Review of Small Modular Reactors: Challenges in Safety and Economy to Success

Abstract

This paper explores the paradigm shift in nuclear energy generation from large, centralized nuclear power plants towards small modular reactors (SMRs), in response to the evolving economic, safety, and environmental challenges faced by the nuclear industry. For over 70 years, nuclear power has been a cornerstone of electricity generation, offering a low-carbon, reliable, and cost-effective solution. However, the traditional model of large-scale nuclear reactors has encountered significant barriers, including high financial risks, stringent safety concerns, and a lack of adaptability to smaller electrical grids, and changing energy markets. With over 70 types of SMRs currently under development globally, this study reviews several prominent models to assess their general characteristics and potential advantages. Through simple physical and economic models, the paper evaluates the impact of reducing reactor size on efficiency, safety, and cost, highlighting the shared traits and innovations across different SMR designs. The findings indicate that SMRs could address many of the limitations of conventional nuclear power, offering more flexible, scalable, and economically viable options for electricity generation. This paper finally tries to identify key technologies and strategic considerations essential for their successful deployment in a rapidly transforming global energy landscape.