Nov 17, 2025
SMRs could supply 80% of the energy needed for industry by 2050.
An independent study by Urenco indicates that small modular reactors (SMRs) could help decarbonize 80% of industrial energy needs in North America and Europe by 2050, creating a potential market of 700GW. The report, titled "A new nuclear world: how small modular reactors can power industry," was commissioned by Urenco and produced by LucidCatalyst with backing from the World Nuclear Association.
It outlines how SMRs could supply clean and reliable energy to 11 industrial sectors, representing a $0.5–1.5 trillion investment opportunity. The "Transformation Scenario" in the study suggests that SMRs could double the current global nuclear capacity through mass manufacturing and enhanced delivery methods, particularly in areas such as synthetic fuels for aviation and maritime, coal repowering, data centers, and chemicals, which together account for over 75% of the total potential capacity.
Significant opportunities also exist in the food and beverage sector (43GW), iron and steel (33GW), and district energy (33GW), especially in Europe. Boris Schucht, Chief Executive of Urenco Group, remarked that decarbonizing industry is a significant challenge and that the new-nuclear SMR market may offer a solution through flexible, safe, and cost-effective technologies that consistently generate clean energy.
Kirsty Gogan, Managing Partner of LucidCatalyst, emphasized that with appropriate policy support, SMRs could deliver a net-zero solution for energy-intensive industries that need reliable, emissions-free heat and power. King Lee, Head of Policy and Industry Engagement at the World Nuclear Association, noted that the study reveals the vast potential for nuclear energy in supporting industrial decarbonization, but cautioned that new regulatory frameworks will be necessary to unlock this potential.
It outlines how SMRs could supply clean and reliable energy to 11 industrial sectors, representing a $0.5–1.5 trillion investment opportunity. The "Transformation Scenario" in the study suggests that SMRs could double the current global nuclear capacity through mass manufacturing and enhanced delivery methods, particularly in areas such as synthetic fuels for aviation and maritime, coal repowering, data centers, and chemicals, which together account for over 75% of the total potential capacity.
Significant opportunities also exist in the food and beverage sector (43GW), iron and steel (33GW), and district energy (33GW), especially in Europe. Boris Schucht, Chief Executive of Urenco Group, remarked that decarbonizing industry is a significant challenge and that the new-nuclear SMR market may offer a solution through flexible, safe, and cost-effective technologies that consistently generate clean energy.
Kirsty Gogan, Managing Partner of LucidCatalyst, emphasized that with appropriate policy support, SMRs could deliver a net-zero solution for energy-intensive industries that need reliable, emissions-free heat and power. King Lee, Head of Policy and Industry Engagement at the World Nuclear Association, noted that the study reveals the vast potential for nuclear energy in supporting industrial decarbonization, but cautioned that new regulatory frameworks will be necessary to unlock this potential.