We're looking specifically at new power plant builds. The majority of that is in Asia, with China and India being the bulk of it. But there is a lot of Asia outside of those two, and in particular Southeast Asia has a lot of potential. There is a lot of long distance transmission line connectivity already, and more planned, but you still want to product power close to where it's used so as to avoid losses in transmission. And the finances for a smaller country are just more straightforward if you're not spending multiple billions of dollars on one giant plant.

The next big market is actually replacement plants in the USA and Europe. Electricity generation may have peaked there, but much of the generating capacity is decades old and needs replacement. There are a lot of smaller facilities that are not gigawatt-scale that need to shut down, and it's easier to plug that gap with SMRs.

South and Central America are small markets, but they won't be ignored. There is a lot of complexity here with the inter-national hydro projects and broken up grids, so I'm sure some countries will look into SMRs.

Africa unfortunately just doesn't factor in except as a long-term possibility for growth. It's only 3% of electricity generation now, and its share will probably fall as Asia electrifies.

This is all worst-case scenario where SMRs are less financially competitive than current gigawatt-scale designs. If SMRs do actually succeed in being cheap assembly-line reactors, then all bets are off and the industry will experience explosive growth.