AUSTIN, Texas and TOKYO, Nov. 20, 2025 /PRNewswire/ -- According to DataM Intelligence, the Small Modular Reactor Market Size was valued at USD 5.81 billion in 2024 and is projected to reach USD 6.48 billion by 2031, growing at a CAGR of 1.6% between 2025 and 2031. With rising global energy demand, tightening decarbonization mandates, unstable fossil fuel pricing, and increasing focus on energy security, SMRs have moved from theoretical designs to commercially bankable solutions.
Across North America, Europe, Asia, and the Middle East, governments and utilities are accelerating licensing, pilot deployments, and multi-module SMR project investments. Over the past 18 months alone, more than USD 20 billion in direct public funding and private capital has flowed into the SMR sector, firmly positioning it as the next major wave of advanced nuclear innovation.
SMRs combine passive safety systems, factory-built construction, modular deployment, and flexible capacity, enabling them to support power generation, clean hydrogen, industrial heat, remote grid electrification, and desalination applications where conventional large nuclear reactors are not economical.
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Global Market Momentum: SMRs Become Central to Net-Zero, Energy Transition & Industrial Decarbonization
The shift from megawatt-scale to modular gigawatt-scale nuclear configurations is driven by several strategic factors:
- Energy security priority after supply chain disruptions and geopolitical instability
- Rapid electrification of transport, chemicals, steel, and hydrogen industries
- Net-zero commitments across the U.S., U.K., Canada, Japan, and Europe
- Growing need for stable baseload generation to stabilize renewables
- Hydrogen-production targets that require low-carbon thermal energy sources
While SMRs represented a relatively small portion of global nuclear capacity in 2024, their demand outlook has strengthened dramatically, with more than 90+ SMR designs under development and 35+ first-of-a-kind deployments expected before 2035.
Market Segmentation
By Reactor Type (Light-water Reactor, Heavy-water Reactor, High-temperature Reactor, Others)
In 2024, light-water reactors (LWRs) remained the dominant SMR technology, accounting for nearly 62% of the global market, or roughly USD 3.6 billion. Their leadership stems from mature licensing frameworks, strong vendor presence, and similarity to conventional nuclear reactor designs. Companies such as NuScale, Holtec, and Rolls-Royce continue advancing LWR-based SMRs toward commercial readiness.
Heavy-water reactors (HWRs) accounted for 14% market share, representing USD 812 million, driven by Canada's continued development of advanced CANDU-inspired SMRs and interest across Eastern Europe.
High-temperature reactors (HTRs) contributed 17%, or USD 987 million, supported by industrial heat and hydrogen production applications. HTRs are gaining traction in China, Japan, and recently, the UAE, due to capability of reaching 750-950°C, ideal for chemical and steel industries.
The remaining 7%, or USD 406 million, includes fast reactors, molten salt reactors, lead-cooled reactors, microreactors, and gas-cooled designs showcased by Terrestrial Energy, Moltex, and Lead-Cold Reactors.
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By Connectivity (Off-grid, Grid-connected)
Grid-connected SMRs dominated with 78% market share in 2024, equivalent to USD 4.53 billion. Utilities prefer grid-connected systems to replace retiring coal plants, stabilize wind/solar intermittency, and decarbonize national grids.
Off-grid SMRs-representing 22%, or USD 1.28 billion-are gaining interest from mining operations, remote communities, desalination plants, islands, and defense facilities. Micro-SMRs (5-50 MW) are projected to grow faster than utility-scale reactors from 2026 onward.
By Location (Land, Marine)
Land-based SMRs accounted for 92% of total market revenue (USD 5.34 billion), including reactors for power utilities, district heating, industrial facilities, and hydrogen hubs.
Marine-based SMRs, including floating nuclear plants and ship-mounted reactors, represented 8%, or USD 465 million. Russia's Akademik Lomonosov and Korean/Japanese floating SMR concepts are driving early adoption. Marine SMRs are expected to scale significantly for offshore hydrogen and desalination projects.
By Deployment (Multi-module Power Plant, Single-module Power Plant)
Multi-module power plants-designed to scale capacity from 300 MW to over 1 GW-held 58% market share in 2024, generating USD 3.36 billion. They offer economic scalability and are increasingly preferred by utilities transitioning from fossil fuels.
Single-module units accounted for 42%, or USD 2.44 billion, primarily used for remote power, government research, industrial heat, and defense energy programs.
By Application (Power Generation, Desalination, Process Heat, Industrial, Hydrogen Production)
Power generation remained the dominant application, contributing 66% of the total SMR market, or USD 3.83 billion in 2024. Nations seeking baseload stability with low carbon emissions continue to prefer SMRs over large reactors due to modularity and lower upfront capex.
Industrial heat applications contributed 12% (USD 697 million) as steel, cement, and petrochemical plants look for high-temperature, clean energy.
Hydrogen production a rapidly emerging segment-represented 9% (USD 523 million), driven by demand for pink hydrogen in Canada, Japan, South Korea, and the UAE.
Desalination and process heat accounted for the remaining 13%, worth USD 755 million, with Middle Eastern nations evaluating nuclear desalination for water-scarce regions.
U.S. & Japan Market Insights: Two Countries Leading the SMR Commercialization Curve
United States Market
The U.S. accounted for approximately 32% of global SMR revenue in 2024, equivalent to USD 1.86 billion. Over the last year, the U.S. Department of Energy approved USD 1.4 billion in additional SMR funding and launched multiple grid conversion initiatives. NuScale received advanced regulatory support, and several utility partners-including UAMPS-advanced site preparation for the nation's first commercial SMR.
The U.S. is projected to add over 6 GW of SMR capacity by 2035, primarily replacing retiring coal capacity.
Japan Market
Japan contributed 11% of global SMR market revenue (USD 639 million in 2024), driven by its post-Fukushima nuclear restart strategy and investments in next-generation HTRs. Japan allocated USD 430 million in new funding toward advanced nuclear programs in 2024-2025 and began joint development with domestic vendors to accelerate SMR commercialization by early 2030s.
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Competitive Landscape: Top Companies in the SMR Market
The SMR ecosystem is led by advanced nuclear innovators focusing on modularity, passive safety, and cost-efficient manufacturing.
Top 5 Companies by Influence & Market Position (2024)
(Note: Market share reflects SMR-specific relevance, not total nuclear revenue)
Company | Estimated SMR Market Share (2024) |
NuScale Power | 19 % |
Rolls-Royce SMR | 14 % |
Westinghouse Electric | 13 % |
X-Energy | 10 % |
Terrestrial Energy | 8 % |
These five companies collectively hold 64% of the global SMR market influence based on active pilot projects, regulatory approvals, reactor design readiness, manufacturing capability, and international partnerships.
Who are the Top 5 Emerging Players in the Small Modular Reactor Market?
1. Moltex Energy (Canada/U.K.)
Developing innovative molten salt fast reactors capable of waste recycling. Strong government support and strategic partnerships place Moltex among top future disruptors.
2. ARC Clean Energy (U.S./Canada)
Delivering a sodium-cooled fast reactor inspired by EBR-II technology. Strong traction in Canada with plans for industrial heat applications.
3. Holtec International (U.S.)
Progressing SMR-160 deployment with utilities in the U.S. and Eastern Europe. Strong EPC and manufacturing capabilities.
4. Lead-Cold Reactors (Sweden)
Specializing in lead-cooled microreactors designed for remote operations, defense applications, and Arctic/Scandinavian regions.
5. General Atomics (U.S.)
Well-positioned with its high-temperature gas-cooled designs targeting the hydrogen and industrial heat segment.
These emerging players collectively represent the next large wave of SMR commercialization beyond 2030, especially in high-temperature industrial and hydrogen sectors.
Strategic Outlook: SMRs Will Redefine the Future of Clean Power Systems
The global push for energy reliability, low-carbon industrialization, and technological diversification is driving unprecedented interest in SMRs. From remote mines and desalination plants to national grids and hydrogen hubs, SMRs are positioned to deliver economically viable, safer, and more flexible nuclear power.
Between 2025 and 2031, the SMR market will be shaped by:
- Multi-module SMR power parks replacing aged coal plants
- Industrial demand for high-temperature reactors
- Rapid adoption of SMR-based hydrogen production
- Strong government funding and accelerated licensing
- Expansion of microreactors for defense and remote communities
With large-scale commercial deployments expected to begin before 2030, the SMR industry is entering its most important decade-transforming from conceptual designs to real-world energy systems.
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