A research report from CITIC Securities reveals a compelling scenario. On the demand front, data centers are witnessing an unprecedented surge in power consumption, and nuclear energy continues to command a premium. Meanwhile, on the supply side, industrial technologies are steadily maturing, with commercial operations of small modular reactors projected to commence between 2027 and 2028.

Fueled by the dual impetus of AI-driven demand and robust policy support, the U.S. small modular reactor industry is poised for explosive growth. Over the next two decades, total investments in this sector are anticipated to approach the one-trillion-dollar mark. Specifically, the annual investment in the construction market is expected to surpass 30 billion U.S. dollars, while the fuel market is projected to reach a staggering 18.3 billion U.S. dollars by 2048. Given that the commercialization of small modular reactors is still in its nascent stages, it is anticipated that the upstream sectors, including fuel and raw material suppliers, along with midstream equipment manufacturers, will be the primary beneficiaries in the initial phase.