The global small modular reactor market size was estimated at USD 6.13 billion in 2023 and is projected to reach USD 7.69 billion by 2030, growing at a CAGR of 3.3% from 2024 to 2030. This growth is largely driven by the potential of SMRs to offer a more flexible and cost-effective solution for nuclear power generation compared to traditional large-scale reactors.

SMRs are designed to be factory-built and transported to installation sites, significantly reducing construction time and associated costs. In addition to cost efficiency, these reactors feature enhanced safety mechanisms, including passive safety systems, and are suitable for deployment in remote areas or smaller electricity grids where conventional large nuclear plants are not feasible.

Furthermore, SMRs contribute to grid stability, complement renewable energy sources, and provide a reliable, low-carbon energy supply, supporting global efforts to lower greenhouse gas emissions and accelerate the transition to cleaner energy systems. Their modular design and scalable capacity make them an attractive option for countries and regions aiming to diversify their energy mix while adhering to environmental goals.

However, market growth is expected to be constrained by several challenges. The high upfront costs associated with developing and deploying SMRs can make it difficult for investors to justify the initial expenditure when compared to alternative energy sources. Additionally, the complex and stringent regulatory frameworks governing nuclear technology can result in delays and increased development costs, further limiting adoption. Public concerns regarding nuclear safety, radioactive waste management, and long-term environmental impacts also continue to affect acceptance and support for SMRs. These factors collectively may slow the widespread deployment of small modular reactors despite their technological and operational advantages.

Key Market Trends & Insights:

• North America dominated the global small modular reactor (SMR) market with a revenue share of 25.4% in 2023. The region’s leadership is attributed to advanced nuclear infrastructure, strong government support for clean energy initiatives, and growing investments in innovative nuclear technologies. The presence of key industry players and ongoing research and development activities also contribute to North America’s prominent position in the global SMR market.

• Within the region, the small modular reactor market in the U.S. is projected to grow at a CAGR of 3.5% over the forecast period. The country’s increasing focus on diversifying its energy mix, ensuring grid stability, and meeting low-carbon energy targets is expected to drive steady demand for SMRs.

• Based on product type, the heavy water reactors segment dominated the market in 2023, accounting for a revenue share of 42.9%. The dominance of heavy water reactors is due to their ability to operate efficiently with natural uranium, provide enhanced safety features, and support consistent energy output, making them a preferred choice for nuclear energy applications.

• By application, the power generation segment held the largest revenue share of 44.2% in 2023. SMRs used for power generation are gaining traction because of their ability to deliver reliable, low-carbon electricity, support renewable energy integration, and provide scalable solutions suitable for both large and smaller electricity grids. This segment’s growth reflects the increasing global demand for clean, sustainable, and efficient energy sources.

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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%

• North America: Largest market in 2023

Key Companies & Market Share Insights:

Some of the key players operating in the global small modular reactor (SMR) market include Fluor Corporation and Rolls-Royce plc, both of which have established significant expertise in engineering, construction, and power solutions.

• Fluor Corporation, based in the U.S., provides a wide range of products and services related to construction, procurement, and engineering. Its offerings span engineering and design, procurement, fabrication, construction, maintenance, and innovation services. The company operates through three main business segments: energy solutions, urban solutions, and mission solutions. Through these segments, Fluor serves diverse industries including chemicals, energy transition, fuels, life sciences, infrastructure, manufacturing, and technology, showcasing its extensive capabilities across multiple sectors.

• Rolls-Royce plc specializes in the manufacturing of propulsion and power solutions, with its products and services categorized into civil aerospace, defense, power systems, and electrical aviation. The company employs approximately 41,400 people and has a strong global presence, leveraging its expertise in high-technology manufacturing and engineering solutions to support energy and power projects.

In addition to these established players, emerging participants such as General Atomics and X Energy LLC are contributing to innovation and growth in the SMR market.

• General Atomics, originally a division of General Dynamics and acquired by the Blue family in 1986, is a defense and diversified technology company. It operates across five business segments, including energy, defense, unmanned aircraft systems, and commercial products. The company maintains around 8.3 million square feet of manufacturing and laboratory facilities and employs over 12,500 people, highlighting its large-scale operational capabilities.

• X Energy LLC focuses on the manufacturing and engineering of fuel designs and nuclear reactors. In its nuclear reactors segment, the company offers solutions such as Xe-Mobile and Xe-100. The Xe-100 is a small modular reactor designed with a modular architecture based on Generation IV High-Temperature Gas-cooled Reactor (HTGR) technology. This SMR is engineered to provide a long operational life of approximately 60 years, emphasizing reliability, safety, and advanced nuclear technology for modern energy applications.

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 report concludes that the global small modular reactor (SMR) market is expected to grow steadily through the forecast period as these reactors offer flexible, cost effective, and scalable nuclear power solutions. SMRs are gaining interest because they can be manufactured off site, reduce construction time and costs, and support clean energy goals by providing low carbon, reliable electricity. However, widespread adoption is tempered by challenges such as high initial investment requirements, complex regulatory environments, and ongoing public concerns about nuclear safety and waste management.