Nuclear energy can play a very significant long-term role for meeting the world's increasing energy demands, while simultaneously addressing challenges associated with global climate and environmental impact. Many nations of the world, particularly the Asia/Pacific Rim countries, are actively engaged in a major expansion of their nuclear energy complex. The degree to which nuclear energy can address long-term energy needs, either globally or regionally, will be dictated by the pace and adequacy of technical and policy solutions for waste, safety, security, and non-proliferation issues, as well as the capital cost of construction. Small Modular Reactors (SMRs) could successfully address several of these issues. SMRs offer simpler, standardized, and safer modular design by being factory built, requiring smaller initial capital investment, and having shorter construction times. The SMRs could be small enough to be transportable, could be used in isolated locations without advanced infrastructure and without power grid, or could be clustered in a single site to provide a multi-module, large capacity power plant. This paper summarizes some of the basic features of SMRs for early deployment, several advanced SMR concepts, and points out the benefits and challenges in regulatory, economical, safety and security issues. (c) 2012 Elsevier Ltd. All rights reserved.