There is an unprecedented need to expand the toolbox of solutions to
boost the scalability of clean power and energy systems. Amidst this
challenge, nuclear energy is increasingly recognized as an important
player in the path toward deep decarbonization of the global energy mix.
This paper presents a technology review of small modular reactor (SMR)
concepts currently under development and deployment. Both conventional
and next-generation reactor technologies are evaluated with a focus on
potential power system integration benefits, added system values, and
provision of system-bearing services. Nevertheless, there are currently
some uncertainties in the techno-economic competitiveness of SMRs,
whether they can leverage economics of mass production over their
inherent lack of economics of scale. To address this challenge, our
paper provides some basic cost analysis of SMRs, taking into account
their expected learning curves to evaluate the cost of future
deployments and give insights into their economic competitiveness and
potential role as a disruptive solution in the energy transition.