Study Evaluates Potential Market for SMRs

The global leader in uranium enrichment for nuclear industry Urenco has commissioned the analytical company LucidCatalyst to conduct an independent assessment of market opportunities for small modular reactors (SMRs) in Europe and North America.

The study examines how SMRs can be beneficial for energy-intensive industrial sectors that are facing the need for reliable and competitive energy supply while simultaneously meeting their decarbonization commitments. The study includes a comprehensive assessment of market size, analysis of deployment opportunities in specific sectors, and identification of the key factors that will influence market development. 

According to the results of the study, SMRs have the potential to meet the energy needs of 11 key industrial sectors in North America and Europe, which by 2050 will require 17,000 TWh of clean, reliable energy annually. 

These sectors include: 

• synthetic aviation fuel – 203 GW;
• coal power plant repowering – 110 GW;
• synthetic marine fuel – 90 GW;
• data centers – 75 GW;
• chemical industry – 55 GW;
• food industry – 43 GW.

Other sectors include oil and gas extraction and processing, military applications, district energy supply, and metallurgical industry.

The study showed that SMRs are technically well suited to the energy needs of these sectors and can supply up to 15,000 TWh or 2,200 GW of their demand. Without SMRs, these industrial sectors may face constrained economic development or be forced to shift to alternative energy sources with high carbon emissions due to the lack of clean and reliable energy.