United States Small Modular Reactor Market 2025 | Growth Drivers, Market Forecast, Competitive Landscape & Business Opportunities

Market Size and Growth

The Global Small Modular Reactor Market size was worth US$ 5.72 billion in 2023 and is estimated to reach US$ 6.48 billion by 2031, growing at a CAGR of 1.6% during the forecast period (2024-2031).

Key Development:

United States: Recent Industry Developments

✅ In September 2025, Google, Kairos Power, and the Tennessee Valley Authority (TVA) signed a groundbreaking agreement to utilize advanced small modular nuclear reactors (SMRs). Kairos Power is constructing a 50 MW SMR project in Tennessee, with electricity to be supplied to TVA, which powers Google's data centers in Alabama and Tennessee. The Hermes 2 reactor is expected to come online by 2030, with further expansion by 2035.

✅ In September 2025, The Nuclear Company (TNC) announced a strategic partnership with Nucor Corporation to strengthen the domestic supply chain for nuclear power. This collaboration focuses on evaluating the use of NQA-1 certified steel and infrastructure for gigawatt-scale nuclear reactors. The initiative aligns with executive plans to achieve 400 gigawatts of nuclear capacity by 2050, including the construction of 10 large-scale reactors in the next five years.

✅ In May 2025, NuScale Power received approval from the U.S. Nuclear Regulatory Commission for its updated design of 77-megawatt small modular reactors. This design supersedes NuScale's previously approved 50 MW model from 2020, offering improved economics and performance. SMRs are factory-built nuclear reactors touted for enhanced safety, lower costs, and resistance to nuclear proliferation.

Japan: Recent Industry Developments

✅ In September 2025, Terra Innovatum signed an agreement with Argentina's Conuar for the supply of key components for the industrial production of its SOLO micro-modular reactor. This marks a strategic move into the South American market, demonstrating Japan's expanding influence in global nuclear energy.

✅ In September 2025, a U.S.-based nuclear fusion developer announced plans to deploy a reactor in Japan in the late 2030s or early 2040s. This initiative aligns with Japan's commitment to advancing nuclear technology and reducing carbon emissions.

✅ In February 2025, Japan committed to the maximum use of nuclear power, including the development of advanced modular reactors. A clear framework was established, including sites for advanced modular reactors, government support for early development work, and funding for construction through a regulated asset base model levied on electricity bills.

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Small Modular Reactors (SMRs) are compact nuclear reactors designed to generate clean and scalable electricity with enhanced safety features. They offer flexible deployment, lower upfront costs, reduced environmental impact, and the ability to support remote or distributed energy needs, making them a promising solution for sustainable nuclear power.

Recent Mergers and Acquisitions :

United States: Recent M&A and Strategic Partnerships

✅ In September 2025, Terrestrial Energy, a U.S.-based SMR developer, merged with HCM II Acquisition Corp., a special purpose acquisition company (SPAC), in a deal valued at $280 million. This merger aims to fund the development of a molten salt-cooled reactor and facilitate its listing on the Nasdaq stock exchange.

✅ In June 2025, NANO, a microreactor company, secured $105 million in a Series C funding round, positioning itself for a potential SPAC merger. The company is developing reactors tailored for Department of Defense applications and has entered the pre-application process with the U.S. Nuclear Regulatory Commission.

✅ In March 2025, Terrestrial Energy announced a partnership with Texas A&M University to develop a commercial modular reactor. This collaboration aims to advance the deployment of advanced nuclear technology in the United States.

Japan: Recent M&A and Strategic Partnerships

✅ In September 2025, Terra Innovatum, a Japanese microreactor startup, announced plans to merge with GSR III Acquisition Corp., a SPAC, aiming to raise $230 million. The company is developing micro-modular reactors using helium as a coolant and plans to use the proceeds to build its first unit.

✅ In February 2025, Japan committed to the maximum use of nuclear power, including the development of advanced modular reactors. A clear framework was established, including sites for advanced modular reactors, government support for early development work, and funding for construction through a regulated asset base model levied on electricity bills.

Key Players:

=> Westing House Electric, Nuscale Power, Terrestrial Energy, Moltex Energy, X-Energy, Holtec International, General Atomics, Arc Clean Energy, Rolls-Royce and Lead-Cold Reactors.

Growth Forecast Projected:

The Global Small Modular Reactor Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Small Modular Reactor Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

➥ By Reactors: Light-water Reactor, Heavy-water Reactor, High-temperature Reactor, Others

➥ By Connectivity: Off-grid, Grid-connected

➥ By Location: Land, Marine

➥ By Deployment: Multi-module Power Plant, Single-module Power Plant

➥ By Application: Power Generation, Desalination, Process Heat, Industrial, Hydrogen Production

Regional Analysis for Small Modular Reactor Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Small Modular Reactor producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Small Modular Reactor revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ

What is the current size of the Small Modular Reactor Market?

A: In 2023, the Small Modular Reactor Market was valued at US$ 5.72 billion, reflecting its strong industry presence.

Q2: How large is the Small Modular Reactor Market expected to be by 2031?

A: By 2031, industry forecasts suggest the Small Modular Reactor Market will grow to around US$ 6.48 billion , demonstrating significant expansion.

Q3: What is the growth rate of the Small Modular Reactor Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 1.6% during the forecast period from 2024 to 2031.

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