Small Modular Nuclear Reactor Industry, Global, 2025-2040

Demand for Carbon-Free Power, Energy Security, and the Electricity Needs of Big Technology Companies are Key Drivers of Future Growth

This study examines the global small modular reactor (SMR) market from 2025 to 2040, forecasting robust growth driven by decarbonization demands, industrial electrification, high growth in electricity demand for data centers, and energy security needs. The next five years will see a small number of reactors coming online, but the mid-2030s will see an acceleration in deployments fueled by modular scalability, enhanced safety, and factory fabrication advantages.? SMRs promise additional prime power for grids, captive power for high-intensity users, and power for remote sites. However, the ultimate success will be linked to financial and project performance of the first wave of projects.

Key players dominate through innovative designs and strategic partnerships. NuScale Power, GE Hitachi Nuclear Energy, Rolls-Royce SMR, Westinghouse, X-energy, TerraPower, Holtec International, and China National Nuclear Corporation (CNNC) and Rosatom are the leading market participants. North America spearheads adoption, with the United States and Canada advancing projects amid data center demands; Europe (the United Kingdom and Poland) is accelerating its industry via policy support; Asia-Pacific, led by China and India, leverages state-backed initiatives.