Small Modular Reactor (SMR) Market - Global Small Modular Reactor (SMR) Industry Analysis, Size, Share, Growth, Trends, and Forecast 2025-2032 - (By Type, By Geographic Coverage and By Company)

Description

The global Small Modular Reactor (SMR) market is poised for steady growth as nations seek cleaner, safer, and more flexible energy solutions. Valued at USD 6.6 billion in 2025, the market is expected to reach USD 9.2 billion by 2032, expanding at a compound annual growth rate (CAGR) of 4.9%. The increasing demand for low-carbon energy, combined with technological innovation and government support, is driving the adoption of SMRs across the world. These compact, factory-built nuclear reactors offer a scalable alternative to conventional nuclear power plants, making them a promising component of the global energy transition.

Market Insights

SMRs are engineered for enhanced safety, operational flexibility, and reduced capital costs. Their modular design allows for off-site manufacturing and streamlined installation, reducing construction time and financial risk. As electricity demand rises and environmental regulations tighten, SMRs provide a reliable and clean baseload power source. The technology also supports various applications beyond electricity generation, including district heating, desalination, hydrogen production, and industrial process heat.

The market is witnessing strong momentum due to increased research and development, strategic collaborations, and pilot projects aimed at demonstrating SMR feasibility. Furthermore, the rising focus on grid resilience and energy independence is encouraging utilities and governments to integrate SMRs into their energy portfolios.

Drivers

The primary driver of the SMR market is the global push toward decarbonization. SMRs offer carbon-free energy generation with reduced land requirements and shorter construction timelines compared to traditional reactors. Their advanced safety systems, including passive cooling and containment measures, lower the risk of catastrophic failure and enhance public confidence in nuclear energy.

Growing industrial demand for flexible and reliable power is also contributing to market growth. SMRs can be deployed individually or in clusters, making them ideal for remote locations, off-grid operations, and integration with renewable energy systems. In addition, the ability to provide high-temperature process heat for industrial applications and desalination projects creates new revenue opportunities for market participants.

Business Opportunity

The SMR market presents significant opportunities for manufacturers, engineering companies, and investors. Innovations in modular construction, standardized reactor designs, and digital monitoring solutions are expected to drive competitive advantages. Companies that can offer cost-efficient, scalable modules and facilitate regulatory approvals will be well-positioned to capture market share.

Emerging economies represent a major growth avenue as they seek to expand their energy capacity and replace aging infrastructure with cleaner, more reliable sources. Strategic partnerships, licensing agreements, and localized production will further strengthen the commercial adoption of SMRs in both developed and developing regions.

Regional Analysis

North America currently leads the SMR market, supported by active demonstration projects, technology development, and government incentives. The United States is at the forefront of commercialization, with utilities exploring SMRs for their modularity and low-carbon benefits.

Europe is experiencing increasing interest in SMRs as countries like the United Kingdom, France, and Eastern European nations pursue nuclear solutions to meet climate goals and enhance energy security.

Asia Pacific is one of the fastest-growing markets, with China, India, Japan, and South Korea investing heavily in SMR research, development, and pilot programs. The region's growing energy demand and industrial expansion make SMRs a viable solution for sustainable power generation.

Latin America and the Middle East & Africa are at earlier adoption stages but hold long-term potential, particularly for industrial and remote applications, as well as desalination projects in water-scarce regions.

Key Players

Bechtel Corporation
China National Nuclear Corporation
BWX Technologies Inc.
GE
Mitsubishi Heavy Industries, Ltd.
Holtec International
General Atomics
Rolls Royce
Nuclear Power Corporation of India Limited (NPCIL)
NuScale Power, LLC.
Korea Electric Power Corporation

Global Small Modular Reactor (SMR) Market Segmentation

By Type

Pressurized Water Reactor (PWR)
Pressurized Heavy Water Reactor (PHWR)
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

1. Executive Summary

1.1. Global Small Modular Reactor (SMR) Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
- 2.2.4. Economic Trends
2.3. Value Chain Analysis
2.4. SWOT Analysis
2.5. Porter's Five Forces Analysis
2.6. COVID-19 & Russia-Ukraine War Impacts
- 2.6.1. Supply Chain
- 2.6.2. End-user Customer Impact Analysis

3. Small Modular Reactor- Existing and Upcoming Project Details

4. Global Small Modular Reactor (SMR) Market Outlook, 2019-2032

4.1. Global Small Modular Reactor (SMR) Market Outlook, by Configuration, Value (US$ Bn) & Capacity (MW), 2019-2032
- 4.1.1. Key Highlights
  - 4.1.1.1. Pressurized Water Reactor (PWR)
  - 4.1.1.2. Pressurized Heavy Water Reactor (PHWR)
  - 4.1.1.3. Others
- 4.1.2. BPS Analysis/Market Attractiveness Analysis, by Configuration
4.2. Global Small Modular Reactor (SMR) Market Outlook, by Region, Value (US$ Bn) & Capacity (MW), 2019-2032
- 4.2.1. Key Highlights
  - 4.2.1.1. North America
  - 4.2.1.2. Europe
  - 4.2.1.3. Asia Pacific
  - 4.2.1.4. Rest of the World
- 4.2.2. BPS Analysis/Market Attractiveness Analysis, by Region

5. North America Small Modular Reactor (SMR) Market Outlook, 2019-2032

5.1. North America Small Modular Reactor (SMR) Market Outlook, by Configuration, Value (US$ Bn) & Capacity (MW), 2019-2032
- 5.1.1. Key Highlights
  - 5.1.1.1. Pressurized Water Reactor (PWR)
  - 5.1.1.2. Pressurized Heavy Water Reactor (PHWR)
  - 5.1.1.3. Others
5.2. North America Small Modular Reactor (SMR) Market Outlook, by Country, Value (US$ Bn) & Capacity (MW), 2019-2032
- 5.2.1. Key Highlights
  - 5.2.1.1. U.S. Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 5.2.1.2. Canada Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032

6. Europe Small Modular Reactor (SMR) Market Outlook, 2019-2032

6.1. Europe Small Modular Reactor (SMR) Market Outlook, by Configuration, Value (US$ Bn) & Capacity (MW), 2019-2032
- 6.1.1. Key Highlights
  - 6.1.1.1. Pressurized Water Reactor (PWR)
  - 6.1.1.2. Pressurized Heavy Water Reactor (PHWR)
  - 6.1.1.3. Others
6.2. Europe Small Modular Reactor (SMR) Market Outlook, by Country, Value (US$ Bn) & Capacity (MW), 2019-2032
- 6.2.1. Key Highlights
  - 6.2.1.1. Russia Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 6.2.1.2. Rest of Europe Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032

7. Asia Pacific Small Modular Reactor (SMR) Market Outlook, 2019-2032

7.1. Asia Pacific Small Modular Reactor (SMR) Market Outlook, by Configuration, Value (US$ Bn) & Capacity (MW), 2019-2032
- 7.1.1. Key Highlights
  - 7.1.1.1. Pressurized Water Reactor (PWR)
  - 7.1.1.2. Pressurized Heavy Water Reactor (PHWR)
  - 7.1.1.3. Others
7.2. Asia Pacific Small Modular Reactor (SMR) Market Outlook, by Country, Value (US$ Bn) & Capacity (MW), 2019-2032
- 7.2.1. Key Highlights
  - 7.2.1.1. China Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 7.2.1.2. India Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 7.2.1.3. Rest of Asia Pacific Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032

8. Rest of the World (RoW) Small Modular Reactor (SMR) Market Outlook, 2019-2032

8.1. Rest of the World (RoW) Small Modular Reactor (SMR) Market Outlook, by Configuration, Value (US$ Bn) & Capacity (MW), 2019-2032
- 8.1.1. Key Highlights
  - 8.1.1.1. Pressurized Water Reactor (PWR)
  - 8.1.1.2. Pressurized Heavy Water Reactor (PHWR)
  - 8.1.1.3. Others
8.2. Rest of the World (RoW) Small Modular Reactor (SMR) Market Outlook, by Country, Value (US$ Bn) & Capacity (MW), 2019-2032
- 8.2.1. Key Highlights
  - 8.2.1.1. Saudi Arabia Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 8.2.1.2. Brazil Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 8.2.1.3. UAE Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 8.2.1.4. Kuwait Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032
  - 8.2.1.5. Others Small Modular Reactor (SMR) Market, Value (US$ Bn) & Capacity (MW), 2019-2032

9. Competitive Landscape

9.1. Company Market Share Analysis, 2022
9.2. Strategic Collaborations
9.3. Company Profiles
- 9.3.1. Bechtel Corporation
  - 9.3.1.1. Company Overview
  - 9.3.1.2. Product Portfolio
  - 9.3.1.3. Financial Overview
  - 9.3.1.4. Business Strategies and Development
- 9.3.2. BWX Technologies Inc.
  - 9.3.2.1. Company Overview
  - 9.3.2.2. Product Portfolio
  - 9.3.2.3. Financial Overview
  - 9.3.2.4. Business Strategies and Development
- 9.3.3. GE
  - 9.3.3.1. Company Overview
  - 9.3.3.2. Product Portfolio
  - 9.3.3.3. Financial Overview
  - 9.3.3.4. Business Strategies and Development
- 9.3.4. Mitsubishi Heavy Industries, Ltd
  - 9.3.4.1. Company Overview
  - 9.3.4.2. Product Portfolio
  - 9.3.4.3. Financial Overview
  - 9.3.4.4. Business Strategies and Development
- 9.3.5. Holtec International
  - 9.3.5.1. Company Overview
  - 9.3.5.2. Product Portfolio
  - 9.3.5.3. Financial Overview
  - 9.3.5.4. Business Strategies and Development
- 9.3.6. General Atomics
  - 9.3.6.1. Company Overview
  - 9.3.6.2. Product Portfolio
  - 9.3.6.3. Financial Overview
  - 9.3.6.4. Business Strategies and Development
- 9.3.7. Rolls Royce
  - 9.3.7.1. Company Overview
  - 9.3.7.2. Product Portfolio
  - 9.3.7.3. Financial Overview
  - 9.3.7.4. Business Strategies and Development
- 9.3.8. Nuclear Power Corporation of India Limited (NPCIL)
  - 9.3.8.1. Company Overview
  - 9.3.8.2. Product Portfolio
  - 9.3.8.3. Financial Overview
  - 9.3.8.4. Business Strategies and Development
- 9.3.9. NuScale Power, LLC.
  - 9.3.9.1. Company Overview
  - 9.3.9.2. Product Portfolio
  - 9.3.9.3. Financial Overview
  - 9.3.9.4. Business Strategies and Development
- 9.3.10. Korea Electric Power Corporation
  - 9.3.10.1. Company Overview
  - 9.3.10.2. Product Portfolio
  - 9.3.10.3. Financial Overview
  - 9.3.10.4. Business Strategies and Development
- 9.3.11. China National Nuclear Corporation
  - 9.3.11.1. Company Overview
  - 9.3.11.2. Product Portfolio
  - 9.3.11.3. Financial Overview
  - 9.3.11.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations