Press release
Small Modular Reactor Market Projected to Grow from USD 5.1 Billion in 2024 to USD 9.5 Billion by 2031 | Persistence Market Research Report
The Small Modular Reactor (SMR) market is on a robust growth trajectory, driven by the global push for clean energy solutions and grid reliability. Valued at US$ 5.1 billion in 2024, the market is projected to reach US$ 9.5 billion by 2031, expanding at a CAGR of 9.1% during the forecast period. With energy demands increasing and traditional grids facing stress due to variable renewable inputs, SMRs have emerged as a dependable low-carbon energy alternative, offering compactness, scalability, and consistent power generation capabilities.One of the primary growth drivers behind this expansion is the pressing need to decarbonize power systems and reduce greenhouse gas emissions, particularly in fast-growing economies. The pressurized water reactor (PWR) segment dominates the market with a commanding 63.6% share in 2024, owing to its proven safety and adaptability. Geographically, Asia Pacific leads the market with an 80.4% share, supported by aggressive clean energy targets, particularly in China, India, and South Korea.
Elevate your business strategy with comprehensive market data. Request a sample report now: https://www.persistencemarketresearch.com/samples/34980
🔑 Key Highlights from the Report
• The global SMR market is expected to grow at a CAGR of 9.1% between 2024 and 2031.
• Decarbonization efforts and the global energy transition are driving increased SMR demand.
• The pressurized water reactor segment leads with a 63.6% market share in 2024.
• Asia Pacific dominates the market, accounting for 80.4% of the global share.
• Government backing through subsidies, favorable policies, and R&D funding fuels growth.
• Innovative reactor technologies like NuScale, Natrium, and Holtec SMR-160 are reshaping the competitive landscape.
Market Segmentation
The small modular reactor market is segmented based on reactor type, deployment, and application. The reactor type category includes pressurized water reactors (PWRs), high-temperature gas-cooled reactors (HTGRs), and liquid-metal-cooled reactors. Among these, PWRs continue to dominate, accounting for the largest revenue share in 2024 due to their established safety track record and regulatory familiarity.
In terms of end-user applications, SMRs are segmented into power generation, process heat, desalination, and district heating. Power generation remains the leading segment, as SMRs offer a reliable solution for base-load electricity in remote areas and regions with weak grid infrastructure. Furthermore, SMRs are increasingly being explored for industrial heat and desalination due to their compactness and flexibility.
Regional Insights
Asia Pacific remains the most promising regional market, driven by increasing electricity demand, frequent outages, and ambitious decarbonization policies. Countries like China, India, and South Korea are actively investing in SMR projects to diversify energy sources and enhance energy security.
North America and Europe are also witnessing rising interest, primarily fueled by supportive regulatory environments and technological advancements. The United States, in particular, is leading in innovation with advanced designs like the NuScale Power Module receiving regulatory approvals and funding support.
Market Drivers
A key market driver is the growing urgency to reduce greenhouse gas emissions and phase out coal-based power generation. SMRs present a viable solution by offering carbon-free electricity while supporting intermittent renewables such as wind and solar. Additionally, they provide a cost-effective and scalable option for smaller grids and remote regions.
Market Restraints
Despite the promising outlook, the SMR market faces regulatory hurdles and high upfront capital costs. Licensing and standardization processes remain complex and time-consuming. Furthermore, public concerns over nuclear safety and waste disposal continue to pose challenges to widespread adoption, especially in regions with anti-nuclear sentiment.
Market Opportunities
As energy demand continues to surge in emerging economies, SMRs offer a unique opportunity to address energy poverty while meeting climate goals. Their modular design allows for faster deployment and flexibility, making them ideal for both urban and off-grid installations. Additionally, collaborative international frameworks and public-private partnerships are expected to accelerate commercialization in the near future.
✔ Reasons to Buy the Report
✔ In-depth insights into market size, growth drivers, and future forecasts.
✔ Detailed segmentation by reactor type and end-user applications.
✔ Regional breakdown highlighting growth opportunities in Asia, North America, and Europe.
✔ Competitive landscape with company profiles and recent innovations.
✔ Coverage of key trends including technological advancements and regulatory developments.
# Frequently Asked Questions (FAQs)
How big is the Small Modular Reactor Market in 2024?
Who are the key players in the global Small Modular Reactor Market?
What is the projected growth rate of the Small Modular Reactor Market?
What is the market forecast for Small Modular Reactors through 2032?
Which region is estimated to dominate the Small Modular Reactor industry through the forecast period?
🏢 Company Insights
Key Players in the Market:
• NuScale Power Corporation
• Holtec International
• Terrestrial Energy
• GE Hitachi Nuclear Energy
• Rolls-Royce SMR
• X-energy
• Rosatom
• BWX Technologies
• Westinghouse Electric Company
• Seaborg Technologies
Recent Developments:
• In 2024, NuScale Power received final design certification from the U.S. Nuclear Regulatory Commission (NRC) for its VOYGR SMR plant, paving the way for commercial deployment.
• Rolls-Royce SMR secured a UK government funding round worth £210 million to support development and regulatory approval of its small modular reactor design.
Do You Have Any Query Or Specific Requirement? Request Customization of Report: https://www.persistencemarketresearch.com/request-customization/34980
Conclusion
The small modular reactor market stands at the cusp of transformative growth, propelled by a confluence of technological innovation, policy support, and a pressing need for sustainable energy solutions. With leading regions like Asia Pacific spearheading adoption and global energy systems under strain, SMRs offer a practical, low-carbon solution to future energy needs.
As designs mature and economies of scale kick in, SMRs are poised to become a vital component of the global clean energy portfolio. Their ability to integrate with renewables, provide decentralized power, and support industrial applications positions them as a key enabler of energy resilience and decarbonization for decades to come.
Contact Us:
Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com
About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Small Modular Reactor Market Projected to Grow from USD 5.1 Billion in 2024 to USD 9.5 Billion by 2031 | Persistence Market Research Report here
News-ID: 4125936 • Views: …
More Releases from Persistence Market Research

Dermacosmetics Market to Reach US$ 87.3 Bn by 2032 at 7.4% CAGR: Persistence Mar …
The global dermacosmetics market, estimated at US$ 53 billion in 2025, is forecasted to witness a steady upward trajectory, expanding at a Compound Annual Growth Rate (CAGR) of 7.4% to reach US$ 87.3 billion by 2032. This surge is driven by a confluence of factors ranging from increasing consumer awareness and the rising incidence of skin conditions to a growing preference for advanced, dermatologist-backed skincare solutions. Dermacosmetics, a category that…

Automatic Paper Cutter Market, Driving Efficiency and Innovation in the Printing …
Market Overview
The automatic paper cutter market has become an essential segment of the global machinery industry, offering automated solutions that drive efficiency, accuracy, and productivity in paper-based operations. Estimated at US$279 Mn in 2024, the market is projected to reach US$365 Mn by 2031, expanding at a steady CAGR of 3.9%. Automatic paper cutters are widely used in industries such as printing, publishing, packaging, and manufacturing, where large volumes of…

Peripheral Vascular Devices Market Trends and Forecast Report - Persistence Mark …
The peripheral vascular devices market is a rapidly expanding segment within the global healthcare industry. These devices are used in the treatment of peripheral arterial disease (PAD) and other vascular conditions that affect blood vessels outside the brain and heart. In particular, these devices aim to address the blockage of blood vessels in limbs, which can lead to severe complications such as tissue damage, amputations, and increased morbidity. With the…

Agricultural Mowers Market Growth, Sustainability, Efficiency, and Innovation in …
Market Overview
The global agricultural mowers market is a vital segment of the agricultural equipment industry, supporting farmers worldwide in managing vegetation, optimizing land use, and boosting productivity. Valued at US$2.11 Bn in 2024, the market is forecast to grow steadily at a CAGR of 4.5%, reaching US$2.87 Bn by 2031. This growth trajectory reflects the increasing adoption of mechanized farming, the rising need for sustainable agriculture, and ongoing technological innovations…
More Releases for SMR
https://www.epressrelease.org/roofing-market-size-growth-trends-2021-by-smr/
The report covers forecast and analysis for the Roofing market on a global and regional level. The study provides historic data of 2015 along with a forecast from 2016 to 2021 based on volume and revenue (USD Million). The study includes drivers and restraints for the market along with the impact they have on the demand over the forecast period. Additionally, the report includes study of opportunities available in the…
Lymphoma Treatment Market size, Growth, Trends 2020 by SMR
Lymphoma is a type of cancer that starts from lymphametic cells which are part of immune system. The lymph system helps body to fight infection and disease. There are two main types of lymphoma such as hodgkin lymphoma and non-hodgkin lymphoma (NHL). These cells are present in the spleen, lymph nodes, bone marrow, thymus, and among other parts of the body. Lymphoma can occur in both children and adults. Lymphoma…
SMR : Global Ethoxylates Market Analysis,share, size, trends 2020
Ethoxylates is a compound obtained from a conduct in which ethylene oxide added to alcohols and phenols. Production of detergents, surface cleaners, cosmetics, and paints mainly involve ethoxylates compound as intermediate. Major end application of ethoxylates includes textile processing, paints & coatings, agriculture, pulp & paper, and personal care industries.
Growing textile processing, personal care, and paints & coatings industries is major driving factor of ethoxylates market. Cosmetic & personal…
Global Barrier Materials Market share, size, trends 2020 by SMR
Barrier material is an enclosure material designed to stop means of access of gases, liquids, or radiation. Barrier materials market has witnessed a significant growth in the recent years, which is projected to continue in the years to come. Barrier materials market exhibit enormous opportunities for industry participants. Supply-demand gap in raw materials and protection against counterfeit products are the major challenges in the barrier materials market.
The report provides a…
SMR Automotive Services Selects IQS for Global Quality Standardization
July 15, 2011 | Cleveland, OH – IQS, a leader of enterprise compliance and quality management software announced today that customer SMR Automotive Services, a member of Samvardhana Motherson Group, one of the world’s largest manufacturers of external rearview mirrors for passenger cars, will deploy IQS’ web-based solution throughout all of its manufacturing sites worldwide to centralize quality operations and improve efficiency.
SMR manufactures exterior and interior mirrors and blind…
SMR Bathrooms Offer Next Day Delivery On Colosseum Radiators
Portsmouth, United Kingdom (10 December, 2010) – SMR Bathrooms, a leading UK supplier of bathrooms and bathroom accessories, can give next day delivery on Ultra Colosseum radiators to any UK address.
SMR Bathrooms stock Colosseum column radiators in a variety of styles and sizes to suit different locations, such as a smaller one for a downstairs bathroom or a larger one for a main bathroom. Produced by Ultra, all of…