Global nuclear SMR pipeline reaches 22 GW in Q1 2024

The project pipeline would need a $176b investment.

The small modular reactors (SMR) project pipeline reached 22 gigawatts in Q1 2024, increasing by 65% since 2021, which would require an investment of $176b.

Over five countries – the US, Poland, Canada, the United Kingdom, and South Korea – have driven 58% of the risked project pipeline.

“COP28 also provided a new tailwind for nuclear with a new goal to triple nuclear capacity by 2050. In Wood Mackenzie’s net zero scenario, SMRs would account for 30% of the nuclear fleet. The global focus on net zero means the market for SMRs has widened from utilities to industrial and technology companies," David Brown, Director, Energy Transition Service at Wood Mackenzie.

"For these sectors, SMRs provide a range of solutions, including around-the-clock carbon-free power, carbon-free industrial heat, and the ability to meet power demand growth long term; the latter is a particular area of focus in the US with increasing demand for high-capacity data centres,” said Brown.

With global energy shifting to net-zero goals, the market for SMRs has grown from utilities to industrial and technology companies. Such industries have relied on the potential of SMRs, such as around-the-clock carbon-free power, carbon-free industrial heat, and capability for long-term power demand growth.

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Brown added that despite the sector facing various challenges in the last 12 months, particularly with the cancellation of the NuScale' Clean Power Project, several markets are focusing on nuclear SMRs.

For SMR activity to be consistent, policy support and uranium availability will be vital to ensure that growth will continue for nuclear energy.