Design count drives licensing work, not reactor count
Around 24 small modular and advanced reactor designs are pursuing regulatory review across various jurisdictions against a market that will realistically support a small fraction of them, and each one requires its own safety case, its own regulatory engagement and its own licensing programme. Advisory fees therefore scale with the number of developers rather than with any megawatts ever installed. That produces genuine revenue growth at 16.2% against a market rate of 10.8%, funded substantially by developers whose designs will not proceed. It is real income and it is not repeatable.
Market Impact: Produces 38% of sector fees








