Global Small Modular Reactor Market Size Study & Forecast, by Type (HWR, LWR, FNR) and Application (Desalination, Power Generation, Process Heat) and Regional Forecasts 2025-2035

Description

The Global Small Modular Reactor Market is valued at approximately USD 6.88 billion in 2024 and is expected to scale up at a robust CAGR of 8.90% during the forecast period of 2025-2035, with historical performance assessed for 2023 and 2024 and 2024 established as the base year for estimation. Small Modular Reactors (SMRs) represent a next-generation nuclear solution designed to deliver flexible, lower-capacity nuclear power through factory-fabricated modules that can be transported and assembled on-site. Their compact footprint, enhanced safety architecture, and ability to be deployed incrementally position SMRs as a pragmatic response to the global push for clean, reliable, and dispatchable energy sources.

Market momentum is being built up by intensifying decarbonization targets, rising electricity demand, and growing pressure on governments to phase out fossil-fuel-based baseload generation without compromising grid stability. SMRs are increasingly being written into national energy blueprints as they can be paired with renewable systems, deployed in remote or off-grid locations, and scaled in line with demand growth. Advances in reactor design, passive safety systems, and regulatory harmonization are further smoothing the path to commercialization. Nevertheless, long licensing timelines, public perception challenges, and high upfront capital requirements continue to weigh on near-term adoption, even as long-term fundamentals remain compelling through the 2025-2035 forecast window.

The detailed segments and sub-segments included in the report are:

By Type:

Heavy Water Reactor (HWR)
Light Water Reactor (LWR)
Fast Neutron Reactor (FNR)

By Application:

Desalination
Power Generation
Process Heat

By Region:

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Italy
Rest of Europe

Asia Pacific

China
India
Japan
Australia
South Korea
Rest of Asia Pacific

Latin America

Brazil
Mexico

Middle East & Africa

UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

Light Water Reactors are expected to dominate the SMR market over the forecast period, as they benefit from decades of operational experience, established regulatory familiarity, and proven fuel cycle infrastructure. LWR-based SMRs are being prioritized by utilities and policymakers alike, as their designs build upon existing reactor technologies while incorporating modular efficiencies and advanced safety features. Although Fast Neutron Reactors and Heavy Water Reactors are gaining attention for fuel efficiency and resource optimization, LWRs remain the most deployment-ready option in the near to medium term.

From a revenue standpoint, power generation currently leads the market, accounting for the largest share of global SMR investments. Utilities and industrial energy buyers are increasingly leaning into SMRs as a stable baseload alternative capable of complementing intermittent renewables. At the same time, desalination and process heat applications are emerging as strategic growth avenues, particularly in water-stressed and industrialized regions, where SMRs can deliver both thermal and electrical output with high efficiency. This diversification of end-use applications is gradually broadening the commercial appeal of SMR technologies.

The key regions considered for the Global Small Modular Reactor Market include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America currently leads the market, supported by strong government funding, early-stage deployments, and an active developer ecosystem. Europe follows closely, driven by energy security concerns and renewed interest in nuclear power as a low-carbon solution. Asia Pacific is projected to register the fastest growth over the forecast period, as countries such as China, India, and South Korea accelerate nuclear innovation to meet rising electricity demand. Meanwhile, the Middle East & Africa is beginning to position SMRs as a dual solution for power generation and desalination, particularly in energy- and water-constrained economies.

Major market players included in this report are:

Rolls-Royce SMR Ltd.
NuScale Power, LLC
GE Hitachi Nuclear Energy
Westinghouse Electric Company
Rosatom State Atomic Energy Corporation
Holtec International
Mitsubishi Heavy Industries, Ltd.
BWX Technologies, Inc.
Korea Atomic Energy Research Institute (KAERI)
China National Nuclear Corporation (CNNC)
Terrestrial Energy Inc.
X-energy, LLC
Moltex Energy
ARC Clean Technology
Oklo Inc.

Global Small Modular Reactor Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define the market size of different segments and countries in recent years and to project their trajectory over the coming decade. The report blends qualitative insights with quantitative rigor to illuminate how policy shifts, technology readiness, and capital flows are shaping the Global Small Modular Reactor Market. It further maps growth drivers, constraints, and opportunity pockets, while offering a detailed competitive analysis of leading players and their evolving reactor portfolios.

Key Takeaways:

Market estimates and forecasts for 10 years from 2025 to 2035.
Annualized revenue and regional-level analysis for each market segment.
In-depth geographical assessment with country-level insights.
Competitive landscape evaluation highlighting major industry participants.
Strategic guidance on future market positioning and investment pathways.
Comprehensive demand-side and supply-side analysis of the market.

Chapter 1. Global Small Modular Reactor Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Small Modular Reactor Market Forces Analysis

3.1. Market Forces Shaping The Global Small Modular Reactor Market (2024-2035)
3.2. Drivers
- 3.2.1. intensifying decarbonization targets
- 3.2.2. rising electricity demand
3.3. Restraints
- 3.3.1. high upfront capital requirements
3.4. Opportunities
- 3.4.1. growing pressure on governments to phase out fossil-fuel-based baseload generation

Chapter 4. Global Small Modular Reactor Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Small Modular Reactor Market Size & Forecasts by Type 2025-2035

5.1. Market Overview
5.2. Global Small Modular Reactor Market Performance - Potential Analysis (2025)
5.3. Heavy Water Reactor (HWR)
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Light Water Reactor (LWR)
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035
5.5. Fast Neutron Reactor (FNR)
- 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.5.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Small Modular Reactor Market Size & Forecasts by Application 2025-2035

6.1. Market Overview
6.2. Global Small Modular Reactor Market Performance - Potential Analysis (2025)
6.3. Desalination
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Power Generation
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035
6.5. Process Heat
- 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.5.2. Market size analysis, by region, 2025-2035

Chapter 7. Global Small Modular Reactor Market Size & Forecasts by Region 2025-2035

7.1. Growth Small Modular Reactor Market, Regional Market Snapshot
7.2. Top Leading & Emerging Countries
7.3. North America Small Modular Reactor Market
- 7.3.1. U.S. Small Modular Reactor Market
  - 7.3.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.3.1.2. Application breakdown size & forecasts, 2025-2035
- 7.3.2. Canada Small Modular Reactor Market
  - 7.3.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.3.2.2. Application breakdown size & forecasts, 2025-2035
7.4. Europe Small Modular Reactor Market
- 7.4.1. UK Small Modular Reactor Market
  - 7.4.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.1.2. Application breakdown size & forecasts, 2025-2035
- 7.4.2. Germany Small Modular Reactor Market
  - 7.4.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.2.2. Application breakdown size & forecasts, 2025-2035
- 7.4.3. France Small Modular Reactor Market
  - 7.4.3.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.3.2. Application breakdown size & forecasts, 2025-2035
- 7.4.4. Spain Small Modular Reactor Market
  - 7.4.4.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.4.2. Application breakdown size & forecasts, 2025-2035
- 7.4.5. Italy Small Modular Reactor Market
  - 7.4.5.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.5.2. Application breakdown size & forecasts, 2025-2035
- 7.4.6. Rest of Europe Small Modular Reactor Market
  - 7.4.6.1. Type breakdown size & forecasts, 2025-2035
  - 7.4.6.2. Application breakdown size & forecasts, 2025-2035
7.5. Asia Pacific Small Modular Reactor Market
- 7.5.1. China Small Modular Reactor Market
  - 7.5.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.1.2. Application breakdown size & forecasts, 2025-2035
- 7.5.2. India Small Modular Reactor Market
  - 7.5.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.2.2. Application breakdown size & forecasts, 2025-2035
- 7.5.3. Japan Small Modular Reactor Market
  - 7.5.3.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.3.2. Application breakdown size & forecasts, 2025-2035
- 7.5.4. Australia Small Modular Reactor Market
  - 7.5.4.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.4.2. Application breakdown size & forecasts, 2025-2035
- 7.5.5. South Korea Small Modular Reactor Market
  - 7.5.5.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.5.2. Application breakdown size & forecasts, 2025-2035
- 7.5.6. Rest of APAC Small Modular Reactor Market
  - 7.5.6.1. Type breakdown size & forecasts, 2025-2035
  - 7.5.6.2. Application breakdown size & forecasts, 2025-2035
7.6. Latin America Small Modular Reactor Market
- 7.6.1. Brazil Small Modular Reactor Market
  - 7.6.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.6.1.2. Application breakdown size & forecasts, 2025-2035
- 7.6.2. Mexico Small Modular Reactor Market
  - 7.6.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.6.2.2. Application breakdown size & forecasts, 2025-2035
7.7. Middle East and Africa Small Modular Reactor Market
- 7.7.1. UAE Small Modular Reactor Market
  - 7.7.1.1. Type breakdown size & forecasts, 2025-2035
  - 7.7.1.2. Application breakdown size & forecasts, 2025-2035
- 7.7.2. Saudi Arabia (KSA) Small Modular Reactor Market
  - 7.7.2.1. Type breakdown size & forecasts, 2025-2035
  - 7.7.2.2. Application breakdown size & forecasts, 2025-2035
- 7.7.3. South Africa Small Modular Reactor Market
  - 7.7.3.1. Type breakdown size & forecasts, 2025-2035
  - 7.7.3.2. Application breakdown size & forecasts, 2025-2035

Chapter 8. Competitive Intelligence

8.1. Top Market Strategies
8.2. Rolls-Royce SMR Ltd.
- 8.2.1. Company Overview
- 8.2.2. Key Executives
- 8.2.3. Company Snapshot
- 8.2.4. Financial Performance (Subject to Data Availability)
- 8.2.5. Product/Services Port
- 8.2.6. Recent Development
- 8.2.7. Market Strategies
- 8.2.8. SWOT Analysis
8.3. NuScale Power, LLC
8.4. GE Hitachi Nuclear Energy
8.5. Westinghouse Electric Company
8.6. Rosatom State Atomic Energy Corporation
8.7. Holtec International
8.8. Mitsubishi Heavy Industries, Ltd.
8.9. BWX Technologies, Inc.
8.10. Korea Atomic Energy Research Institute (KAERI)
8.11. China National Nuclear Corporation (CNNC)
8.12. Terrestrial Energy Inc.
8.13. X-energy, LLC
8.14. Moltex Energy
8.15. ARC Clean Technology
8.16. Oklo Inc.