Small Modular Reactor Market Report 2026

Small Modular Reactor Market Overview

• Small Modular Reactor market size has reached to $0.67 billion in 2025 • Expected to grow to $3.86 billion in 2030 at a compound annual growth rate (CAGR) of 40.6% • Growth Driver: Growth Of The Small Modular Reactor Market With Rising Energy Security Concerns • Market Trend: Advances In Small Modular Reactor Technology • Asia-Pacific was the largest region in 2025.

What Is Covered Under Small Modular Reactor Market?

A small modular reactor (SMR) is a compact nuclear reactor design characterized by its smaller size, simplified construction, and modular configuration for electricity generation. These are employed to provide scalable and flexible nuclear power solutions suitable for diverse applications, including remote locations, industrial processes, and grid supplementation. The main types of small modular reactors are light water reactors (LWR), fast neutron reactors (FNR), heavy water reactors (HWR), and others. A light water reactor (LWR) is referred to as a nuclear reactor that uses regular water as both its coolant and neutron moderator and is widely used in commercial nuclear power plants due to its efficient operation and relative safety. The power rating category includes up to 100 MW, 101 to 200 MW, and 201 to 300 MW. These are deployed in single-module power plants and multi-module power plants for use in several applications such as power generation, desalination, process heat, industrial, and hydrogen production.

What Is The Small Modular Reactor Market Growth Forecast?

The small modular reactor market size is expected to see exponential growth in the next few years. It will grow to $3.86 billion in 2030 at a compound annual growth rate (CAGR) of 40.6%. The growth in the forecast period can be attributed to expansion of national clean energy mandates, rising investments in modular nuclear infrastructure, increasing need for reliable power in remote regions, growth in hydrogen production using nuclear heat, rising commercialization of next generation reactor designs. Major trends in the forecast period include increasing deployment of modular nuclear power solutions, growing interest in smrs for remote and off grid regions, rising adoption of smrs for industrial heat and desalination, expansion of multi module smr power plant configurations, advancements in passive safety and next generation reactor designs.

Global Small Modular Reactor Market Segmentation

1) By Reactor Type: Light Water Reactor (LWR), Fast Neutron Reactor (FNR), Heavy Water Reactor (HWR), Other Reactor Types 2) By Power Rating: Up To 100 MW, 101 To 200 MW, 201 To 300 MW 3) By Deployment: Single Module Power Plant, Multi Module Power Plant 4) By Application: Power Generation, Desalination, Process Heat, Industrial, Hydrogen Production Subsegments: 1) By Light Water Reactor (LWR): Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR) 2) By Fast Neutron Reactor (FNR): Sodium-cooled Fast Reactor (SFR), Lead-cooled Fast Reactor (LFR) 3) By Heavy Water Reactor (HWR): Candu Reactor 4) By Other Reactor Types: High-Temperature Gas-cooled Reactor (HTGR), Molten Salt Reactor (MSR), Gas-cooled Fast Reactor (GFR)

What Is The Driver Of The Small Modular Reactor Market?

The rising energy security crisis is expected to propel the growth of the small modular reactor market going forward. An energy security crisis occurs when a region or country faces significant challenges in meeting its energy needs reliably and affordably. Small modular reactors (SMRs) offer flexibility in power output, enabling operators to quickly adjust electricity generation to meet the specific needs of remote communities or industries by operating at partial load or ramping up or down swiftly in response to changing demand to ensure a reliable and stable power supply. For instance, in July 2025, according to the United States Department of Energy (DOE), a US-based government agency responsible for national energy policy, nuclear safety, and advancing scientific and technological innovation, the report warns that by 2030, the risk of blackouts in the United States could surge by up to 100-fold if the country continues to retire reliable power sources without ensuring adequate replacement capacity. Therefore, the rising energy security crisis is driving the growth of the small modular reactor industry.

Key Players In The Global Small Modular Reactor Market

Major companies operating in the small modular reactor market are General Electric Company, Hitachi, Korea Electric Power Corporation (KEPCO ), State Power Investment Corporation (SPIC), Mitsubishi Heavy Industries Ltd, OKBM Afrikantov (Rosatom), Bechtel Corporation, Rolls-Royce plc., Fluor Corporation, IHI Corporation, Korea Hydro & Nuclear Power (KHNP), SNC-Lavalin Group, Toshiba Energy Systems & Solutions, Brookfield Asset Management, General Atomics Corporation, Curtiss-Wright Corporation, BWX Technologies Inc., Nuclear Power Corporation of India Limited (NPCIL), China National Nuclear Corporation (CNNC), U-Battery Developments Ltd. (Urenco Group), Babcock & Wilcox, NuScale Power LLC., ARC Energy LLC, Terrestrial Energy Inc., Holtec International, Kairos Power, TerraPower LLC.

Global Small Modular Reactor Market Trends and Insights

Major companies operating in the small modular reactor market are increasing their focus on developing advanced solutions or products, such as single-loop pressurized water reactors (PWR), to gain a competitive edge in the market. It is a compact and scalable nuclear reactor design typically ranging from tens to a few hundred megawatts, offering enhanced safety features, flexibility in deployment, and potential cost-effectiveness compared to traditional larger-scale nuclear power plants. For instance, in May 2023, Westinghouse Electric Company, a US-based nuclear power company that offers nuclear products and services, launched the AP300. This small modular reactor introduces integral pressurized water reactor (iPWR) technology, passive safety systems, and modular design, revolutionizing nuclear energy with compactness, enhanced safety, and swift deployment. It significantly impacts the small modular reactor (SMR) market by advancing safety, versatility, and cost-effectiveness, shaping the future of nuclear energy generation.

What Are Latest Mergers And Acquisitions In The Small Modular Reactor Market?

In November 2023, Cameco Corporation, a Canada-based uranium company, in a strategic partnership with Brookfield Asset Management (BAM), a Canada-based alternative asset manager company, acquired Westinghouse Electric Company (Westinghouse) for $8.2 billion. This acquisition strengthens their positions in the nuclear industry. It signifies a strategic move towards advancing innovative solutions such as Westinghouse's eVinci micro-reactor technology to meet the increasing demand for clean and reliable energy sources. Westinghouse Electric Company (Westinghouse) is a US-based nuclear power company offering nuclear products and services and small modular reactors (SMR).

Regional Outlook

Asia-Pacific was the largest region in the small modular reactor market in 2025 and is expected to be the fastest-growing region in the forecast period. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Defines the Small Modular Reactor Market?

The small modular reactor market consists of sales of products such as reactor modules, control systems, fuel assemblies, heat exchangers, and containment structures. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Small Modular Reactor Market Report 2026?

The small modular reactor market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the small modular reactor industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.