Small Modular Reactor Market expected to grow at a significant rate over forecast period

Small Modular Reactor (SMR) Market Growth & Trends

The global small modular reactor (SMR) market was valued at USD 6.14 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2030. This growth is fueled by the increasing demand for flexible, cost-efficient, and low-carbon energy solutions, especially as global economies transition toward more sustainable energy systems.

SMRs are innovatively designed nuclear reactors that are factory-built, modular, and transportable, offering considerable advantages over traditional large-scale nuclear plants. These advantages include reduced construction times and costs, as well as greater deployment flexibility, especially in remote locations or smaller electrical grids where conventional reactors are impractical.

In addition to their adaptability, SMRs incorporate advanced passive safety features, enhancing operational safety and reducing the risks traditionally associated with nuclear energy. Their ability to complement renewable energy sources by providing stable baseload power makes them a critical asset in decarbonizing the energy sector while maintaining grid stability.

However, despite these benefits, several challenges hinder market expansion. The high upfront capital costs associated with developing and deploying SMRs can deter investors when compared with alternative energy technologies such as solar, wind, or natural gas. Moreover, the complex and rigorous regulatory environment for nuclear technology can cause significant delays and increase compliance costs, adding further uncertainty for project developers. Public apprehensions around nuclear safety and radioactive waste management also remain significant barriers to widespread acceptance and deployment.

Market Strategies and Industry Dynamics

To overcome these barriers and gain a competitive edge, key industry players are engaging in:

• Strategic partnerships and public-private collaborations aimed at securing funding, accelerating approvals, and increasing public trust.

• A strong focus on modularity and scalability, which allows for easier site integration, phased capacity expansions, and cost control.

• Emphasis on enhanced safety and reliability, leveraging state-of-the-art design features to reduce operational risks and improve system resilience.

These strategies are collectively shaping the roadmap for broader adoption and long-term viability of SMRs in the global energy mix.

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Global Small Modular Reactor Market Segmentation

Grand View Research has segmented the small modular reactor market on the basis of product type, application, and region:

• Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Heavy Water Reactors

  • Light Water Reactors

  • High-temperature Reactors

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Power Generation

  • Desalination

  • Industrial

  • Hydrogen Production

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

Key Small Modular Reactor Companies

The small modular reactor market is led by several prominent companies, including:

• Fluor Corporation – A U.S.-based engineering and construction firm that provides nuclear and energy solutions across diverse sectors including infrastructure, energy transition, and technology through three key business segments: Energy Solutions, Urban Solutions, and Mission Solutions.

• Rolls-Royce plc – A global manufacturer specializing in propulsion and power systems. Rolls-Royce is advancing its role in the SMR space through innovation in civil nuclear applications

• and is a key player in the UK’s SMR program.

Other major companies shaping the industry include:

• Brookfield Asset Management

• Moltex Energy

• General Electric Company

• ULTRA SAFE NUCLEAR

• X Energy LLC

• Westinghouse Electric Company LLC

• Terrestrial Energy Inc.

• General Atomics

These players collectively represent a significant share of the market and are actively influencing SMR design, commercialization, and policy frameworks.

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