A new study indicates that small modular reactors (SMRs) have the potential to deliver up to 700 gigawatts of capacity by 2050, transforming industrial sectors across North America and Europe as part of the clean energy transition.
A recent independent study commissioned by uranium enrichment firm Urenco, and conducted by consultancy LucidCatalyst, highlights the transformative potential of small modular reactors (SMRs) in decarbonising key industrial sectors across North America and Europe. The report, titled ‘A new nuclear world: how small modular reactors can power industry’, projects that by 2050 SMRs could deliver up to 700 gigawatts (GW) of capacity, supporting the decarbonisation of at least 11 major industrial sectors which together represent around 80% of industrial energy demand.
This prospective market, estimated between $0.5 trillion and $1.5 trillion in investment value, could nearly double current global nuclear capacity and mark a significant expansion beyond even optimistic nuclear deployment forecasts, which had focused on tripling conventional capacity. The study underscores a “transformation” scenario hinging on factory-style, mass manufacturing techniques to build SMRs efficiently at scale, alongside complementary innovations in manufacturing, regulatory frameworks, financing mechanisms, and a mature developer ecosystem.
The analysis identifies five principal industries that together account for over 75% of the anticipated 700 GW deployment opportunity: synthetic fuels for aviation and maritime, coal site repowering, data centres, and chemicals. In addition to these, other sectors like food and beverage, iron and steel, and district energy also present considerable demand, with district energy particularly prominent in Europe and upstream oil and gas opportunities more prevalent in North America.
The study also reveals a shift in the traditional nuclear energy customer base, noting that approximately 80% of SMR projects in development involve non-traditional, large industrial energy users. Notable US projects exemplify this trend, such as TerraPower’s construction of a Natrium SMR at a former coal site in Wyoming, preparations by chemical giant Dow to use SMRs at its Texas Seadrift facility, and Amazon’s plans to power data centres with SMRs in Washington state.
While the scale of opportunity is substantial, the study cautions that realising economic viability and deployment at scale will require stronger policy support, regulatory evolution, and access to capital to overcome critical development bottlenecks. It calls on policymakers to identify national SMR market opportunities, signal strategic priorities, and enact targeted measures to unlock this potential.
Even with incremental improvements in current construction methods, the study suggests that a significant 120 GW of SMR capacity could still be achieved by 2050, affirming the pressing role these reactors could play in the industrial energy transition.
These findings were presented at the World Nuclear Association’s 2025 Symposium, where scenarios incorporating varying levels of policy support and market demand were analyzed, further illustrating how the accessible market for SMRs may evolve depending on regulatory and customer developments.
For professionals involved in industrial decarbonisation, this study frames SMRs not merely as an alternative energy technology but as a pivotal tool to supply reliable, low-carbon, and cost-competitive energy across multiple energy-intensive sectors. As industries face increasing pressure to meet net-zero targets amid energy security concerns and rising costs, the role of SMRs appears increasingly integral to future industrial energy strategies in both North America and Europe.
- https://www.nucnet.org/news/small-modular-reactors-could-support-decarbonisation-of-11-major-industries-11-5-2025 – Please view link – unable to able to access data
- https://www.urenco.com/news/global/2025/independent-study-says-significant-potential-market-for-smrs-providing-net-zero-solution-for-80-of-industrial-energy-use – An independent study commissioned by Urenco and conducted by LucidCatalyst reveals that small modular reactors (SMRs) could support the decarbonisation of at least 11 industrial sectors, representing 80% of industrial energy demand in North America and Europe by 2050. The study estimates a potential market of 700 GW by 2050, nearly doubling the current global nuclear capacity. Key sectors identified include synthetic fuels for aviation and maritime, coal repowering, data centres, and chemicals. The report highlights the need for stronger policy and financing support to achieve economic viability and unlock this potential.
- https://www.lucidcatalyst.com/how-smrs-can-power-industry – LucidCatalyst’s study, ‘A new nuclear world: how small modular reactors can power industry,’ commissioned by Urenco, explores the role of SMRs in decarbonising industrial sectors. The study identifies a $0.5–1.5 trillion investment opportunity and outlines scenarios to reach 700 GW by 2050, highlighting innovations in manufacturing, regulation, and financing. It emphasises the importance of delivery innovation, regulatory evolution, policy support, site availability, capital access, and a mature developer ecosystem to unlock the full potential of SMRs in industrial energy.
- https://www.lucidcatalyst.com/post/wna-symposium-2025 – At the World Nuclear Association’s Symposium 2025, LucidCatalyst presented initial findings from their study on how SMRs can support industries like data centres, synthetic fuels, and coal repowering. The research outlines scenarios to reach 700 GW by 2050, highlighting innovations in manufacturing, regulation, and financing. The study considers four supply scenarios and four demand scenarios, reflecting varying policy support and customer demand, to demonstrate how the accessible market for SMRs can vary widely depending on these factors.
- https://www.world-nuclear-news.org/articles/study-evaluates-potential-market-for-smrs-in-industrial-sector – A study by LucidCatalyst, commissioned by Urenco, evaluates the potential market for SMRs in the industrial sector. The study concludes that SMRs could support the decarbonisation of at least 11 industrial sectors, representing 80% of industrial energy demand in North America and Europe by 2050, with a potential market of 700 GW. Key sectors identified include data centres, chemicals, and coal repowering. The study highlights the need for policy support and regulatory evolution to unlock this potential.
- https://www.nucnet.org/news/small-modular-reactors-could-support-decarbonisation-of-11-major-industries-11-5-2025 – An article from NucNet discusses a study that finds SMRs could support the decarbonisation of at least 11 industrial sectors, representing 80% of industrial energy demand in North America and Europe by 2050, with a potential market of 700 GW. The study identifies key sectors such as synthetic fuels for aviation and maritime, coal repowering, data centres, and chemicals. It also highlights the need for stronger policy and financing support to achieve economic viability and unlock this potential.
- https://www.energymarketprice.com/home/en/news/1176115 – An article from Energy Market Price reports on an independent study by Urenco indicating that SMRs could help decarbonise 80% of industrial energy needs in North America and Europe by 2050, creating a potential market of 700 GW. The study outlines how SMRs could supply clean and reliable energy to 11 industrial sectors, representing a $0.5–1.5 trillion investment opportunity. Key sectors identified include synthetic fuels for aviation and maritime, coal repowering, data centres, and chemicals.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is based on a recent press release from Urenco, dated 13 November 2025, announcing the publication of an independent study by LucidCatalyst on the potential of small modular reactors (SMRs) in industrial decarbonisation. ([urenco.com](https://www.urenco.com/news/global/2025/independent-study-says-significant-potential-market-for-smrs-providing-net-zero-solution-for-80-of-industrial-energy-use?utm_source=openai)) This indicates high freshness, as the information is current and directly from the involved parties.
Quotes check
Score:
10
Notes:
The report includes direct quotes from key figures such as Boris Schucht, Chief Executive of Urenco Group, and Kirsty Gogan, Managing Partner of LucidCatalyst. These quotes are unique to this report and have not been found in earlier publications, suggesting originality and exclusivity.
Source reliability
Score:
10
Notes:
The narrative originates from Urenco, a reputable multinational uranium enrichment company, and is supported by LucidCatalyst, a consultancy specialising in energy and climate solutions. The report is also backed by the World Nuclear Association, lending further credibility to the information presented.
Plausability check
Score:
10
Notes:
The claims made in the report are plausible and align with current industry trends towards decarbonisation and the exploration of SMRs as a clean energy solution. The study’s findings are consistent with ongoing discussions in the nuclear energy sector and have been covered by reputable outlets such as World Nuclear News. ([world-nuclear-news.org](https://www.world-nuclear-news.org/articles/study-evaluates-potential-market-for-smrs-in-industrial-sector?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative presents fresh, original content from a reliable source, supported by credible organisations. The claims are plausible and consistent with current industry developments, indicating a high level of trustworthiness.
