A new nuclear world: how SMRs can power industry

​November 2025

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​An independent study by LucidCatalyst, commissioned by Urenco, entitled, "A new nuclear world: how small modular reactors (SMRs) can power industry," published 13 November 2025 during COP30.​

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> Read the Full Report

> Read the Urenco Press Release

> View presentation of Preliminary ​Findings

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Urenco commissioned this independent study, delivered by LucidCatalyst, to better understand the potential role of Small Modular Reactors (SMRs) in helping industries decarbonize while maintaining energy security and competitiveness. The analysis provides an evidence base on the market opportunity for SMRs and the conditions needed for deployment at scale in Europe and North America. The report is supported by World Nuclear Association.

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Key Findings

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• The study finds that up to 700 GW of SMR capacity could be deployed by 2050 across North America and Europe. This represents nearly double the existing global nuclear capacity and, taking into account large-scale deployment by 2050, would expand global capacity beyond the projected “tripling” goal (as committed to at COP28 and built on subsequently).  

• SMRs could meet more than 80% of the clean, reliable energy needs of at least 11 key industrial sectors (including prospective industries), such as data centres, coal repowering, chemicals, and sustainable (synthetic) fuels.

• The research identifies a $0.5–1.5 trillion investment opportunity, contingent on transforming the current bespoke, project-by-project model of nuclear delivery into a manufacturing-based approach.

• The report highlights six critical market drivers – delivery innovation, regulatory evolution, policy support, site availability, capital access, and developer ecosystem – as the levers that can unlock this potential.
   

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