  Small Modular Reactors (SMRs) are compact nuclear power plants that offer
various advantages for energy generation in a sustainable way. With their
smaller and simplified designs, SMRs provide increased flexibility, lower
capital costs, and enhanced safety features compared to traditional large-scale
reactors by reducing the area accommodation drastically. This paper explores
the development and potential of SMRs in leading nuclear energy nations,
including the United States, India, Canada, China, and Russia. Along with the
physics behind it, cost optimization and advanced research & development (R&D)
strategies employed to enhance the performance, safety, and finance of SMRs are
discussed here. By reviewing case studies, cost reduction potentials, and
technological advancements made, this study deals with the significant role of
numerous factors in shaping the future of SMRs. The content presented in this
research paper will not only contribute to the scientific understanding of SMRs
but also provide valuable insights for policymakers, stakeholders and
researchers in advancing sustainable nuclear energy solutions. Keywords: Small
modular reactors (SMRs), nuclear energy, cost optimization, modularity,
performance, safety, economic viability, technological advancements.
