Press release
Small Modular Reactor Market to Hit $9.9 Billion by 2032 with Growing Demand for Clean, Scalable Power Solutions
Small Modular Reactor Market
SMRs offer several advantages over traditional nuclear plants-they are factory-built, easily transportable, and highly adaptable to various applications such as power generation, desalination, hydrogen production, and district heating. Their modular nature allows deployment in remote locations, off-grid communities, and for industrial use, including powering data centers and defense facilities.
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Strong government support is playing a vital role in shaping the market. Programs like the U.S. Department of State's FIRST initiative and the European Commission's SMR funding support demonstrate global commitment to low-carbon energy through advanced nuclear technologies. In parallel, major tech companies such as Amazon and Google are investing heavily in SMRs to power data centers with carbon-free energy.
Key Insights:
• The market is forecast to reach USD 9.9 billion by 2032, growing at a CAGR of 5.4% from USD 6.6 billion in 2024.
• Power generation is the largest application segment, driven by growing energy demand and the need for grid stability in both urban and remote areas.
• Heavy-water reactors dominate the market due to their use of natural uranium and superior neutron economy, reducing operational costs.
• Light-water reactors are projected to grow the fastest due to their cost-effectiveness and technological advancements, including passive safety systems.
• SMRs with capacities up to 100 MW are ideal for remote, off-grid sites, while the 101-200 MW and 201-300 MW categories are gaining traction in industrial and utility-scale applications.
• North America leads the global market, with early SMR adoption, extensive R&D funding, and regulatory support.
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• The Asia-Pacific region is expected to witness the fastest growth, fueled by population expansion, industrialization, and energy security needs.
• Corporate investment is a major trend, with Amazon investing $500 million in X-Energy's SMRs and Google partnering with Kairos to power data centers by 2030.
• SMRs are being explored for decarbonizing hard-to-electrify sectors, such as maritime, aviation, and heavy industries.
• High initial development and manufacturing costs remain a key challenge, with some SMRs costing up to USD 3 billion and electricity prices rising above USD 89 per MWh.
• Government funding, public-private partnerships, and regulatory streamlining are helping mitigate financial risks and accelerate deployment.
• SMRs provide an opportunity for energy independence and decentralized power generation, making them vital for national energy security.
• Their modular and scalable nature allows for step-by-step capacity addition, reducing upfront investment and project risk compared to large-scale nuclear plants.
• The European Commission's funding of nine SMR projects in 2024 marks a significant milestone for nuclear innovation in Europe.
About P&S Intelligence
P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.
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