The global energy landscape is undergoing a profound transformation as nations seek reliable, low-carbon, and scalable power solutions. Within this context, Small Modular Nuclear Reactors (SMRs) are emerging as a strategic technology capable of addressing energy security, decarbonization, and grid resilience challenges. The global small modular nuclear reactors market was valued at US$ 5.9 billion in 2024 and is projected to reach US$ 10.5 billion by 2035, expanding at a compound annual growth rate (CAGR) of 5.4% from 2025 to 2035. This steady growth reflects rising government support, technological advancements, and growing acceptance of nuclear energy as a clean power source.
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Market Overview and Market Size Growth
Small modular nuclear reactors are advanced nuclear systems with lower power output and compact designs compared to traditional nuclear reactors. Their modular construction enables factory fabrication, reduced construction timelines, and enhanced safety features. The market’s growth trajectory is supported by increasing electricity demand, the need to replace aging fossil fuel infrastructure, and the global push toward net-zero emissions. As countries diversify their energy mix, SMRs are gaining traction for applications ranging from grid-scale power generation to industrial heat supply and remote-area electrification.
Market Segmentation
The SMR market can be segmented by reactor type, power capacity, deployment mode, and end-use application. Reactor types include light water reactors, high-temperature gas-cooled reactors, fast neutron reactors, and molten salt reactors, each offering distinct safety and efficiency advantages. By deployment, the market is divided into on-grid and off-grid systems, with off-grid SMRs gaining attention for mining operations, military installations, and remote communities. End-use segmentation spans utilities, industrial facilities, desalination plants, and research institutions, highlighting the versatility of SMR technology across multiple sectors.
Regional Analysis
Regionally, North America holds a leading position due to strong government backing, advanced nuclear infrastructure, and early-stage commercialization initiatives, particularly in the United States and Canada. Europe follows closely, driven by energy security concerns and decarbonization commitments, with the United Kingdom and France investing heavily in SMR development. The Asia-Pacific region is expected to witness the fastest growth, supported by large-scale nuclear programs in China, rising electricity demand, and rapid industrialization. Other regions, including the Middle East and parts of Africa, are gradually exploring SMRs to support long-term energy diversification strategies.
Competitive Landscape
The competitive landscape is characterized by active participation from established nuclear companies and innovative technology developers. Key players include NuScale Power, LLC; General Atomics; China National Nuclear Corporation; Ultra Safe Nuclear Corporation; Holtec International; Terrestrial Energy Inc.; Shanghai Nuclear Engineering Research Design Institute; China General Nuclear Power Corporation; Framatome; Mitsubishi Heavy Industries, Ltd.; BWX Technologies, Inc.; Rolls-Royce plc; and Moltex Energy Ltd. These companies are investing heavily in research, pilot projects, and strategic partnerships to strengthen their market position.
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