Small modular reactors (SMR) are an opportunity for the UK’s nuclear sector.
That’s according to NuScale Power which stated the SMR market could be worth £400 million by 2035.
SMRs are built at a facility and then ‘dropped into place’ in a power plant. This means they can be placed in remote locations without the need for lots of expensive building infrastructure. They are also more flexible in that they do not necessarily need to be hooked into a large power grid.
These things also make SMRs a smaller-risk venture for companies investing in nuclear. Investing in the technology could potentially benefit the UK’s supply chain, creating jobs and wealth.
Initial deployment of the technology is estimated start in 2023 in the US.