM pebble bed modular reactor, and Russia aiming to deploy its floating nuclear power plant.