Small Modular Reactor Market Analysis and Forecast to 2035: Coolant, Deployment, Reactor Type, Connectivity, Location, Application

Description

Small Modular Reactor Market is anticipated to expand from $6.8 billion in 2025 to $10.1 billion by 2035, growing at a CAGR of approximately 3.9%. The small modular reactor (SMR) market is highly competitive and segmented into top-tier, mid-tier, and low-tier players based on technology, innovation, and cost efficiency. Key players in the SMR market are a mix of established nuclear energy companies and newer startups, with competition being particularly fierce in terms of technological innovation, regulatory approvals, and financing capabilities. Leading companies, such as NuScale Power, Rolls-Royce, and X-energy, have emerged as frontrunners due to their strong R&D pipelines, strategic partnerships, and governmental support. NuScale Power's SMR design is among the most advanced, with a strong focus on safety, scalability, and efficiency. Rolls-Royce has positioned itself as a major player in the UK and European markets, emphasizing cost reduction and modularity for quick deployment.

While the technical aspects of SMRs remain a competitive battleground, regulatory approval is another area of intense competition. Different countries have varying timelines and requirements for licensing SMRs, and securing government-backed incentives and support is critical. The competition also extends to securing funding, as SMRs are capital-intensive technologies that require strong financial backing to make it from concept to deployment. Companies with established relationships with government agencies or deep pockets, such as Terrestrial Energy and Westinghouse, have an edge in attracting the necessary investments to move their projects forward.

Segment Overview

Market Segmentation
Application	Power Generation, Desalination, Hydrogen Generation, Industrial, District Heating
Deployment	Single-Module Power Plant, Multi-Module Power Plant
Reactor Type	Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), High-Temperature Gas-Cooled Reactor (HTGR), Sodium-Cooled Fast Reactor (SFR), Fast Neutron Reactor (FNR), Molten Salt Reactor (MSR)
Coolant	Heavy Liquid Metal, Gases, Molten Salt, Water
Connectivity	Grid-Connected, Off-Grid
Location	Land, Marine

Based on coolant, the market is segregated as heavy liquid metal, gases, molten salt, and water. The water segment will account maximum share for the small modular reactors market during the forecast period SMR's water usage is a critical factor particularly in regions facing water scarcity and the effects of climate change. Additionally, the water consumption of SMRs vary depending on the reactor design, cooling technology, and local environmental conditions. When evaluating the water consumption implications of SMRs, it's helpful to compare them to other energy sources, such as fossil fuels, renewables, and traditional nuclear power plants.

Further, based on location, the marine segment will account fastest growing CAGR for the forecast period Marine-based SMRs play a vital role in decarbonising industries across marine environments and niche markets. Also, desalination requires a significant amount of energy to convert seawater into fresh water. Therefore, marine-based SMRs can provide a stable and continuous power source for desalination, particularly in coastal areas with fresh water scarcity.

Geographical Overview

North America dominated the small modular reactor market accounting highest market share and is expected to sustain its dominance during the forecast period The region's focus towards eliminating greenhouse gas emissions and transition to a carbon-free economy is one of the primary drivers of the small modular reactor market.

Europe is emerging as the second-largest market for small modular reactors (SMRs), supported by initiatives like the European Industrial Alliance on SMRs launched in 2024 to accelerate deployment. Asia Pacific will witness the fastest growth as countries such as China, India, and Southeast Asian nations adopt SMRs to meet rising energy demand and emission goals. Latin America is turning to SMRs to modernize energy infrastructure, reduce carbon footprints, and supply power to remote regions. Meanwhile, the Middle East and Africa are investing in advanced SMR technologies to enhance clean energy capacity, strengthen energy security, and support long-term decarbonization.

Key Trends and Drivers

Growth and Innovation in the Small Modular Reactor Market -

The small modular reactor (SMR) market is experiencing transformative growth driven by the rising demand for flexible and cost-effective power generation solutions. As countries increasingly seek adaptable energy technologies, SMRs offer a compact alternative to traditional large-scale reactors, producing up to 300 MW of electricity per module. This makes them particularly attractive for replacing aging fossil fuel plants, given their lower upfront costs and versatility in integration within diverse energy systems. Notably, their design includes inherent and passive safety features, significantly enhancing overall safety and reliability compared to conventional reactors.

Technological Advancements -

Advanced Small Modular Reactors (SMRs) are a key part of the Department's goal to develop safe, clean, and affordable nuclear power options. The advanced SMRs currently under development in the United States represent a variety of sizes, technology options, capabilities, and deployment scenarios. These advanced reactors, envisioned to vary in size from tens of megawatts up to hundreds of megawatts, can be used for power generation, process heat, desalination, or other industrial uses. SMR designs may employ light water as a coolant or other non-light water coolants such as a gas, liquid metal, or molten salt. As part of the VOYGR project, NuScale partnered with ATS to develop a first of a kind technology called MAEB or Modular Assembly Bolting Equipment. MAEB is a key piece of equipment used in the process to disassemble and reassemble the Power Modules for routine maintenance, inspection, and refueling.

Research Scope

Estimates and forecasts the overall market size across coolant, application, and region.
Provides detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling.
Identifies factors influencing market growth and challenges, opportunities, drivers, and restraints.
Identifies factors that could limit company participation in international markets to help calibrate market share expectations and growth rates.
Evaluates key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities.
Analyzes smaller market segments strategically, focusing on their potential, growth patterns, and impact on the overall market.
Outlines the competitive landscape, assessing business and corporate strategies to monitor and dissect competitive advancements.\n\nOur research scope provides comprehensive market data, insights, and analysis across a variety of critical areas. We cover Local Market Analysis, assessing consumer demographics, purchasing behaviors, and market size within specific regions to identify growth opportunities. Our Local Competition Review offers a detailed evaluation of competitors, including their strengths, weaknesses, and market positioning. We also conduct Local Regulatory Reviews to ensure businesses comply with relevant laws and regulations. Industry Analysis provides an in-depth look at market dynamics, key players, and trends. Additionally, we offer Cross-Segmental Analysis to identify synergies between different market segments, as well as Production-Consumption and Demand-Supply Analysis to optimize supply chain efficiency. Our Import-Export Analysis helps businesses navigate global trade environments by evaluating trade flows and policies. These insights empower clients to make informed strategic decisions, mitigate risks, and capitalize on market opportunities.

Product Code: GIS10068

1 Executive Summary

1.1 Market Size and Forecast
1.2 Market Overview
1.3 Market Snapshot
1.4 Regional Snapshot
1.5 Strategic Recommendations
1.6 Analyst Notes

2 Market Highlights

2.1 Key Market Highlights by Reactor Type
2.2 Key Market Highlights by Coolant
2.3 Key Market Highlights by Application
2.4 Key Market Highlights by Connectivity
2.5 Key Market Highlights by Location
2.6 Key Market Highlights by Deployment

3 Market Dynamics

3.1 Macroeconomic Analysis
3.2 Market Trends
3.3 Market Drivers
3.4 Market Opportunities
3.5 Market Restraints
3.6 CAGR Growth Analysis
3.7 Impact Analysis
3.8 Emerging Markets
3.9 Technology Roadmap
3.10 Strategic Frameworks
- 3.10.1 PORTER's 5 Forces Model
- 3.10.2 ANSOFF Matrix
- 3.10.3 4P's Model
- 3.10.4 PESTEL Analysis

4 Segment Analysis

4.1 Market Size & Forecast by Reactor Type (2020-2035)
- 4.1.1 Pressurized Water Reactor (PWR)
- 4.1.2 Boiling Water Reactor (BWR)
- 4.1.3 High-Temperature Gas-Cooled Reactor (HTGR)
- 4.1.4 Sodium-Cooled Fast Reactor (SFR)
- 4.1.5 Fast Neutron Reactor (FNR)
- 4.1.6 Molten Salt Reactor (MSR)
4.2 Market Size & Forecast by Coolant (2020-2035)
- 4.2.1 Heavy Liquid Metal
- 4.2.2 Gases
- 4.2.3 Molten Salt
- 4.2.4 Water
4.3 Market Size & Forecast by Application (2020-2035)
- 4.3.1 Power Generation
- 4.3.2 Desalination
- 4.3.3 Hydrogen Generation
- 4.3.4 Industrial
- 4.3.5 District Heating
4.4 Market Size & Forecast by Connectivity (2020-2035)
- 4.4.1 Grid-Connected
- 4.4.2 Off-Grid
4.5 Market Size & Forecast by Location (2020-2035)
- 4.5.1 Land
- 4.5.2 Marine
4.6 Market Size & Forecast by Deployment (2020-2035)
- 4.6.1 Single-Module Power Plant
- 4.6.2 Multi-Module Power Plant5 Regional Analysis
5.1 Global Market Overview
5.2 North America Market Size (2020-2035)
- 5.2.1 United States
  - 5.2.1.1 Reactor Type
  - 5.2.1.2 Coolant
  - 5.2.1.3 Application
  - 5.2.1.4 Connectivity
  - 5.2.1.5 Location
  - 5.2.1.6 Deployment
- 5.2.2 Canada
  - 5.2.2.1 Reactor Type
  - 5.2.2.2 Coolant
  - 5.2.2.3 Application
  - 5.2.2.4 Connectivity
  - 5.2.2.5 Location
  - 5.2.2.6 Deployment
- 5.2.3 Mexico
  - 5.2.3.1 Reactor Type
  - 5.2.3.2 Coolant
  - 5.2.3.3 Application
  - 5.2.3.4 Connectivity
  - 5.2.3.5 Location
  - 5.2.3.6 Deployment
5.3 Latin America Market Size (2020-2035)
- 5.3.1 Brazil
  - 5.3.1.1 Reactor Type
  - 5.3.1.2 Coolant
  - 5.3.1.3 Application
  - 5.3.1.4 Connectivity
  - 5.3.1.5 Location
  - 5.3.1.6 Deployment
- 5.3.2 Argentina
  - 5.3.2.1 Reactor Type
  - 5.3.2.2 Coolant
  - 5.3.2.3 Application
  - 5.3.2.4 Connectivity
  - 5.3.2.5 Location
  - 5.3.2.6 Deployment
- 5.3.3 Rest of Latin America
  - 5.3.3.1 Reactor Type
  - 5.3.3.2 Coolant
  - 5.3.3.3 Application
  - 5.3.3.4 Connectivity
  - 5.3.3.5 Location
  - 5.3.3.6 Deployment
5.4 Asia-Pacific Market Size (2020-2035)
- 5.4.1 China
  - 5.4.1.1 Reactor Type
  - 5.4.1.2 Coolant
  - 5.4.1.3 Application
  - 5.4.1.4 Connectivity
  - 5.4.1.5 Location
  - 5.4.1.6 Deployment
- 5.4.2 India
  - 5.4.2.1 Reactor Type
  - 5.4.2.2 Coolant
  - 5.4.2.3 Application
  - 5.4.2.4 Connectivity
  - 5.4.2.5 Location
  - 5.4.2.6 Deployment
- 5.4.3 South Korea
  - 5.4.3.1 Reactor Type
  - 5.4.3.2 Coolant
  - 5.4.3.3 Application
  - 5.4.3.4 Connectivity
  - 5.4.3.5 Location
  - 5.4.3.6 Deployment
- 5.4.4 Japan
  - 5.4.4.1 Reactor Type
  - 5.4.4.2 Coolant
  - 5.4.4.3 Application
  - 5.4.4.4 Connectivity
  - 5.4.4.5 Location
  - 5.4.4.6 Deployment
- 5.4.5 Australia
  - 5.4.5.1 Reactor Type
  - 5.4.5.2 Coolant
  - 5.4.5.3 Application
  - 5.4.5.4 Connectivity
  - 5.4.5.5 Location
  - 5.4.5.6 Deployment
- 5.4.6 Taiwan
  - 5.4.6.1 Reactor Type
  - 5.4.6.2 Coolant
  - 5.4.6.3 Application
  - 5.4.6.4 Connectivity
  - 5.4.6.5 Location
  - 5.4.6.6 Deployment
- 5.4.7 Rest of APAC
  - 5.4.7.1 Reactor Type
  - 5.4.7.2 Coolant
  - 5.4.7.3 Application
  - 5.4.7.4 Connectivity
  - 5.4.7.5 Location
  - 5.4.7.6 Deployment
5.5 Europe Market Size (2020-2035)
- 5.5.1 Germany
  - 5.5.1.1 Reactor Type
  - 5.5.1.2 Coolant
  - 5.5.1.3 Application
  - 5.5.1.4 Connectivity
  - 5.5.1.5 Location
  - 5.5.1.6 Deployment
- 5.5.2 France
  - 5.5.2.1 Reactor Type
  - 5.5.2.2 Coolant
  - 5.5.2.3 Application
  - 5.5.2.4 Connectivity
  - 5.5.2.5 Location
  - 5.5.2.6 Deployment
- 5.5.3 United Kingdom
  - 5.5.3.1 Reactor Type
  - 5.5.3.2 Coolant
  - 5.5.3.3 Application
  - 5.5.3.4 Connectivity
  - 5.5.3.5 Location
  - 5.5.3.6 Deployment
- 5.5.4 Spain
  - 5.5.4.1 Reactor Type
  - 5.5.4.2 Coolant
  - 5.5.4.3 Application
  - 5.5.4.4 Connectivity
  - 5.5.4.5 Location
  - 5.5.4.6 Deployment
- 5.5.5 Italy
  - 5.5.5.1 Reactor Type
  - 5.5.5.2 Coolant
  - 5.5.5.3 Application
  - 5.5.5.4 Connectivity
  - 5.5.5.5 Location
  - 5.5.5.6 Deployment
- 5.5.6 Rest of Europe
  - 5.5.6.1 Reactor Type
  - 5.5.6.2 Coolant
  - 5.5.6.3 Application
  - 5.5.6.4 Connectivity
  - 5.5.6.5 Location
  - 5.5.6.6 Deployment
5.6 Middle East & Africa Market Size (2020-2035)
- 5.6.1 Saudi Arabia
  - 5.6.1.1 Reactor Type
  - 5.6.1.2 Coolant
  - 5.6.1.3 Application
  - 5.6.1.4 Connectivity
  - 5.6.1.5 Location
  - 5.6.1.6 Deployment
- 5.6.2 United Arab Emirates
  - 5.6.2.1 Reactor Type
  - 5.6.2.2 Coolant
  - 5.6.2.3 Application
  - 5.6.2.4 Connectivity
  - 5.6.2.5 Location
  - 5.6.2.6 Deployment
- 5.6.3 South Africa
  - 5.6.3.1 Reactor Type
  - 5.6.3.2 Coolant
  - 5.6.3.3 Application
  - 5.6.3.4 Connectivity
  - 5.6.3.5 Location
  - 5.6.3.6 Deployment
- 5.6.4 Sub-Saharan Africa
  - 5.6.4.1 Reactor Type
  - 5.6.4.2 Coolant
  - 5.6.4.3 Application
  - 5.6.4.4 Connectivity
  - 5.6.4.5 Location
  - 5.6.4.6 Deployment
- 5.6.5 Rest of MEA
  - 5.6.5.1 Reactor Type
  - 5.6.5.2 Coolant
  - 5.6.5.3 Application
  - 5.6.5.4 Connectivity
  - 5.6.5.5 Location
  - 5.6.5.6 Deployment6 Market Strategy
6.1 Demand-Supply Gap Analysis
6.2 Trade & Logistics Constraints
6.3 Price-Cost-Margin Trends
6.4 Market Penetration
6.5 Consumer Analysis
6.6 Regulatory Snapshot

7 Competitive Intelligence

7.1 Market Positioning
7.2 Market Share
7.3 Competition Benchmarking
7.4 Top Company Strategies

8 Company Profiles

8.1 Nu Scale Power
- 8.1.1 Overview
- 8.1.2 Product Summary
- 8.1.3 Financial Performance
- 8.1.4 SWOT Analysis
8.2 Terrestrial Energy
- 8.2.1 Overview
- 8.2.2 Product Summary
- 8.2.3 Financial Performance
- 8.2.4 SWOT Analysis
8.3 X- Energy
- 8.3.1 Overview
- 8.3.2 Product Summary
- 8.3.3 Financial Performance
- 8.3.4 SWOT Analysis
8.4 Moltex Energy
- 8.4.1 Overview
- 8.4.2 Product Summary
- 8.4.3 Financial Performance
- 8.4.4 SWOT Analysis
8.5 Ultra Safe Nuclear Corporation
- 8.5.1 Overview
- 8.5.2 Product Summary
- 8.5.3 Financial Performance
- 8.5.4 SWOT Analysis
8.6 ARC Clean Energy
- 8.6.1 Overview
- 8.6.2 Product Summary
- 8.6.3 Financial Performance
- 8.6.4 SWOT Analysis
8.7 Rolls- Royce SMR
- 8.7.1 Overview
- 8.7.2 Product Summary
- 8.7.3 Financial Performance
- 8.7.4 SWOT Analysis
8.8 Holtec International
- 8.8.1 Overview
- 8.8.2 Product Summary
- 8.8.3 Financial Performance
- 8.8.4 SWOT Analysis
8.9 GE Hitachi Nuclear Energy
- 8.9.1 Overview
- 8.9.2 Product Summary
- 8.9.3 Financial Performance
- 8.9.4 SWOT Analysis
8.10 Kaleidos Power
- 8.10.1 Overview
- 8.10.2 Product Summary
- 8.10.3 Financial Performance
- 8.10.4 SWOT Analysis
8.11 Westinghouse Electric Company
- 8.11.1 Overview
- 8.11.2 Product Summary
- 8.11.3 Financial Performance
- 8.11.4 SWOT Analysis
8.12 Lead Cold Reactors
- 8.12.1 Overview
- 8.12.2 Product Summary
- 8.12.3 Financial Performance
- 8.12.4 SWOT Analysis
8.13 Seaborg Technologies
- 8.13.1 Overview
- 8.13.2 Product Summary
- 8.13.3 Financial Performance
- 8.13.4 SWOT Analysis
8.14 Thor Con Power
- 8.14.1 Overview
- 8.14.2 Product Summary
- 8.14.3 Financial Performance
- 8.14.4 SWOT Analysis
8.15 Toshiba Energy Systems & Solutions Corporation
- 8.15.1 Overview
- 8.15.2 Product Summary
- 8.15.3 Financial Performance
- 8.15.4 SWOT Analysis
8.16 Oklo Inc
- 8.16.1 Overview
- 8.16.2 Product Summary
- 8.16.3 Financial Performance
- 8.16.4 SWOT Analysis
8.17 Newcleo
- 8.17.1 Overview
- 8.17.2 Product Summary
- 8.17.3 Financial Performance
- 8.17.4 SWOT Analysis
8.18 Copenhagen Atomics
- 8.18.1 Overview
- 8.18.2 Product Summary
- 8.18.3 Financial Performance
- 8.18.4 SWOT Analysis
8.19 Gen4 Energy
- 8.19.1 Overview
- 8.19.2 Product Summary
- 8.19.3 Financial Performance
- 8.19.4 SWOT Analysis
8.20 Advanced Reactor Concepts
- 8.20.1 Overview
- 8.20.2 Product Summary
- 8.20.3 Financial Performance
- 8.20.4 SWOT Analysis
8.21 Nu Scale Innovations
- 8.21.1 Overview
- 8.21.2 Product Summary
- 8.21.3 Financial Performance
- 8.21.4 SWOT Analysis
8.22 Terra Power Ventures
- 8.22.1 Overview
- 8.22.2 Product Summary
- 8.22.3 Financial Performance
- 8.22.4 SWOT Analysis
8.23 X- Energy Solutions
- 8.23.1 Overview
- 8.23.2 Product Summary
- 8.23.3 Financial Performance
- 8.23.4 SWOT Analysis
8.24 Moltex Flex
- 8.24.1 Overview
- 8.24.2 Product Summary
- 8.24.3 Financial Performance
- 8.24.4 SWOT Analysis
8.25 Oklo Technologies
- 8.25.1 Overview
- 8.25.2 Product Summary
- 8.25.3 Financial Performance
- 8.25.4 SWOT Analysis
8.26 Kairos Power
- 8.26.1 Overview
- 8.26.2 Product Summary
- 8.26.3 Financial Performance
- 8.26.4 SWOT Analysis
8.27 U- Battery Developments
- 8.27.1 Overview
- 8.27.2 Product Summary
- 8.27.3 Financial Performance
- 8.27.4 SWOT Analysis
8.28 Teledyne Energy Systems
- 8.28.1 Overview
- 8.28.2 Product Summary
- 8.28.3 Financial Performance
- 8.28.4 SWOT Analysis
8.29 Last Energy
- 8.29.1 Overview
- 8.29.2 Product Summary
- 8.29.3 Financial Performance
- 8.29.4 SWOT Analysis
8.30 Curio Energy
- 8.30.1 Overview
- 8.30.2 Product Summary
- 8.30.3 Financial Performance
- 8.30.4 SWOT Analysis
8.31 Holtec International Ventures
- 8.31.1 Overview
- 8.31.2 Product Summary
- 8.31.3 Financial Performance
- 8.31.4 SWOT Analysis
8.32 Elysium Industries
- 8.32.1 Overview
- 8.32.2 Product Summary
- 8.32.3 Financial Performance
- 8.32.4 SWOT Analysis
8.33 Flibe Energy
- 8.33.1 Overview
- 8.33.2 Product Summary
- 8.33.3 Financial Performance
- 8.33.4 SWOT Analysis

9 About Us

9.1 About Us
9.2 Research Methodology
9.3 Research Workflow
9.4 Consulting Services
9.5 Our Clients
9.6 Client Testimonials
9.7 Contact Us