Global small modular reactor pipeline hits 22 GW, with US leading the market

* About 22 GW of small modular reactor projects representing $176 billion in potential investment are in the works across the world, up 65% from 2021, according to a new report from Wood Mackenzie.

* The U.S. has nearly 4 GW in announced SMR projects in addition to almost 3 GW in early development or pre-development stages, according to a graphic provided in the report. Poland and Canada come in second and third, with around 2 GW each in planned capacity.

* The vast majority of global SMR projects are not yet under construction, but the industry hit an important milestone last year with the activation of the world’s first commercial small modular reactor, a 200-MW high-temperature gas-cooled reactor in Shandong province, China. The world’s first water-cooled SMR is expected to come online in Hainan province, China, in 2026.

The SMR industry got a big boost in December when 25 countries pledged to triple nuclear power production globally by 2050. The declaration’s signatories included the United States, Canada, Poland, the United Kingdom and South Korea, which the Wood Mackenzie report says account for 58% of the “risked” global SMR pipeline. The “risked” SMR pipeline includes projects with contracts that can be terminated under certain circumstances, such as the subscription shortfall that doomed NuScale’s SMR agreement with Utah Associated Municipal Power Systems.