Small Modular Reactor Market Size & Share, by Reactor (HWR, LWR, HTR, FNR, MSR); Connectivity (Grid, Off-Grid); Operation (Stationary, Portable); Location (Land, Marine); Application (Chemical & Petrochemical, Food & Beverages, Mining & Metals, Automotive, Oil & Gas, Power) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4846
  • Published Date: Apr 24, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Small Modular Reactor Market size is poised to cross USD 12.95 Billion by the end of 2035, growing at a CAGR of 5.7% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of small modular reactor was over USD 6.66 Billion.  The growth of the market can be attributed to the increasing development of small modular reactors. Around the world, more than 70 commercial SMR designs are being developed for a variety of outputs and uses, including power, integrated energy systems, heating, water desalination, and steam for industrial purposes. The Akademik Lomonosov, Russia's first floating nuclear power station, began commercial operation in May 2020 and is powered by two 35 MW(e) SMRs. Besides this, there are various other SMR projects that are in the licensing process, these are located in Russia, South Korea, Canada, Argentina, and the United States of America.

In addition to these, factors that are believed to fuel the growth of small modular reactor market include the increasing depletion of fresh water in the world. This is likely to prompt the need for a desalination process for producing drinking water. According to a UNESCO estimate from 2002, the global freshwater gap was 230 billion m3/yr at the time and is expected to ascend to 2000 billion m3/yr by 2025. Nuclear desalination is often less expensive than utilizing fossil fuels. Moreover, in the near time, only nuclear reactors are capable of delivering the massive amounts of electricity needed to power large-scale desalination projects. On the other hand, the rising need for oil, gas, and electricity is also expected to augment market growth.

Small Modular Reactor Market
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Small Modular Reactor Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Initiatives Associated with Decarbonization - SMRs have lowered the amount of fuel required. SMR-based power plants may require less frequent refueling which in turn can significantly contribute to reducing carbon emissions. According to the World Economic Forum, the Transitioning Industrial Clusters to Net Zero effort has added nine new industrial clusters from the United States, Europe, and Asia. It seeks to connect 100 industrial clusters around the world in order to decrease 1.6 billion metric tons of CO2 emissions.
  • Rising Demand for Fresh Drinking Water – The SMR's modest size and high level of modularity makes it simple to combine a nuclear power plant and a desalination plant. In order to increase the capacity of the freshwater produced by desalination, an investment of USD 10 billion is expected over the next five years. With this investment, the capacity is expected to increase to 5.7 million cubic meters per day. In addition to this, the capacity is anticipated to double by 2030.
  • Rise in the Number of Small Modular Reactors – According to the International Energy Agency, globally there were nearly 39 small modular reactors in 2022 that were at the conceptual design stage. Over this, 3 reactors were in the construction stage.
  • Growing Need for Power Generation – Small modular reactors can meet the need for variable power generation for a broader range of users and applications. Rising commercial activity and the growing global economy are likely to lead boost the energy demand by approximately 15%. Moreover, with the development of the middle-class community in developing countries, the energy demand is expected to increase by around 35%.
  • Rising Demand for Renewable Energy Sources – Small modular reactors work wonderfully in conjunction with renewable energy sources in microgrids. As low-carbon energy sources, small modular reactors can replace diesel generators. As per the statistics of the International Energy Agency, global renewables are expected to rise by 8% each year on average, accounting for more than 90% of net demand growth throughout this time period. During the same time span, the world anticipates a 1% yearly increase in nuclear generation.


  • A lack of a regulated authorization process – there are different steps in setting up a small modular reactor, such as design approval, construction, and operation. All these steps licensing from the regulatory body, however, the cost of the licensing of an SMR is almost equal to large nuclear reactors. Moreover, the design and construction of a small reactor are much simpler than a traditional nuclear reactor but prices for the authorization are the same, which makes it expensive. Therefore, the industry needs a standard procedure for licensing, since it is hampering the market growth.
  • Dearth of standard design for its construction, there are different framework laid out in the market
  • Other alternatives available for producing cheaper alternative

Small Modular Reactor Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

 USD 6.66 Billion

Forecast Year Market Size (2035)

 USD 12.95 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Small Modular Reactor Market Segmentation

Application (Chemical & Petrochemical, Food & Beverages, Mining & Metals, Automotive, Oil & Gas, Power) 

The global small modular reactor market is segmented and analyzed for demand and supply by application into chemical & petrochemical, food & beverages, mining & metals, automotive, oil & gas, power, and others. Out of the seven applications of the small modular reactor, the power segment is estimated to gain the largest market share in the year 2035. The growth of the segment can be attributed to the increasing demand for electricity. According to the International Energy Agency, after declining by roughly 1% in 2020 owing to the effects of the Covid-19 pandemic, worldwide. however, owing to the recovery of the global economy, the electricity demand climbed by nearly 5% and 4% in 2021 and 2022, respectively. In order to suffice this increasing demand, small modular reactors are been used for the production of electricity. These reactors can produce electricity with low carbon-emission. SMRs can be constructed in low time and it's more cost-effective than nuclear reactors, and they can be implemented sequentially in order to meet rising energy demand. Small modular reactors (SMRs) are advanced nuclear reactors that can produce up to 300 MW(e) of power per unit.

Reactor (HWR, LWR, HTR, FNR, MSR)

The global small modular reactor market is also segmented and analyzed for demand and supply by reactor into HWR, LWR, HTR, FNR, and MSR. Amongst these five segments, the HWR (heavy water reactor) segment is expected to garner a significant share in the year 2035. The growth of the segment is attributed to the high efficiency of this moderator. This type of reactor has a high amplification factor and minimal fuel consumption. Moreover, control is significantly easier than with other varieties since no control rods are necessary. On the other hand, segment growth is also expected on the account of a rise in the number of HWR installations. Out of the total 529 reactors in the world, around 36 are heavy water reactors.The moderator can be held at a low temperature, which boosts its efficiency in slowing neutrons.

Our in-depth analysis of the global small modular reactor market includes the following segments:

    By Reactor

  • HWR (Heavy Water Reactor)
  • LWR (Light Water Reactor)
  • HTR (High Temperature Reactor)
  • FNR (Fast Neutron Reactor)
  • MSR (Molten Salt Reactor)

    By Connectivity

  • Grid
  • Off-Grid

    By Location

  • Land
  • Marine

    By Operation

  • Stationary
  • Portable

    By Application

  • Chemical & Petrochemical
  • Food & Beverages
  • Mining & Metals
  • Automotive
  • Oil & Gas
  • Power
  • Others

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Small Modular Reactor Industry - Regional Synopsis

North American Market Forecast

North America small modular reactor market is projected to be the largest with a share of about ~33% by the end of 2035. The growth of the market can be attributed majorly to the rising initiative taken by the government to deploy small modular reactors. The Advanced SMR R&D program was launched in FY2019 and supports research, development, and deployment initiatives that aim to speed up the commercialization of SMR technology developed in the United States in local and international markets. In addition to this, in 2018, the Department of nuclear energy announced a multi-year cost-sharing funding opportunity (U.S. Industry Opportunities for Advanced Nuclear Technology Development, DE-FOA-0001817). This opportunity enables the potential to develop existing, new, and next-generation reactor designs, including SMR technology. Furthermore, in April 2023, the design for the United States' first small modular nuclear reactor has been approved by the Nuclear Regulatory Commission.

Europe Market Forecast

The European small modular reactor market is predicted to be the second largest, registering a share of about ~30% by the end of 2035. The growth of the market can be attributed majorly to the rising program launched for reducing carbon emissions in the region. The Europe government's commitment for developing big, small, and advanced nuclear projects was reaffirmed in the Ten Point Plan for a Green Industrial Revolution and the 2020 Energy White Paper. Moreover, the Ten Point Plan announced a USD 390 million Advanced Nuclear Fund to invest in the next generation of nuclear technologies. Up to USD 235.15 million will be spent on Small Modular Reactors (SMRs) to establish a domestic smaller-scale power plant technology design. Other than this, around USD 170 million is likely to be invested in the development and research program for completing the prototype of an Advanced Modular Reactor by the early 2030s.

APAC Market Statistics

Further, the small modular reactor market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising demand for energy. According to the Department of Atomic Energy, India, which accounts for 17% of the global population, has seen its primary energy consumption grow at a pace of 4% over the last decade, roughly equivalent to double the worldwide growth rate of 1.3%. Besides this, the Union Minister of India asked the private sector and startups to increase the research and development of market. This is likely to achieve the aim of the country to establish the SMR with an approximate capacity of 300 MW.

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Small Modular Reactor Market Size
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Companies Dominating the Small Modular Reactor Landscape

    • NuScale Power, LLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ARC Clean Energy, Inc.
    • Brookfield Asset Management Inc.
    • Fluor Corporation
    • Toshiba Energy Systems & Solutions Corporation
    • General Electric International, Inc.
    • Rolls-Royce plc
    • TerraPower LLC
    • Terrestrial Energy, Inc.
    • X Energy LLC

In the News

  • NuScale Power announced the equity investment by Samsung C&T Corporation for supporting the installation of a small modular reactor. Along with this, Fluor Corporation joined this conjunction to expand the opportunities for future deployment of the reactors and complete the construction of the Barakah Plants in South Korea.
  • Terrestrial Energy announces the collaboration with Aecon Group for supporting the engineering and construction of the integration molten salt generation IV reactor power plant (ISMR). Aecon is going to evaluate Terrestrial Energy's construction costs and schedules for IMSR

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 4846
  • Published Date: Apr 24, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for electricity, rising setup and investment of small modular reactors, and the rising need to reduce carbon emission are the major factors driving the market growth.

The market size of small modular reactor is anticipated to attain a CAGR of 5.7% over the forecast period, i.e., 2023-2035.

Lack of standard procedures for licensing, lack of standard design of the SMR, and need for cheap electricity production are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are ARC Clean Energy, Brookfield Asset Management, Inc., Fluor Corporation, General Electric International, Inc., Nuscale Power, LLC, Rolls-Royce plc, TerraPower LLC, Terrestrial Energy, Inc., Toshiba Energy Systems & Solutions Corporation, and X Energy LLC.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by reactor, connectivity, location, operation, application, and by region.

The power segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Small Modular Reactor Market Report Scope

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