Due to global warming and high oil prices nuclear power is the most feasible solution for generating electricity. For the fledging nuclear power industry small and medium sized nuclear reactors (SMR’s) are instrumental for the development and demonstration of nuclear reactor technology. Due to the enhanced and outstanding safety features, these reactors have been considered globally. In this paper, first we have summarized the reactor design by considering some of the large nuclear reactor including advanced and theoretical nuclear reactor. Secondly, comparison between large nuclear reactors and SMR’s have been discussed under the criteria led by International Atomic Energy Agency (IAEA). Thirdly, a brief review about the design and safety aspects of some of SMR’s have been carried out. We have considered the specifications and parametric analysis of the reactors like: ABV which is the floating type integral Pressurized water reactor; Long life, Safe, Simple Small Portable Proliferation Resistance Reactor (LSPR) concept; Multi-Application Small Light Water Reactor (MASLWR) concept; Fixed Bed Nuclear Reactor (FBNR); Marine Reactor (MR-X) & Deep Sea Reactor (DR-X); Space Reactor (SP-100); Passive Safe Small Reactor for Distributed energy supply system (PSRD); System integrated Modular Advanced Reactor (SMART); Super, Safe, Small and Simple Reactor (4S); International Reactor Innovative and Secure (IRIS); Nu-Scale Reactor; Next generation nuclear power plant (NGNP); Small, Secure Transportable Autonomous Reactor (SSTAR); Power Reactor Inherently Safe Module (PRISM) and Hyperion Reactor concept. Finally we have point out some challenges that must be resolved in order to play an effective role in Nuclear industry.

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