Urenco, a supplier for the civil nuclear industry, has published an independent report during COP30 that predicts that the small modular reactor (SMR) market could make up the majority of industrial energy demand by 2050 in North America and Europe.

With a potential market of 700GW by 2050, the study found SMRs could support the decarbonisation of at least 11 industrial sectors.

The study, entitled A New Nuclear World: how small modular reactors can power industry, commissioned from LucidCatalyst, sets out how the full potential of the SMR market in the industrial energy space can be unlocked, representing a $0.5–1.5tr investment opportunity, as energy-intensive sectors face mounting pressure to secure reliable, cost-competitive energy whilst meeting decarbonisation commitments.

The top five industries representing more than 75 per cent of the 700GW opportunity are: synthetic fuels for aviation and maritime, coal repowering, data centres and chemicals. Other sectors such as food and beverage (43GW), iron and steel (33GW) and district energy (33GW) also represent sizeable opportunities, with district energy demand being more prevalent in Europe.

Boris Schucht, chief executive of Urenco Group, said: “Decarbonising industry presents a tremendous challenge that we must all embrace if we are to achieve net-zero by 2050 or sooner. We believe the new-nuclear SMR market holds one of the solutions to this problem: flexible, adaptable, safe technologies that can produce clean energy consistently and affordably.”

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