Small Modular Reactor Market Summary

The global small modular reactor (SMR) market was valued at USD 6.13 billion in 2023 and is projected to reach USD 7.69 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2030. This steady growth is primarily driven by the increasing recognition of SMRs as a flexible, scalable, and cost-efficient solution for nuclear power generation, particularly in regions with evolving energy demands and a focus on decarbonization.

Small modular reactors are designed to be prefabricated in factories and transported to operational sites, which significantly reduces construction timelines and associated costs in comparison to traditional large-scale nuclear reactors. Their compact size and modular architecture make them well-suited for deployment in remote locations and small power grids where conventional reactors would be impractical. Additionally, SMRs are equipped with enhanced safety features, including passive cooling systems and simplified designs that reduce the risk of accidents and support operational reliability.

Key Market Trends & Insights

• Based on product type, the market is categorized into heavy water reactors, light water reactors, high-temperature reactors, and others. Among these, heavy water reactors dominated the global market in 2023, accounting for the highest revenue share of 9%, and are anticipated to grow at a significant pace throughout the forecast period. Their dominance is attributed to operational efficiency, robust neutron economy, and widespread acceptance in several national nuclear energy programs.
• On the basis of application, the small modular reactor market is segmented into power generation, desalination, industrial, and hydrogen production. In 2023, power generation applications held the largest share, representing 2% of global market revenue. The preference for SMRs in this segment stems from their ability to deliver reliable, low-carbon baseload power with a compact footprint—making them an appealing replacement for aging fossil fuel plants and a complement to renewable sources such as wind and solar.
• Regionally, North America led the small modular reactor market in 2023 with a revenue share of 4%. The region's leadership position is supported by active efforts to transition away from fossil fuels and toward cleaner, more sustainable energy alternatives. The adoption of SMRs in North America is reinforced by robust regulatory support, public-private partnerships, and rising interest in strengthening energy resilience through decentralized nuclear solutions.
• Within North America, the United States is witnessing particularly strong market momentum, growing at a CAGR of 5% over the forecast period. This growth is driven by federal and state-level initiatives aimed at achieving net-zero emissions and supporting clean energy deployment. U.S.-based research institutions, utilities, and private firms are collaborating to fast-track SMR demonstration and commercialization.
• The European SMR market is projected to grow at a CAGR of 1% between 2024 and 2030. Europe is increasingly adopting small modular reactors as part of its broader climate strategy to phase out coal and reduce dependence on imported fossil fuels. Countries across the continent are focusing on integrating SMRs into their existing power infrastructure to supplement intermittent renewable energy and enhance energy security.
• In the Asia Pacific region, the SMR market is expected to grow at the fastest pace during the forecast period. This growth is fueled by increasing electricity demand, rapid industrialization, and expanding investments in advanced nuclear technologies. Several countries, including China, India, and South Korea, are launching national SMR programs to support long-term energy security and diversify their energy mix.

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Market Size & Forecast

• 2023 Market Size: USD 6.13 Billion
• 2030 Projected Market Size: USD 7.69 Billion
• CAGR (2024-2030): 3.3%
• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights

Key players shaping the competitive landscape of the global SMR market include Fluor Corporation and Rolls-Royce plc.
Fluor Corporation, headquartered in the U.S., provides engineering, procurement, construction, and maintenance services across diverse sectors such as energy transition, chemicals, infrastructure, and manufacturing. The company operates under three main segments—Energy Solutions, Urban Solutions, and Mission Solutions—and supports nuclear innovation through its technical expertise and large-scale infrastructure development capabilities.

Rolls-Royce plc, a well-known multinational engineering firm, offers advanced propulsion and power solutions across four core business segments: Civil Aerospace, Defense, Power Systems, and Electrical Aviation. In the SMR space, the company is actively developing scalable nuclear reactor technologies aimed at providing low-emission energy. With a global workforce of around 41,400 employees, Rolls-Royce is playing a pivotal role in advancing SMR commercialization, particularly in Europe and the UK.

Emerging participants such as General Atomics and X Energy LLC are also contributing to the dynamic growth of the SMR market.
General Atomics, originally a division of General Dynamics and acquired by the Blue family in 1986, is a diversified technology company operating across defense, energy, and commercial sectors. It manages over 8.3 million square feet of laboratory and manufacturing space, supported by a workforce of more than 12,500 employees. The company is recognized for its contributions to high-technology nuclear development and next-generation reactor designs.

X Energy LLC specializes in the engineering and manufacturing of nuclear reactors and advanced fuel technologies. Its flagship products include the Xe-Mobile and Xe-100 reactors. The Xe-100 is a modular, Gen-IV High-Temperature Gas-cooled Reactor (HTGR) designed for enhanced safety and efficiency, offering an estimated operational life of 60 years. The company’s innovations aim to provide clean, decentralized energy with reduced capital investment and improved grid integration flexibility.

Key Players

• Brookfield Asset Management
• Moltex Energy
• General Electric Company
• ULTRA SAFE NUCLEAR
• X Energy LLC
• Fluor Corporation
• Rolls-Royce plc
• Westinghouse Electric Company LLC
• Terrestrial Energy Inc.
• General Atomics

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Conclusion

The small modular reactor market is gaining momentum globally, driven by its potential to provide safe, scalable, and low-carbon energy solutions. With benefits such as reduced construction time, enhanced safety, and deployment flexibility, SMRs are becoming key players in the global energy transition. North America leads in development, while Asia Pacific shows the highest growth potential. Key players like Fluor Corporation, Rolls-Royce, and emerging innovators like X Energy are shaping the future of nuclear energy. As nations seek to decarbonize their power systems and enhance energy security, SMRs are expected to play a vital role in sustainable electricity generation.