Press release
Small Modular Reactor (SMR) Market to Reach USD 8.28 Billion by 2035, Driven by Energy Security and Decarbonization Goals
Small Modular Reactor (SMR) Market to Reach USD 8.28 Billion by 2035, Driven by Energy Security and Decarbonization Goals
SMRs offer a safer, more flexible, and cost-efficient alternative to traditional reactors - with factory-built, modular designs that reduce construction time, improve safety, and enable deployment in remote and industrial settings. The market is increasingly recognized as a critical pillar in the global clean energy transition.
Get the Detailed Industry Analysis (including the Table of Contents, List of Figures, and List of Tables) - from the Small Modular Reactor Market Research Report: https://marketgenics.co/press-releases/small-modular-reactor-market-55017
Recent Developments Shaping the Market
Kairos Power Partners with Google (2024)
In 2024, Kairos Power signed a landmark agreement with Google to supply small modular reactors for the company's AI data centers by 2030. The deal positions SMRs as a strategic power solution for high-density computing and industrial applications.
Westinghouse and CNP to Build U.K.'s First Privately Funded SMR Fleet (2023)
In February 2023, Westinghouse Electric Company partnered with Community Nuclear Power Ltd. to develop the United Kingdom's first privately financed SMR fleet using AP300 technology, marking a major step in commercial modular nuclear power.
Rosatom Expands SMR Design Portfolio (2023)
In November 2023, ROSATOM received approval for its RITM-200N SMR design for small ground-based power plants - extending its expertise from marine to terrestrial applications.
Market Forecast 2035
The market is expected to create an incremental opportunity of USD 2.44 billion between 2025 and 2035.
Light Water Reactors (LWRs) dominate with ~35% market share in 2025, reflecting proven safety, existing infrastructure compatibility, and reduced regulatory friction.
North America leads globally, commanding 40% of the 2025 market (with the U.S. contributing 80% of regional share) due to active policy support, advanced R&D infrastructure, and ongoing commercial deployment.
Asia-Pacific and Europe follow, driven by government-backed nuclear modernization and industrial decarbonization initiatives.
To know more about the Small Modular Reactor Market - Download our Sample Report: https://marketgenics.co/download-report-sample/small-modular-reactor-market-55017
Key Drivers, Challenges, and Opportunities
Driver - Modularization and Cost Efficiency
SMRs leverage factory-built modular assembly, dramatically cutting project timelines, improving quality control, and enhancing scalability. Utilities can deploy reactors incrementally, reducing upfront risk while expanding capacity as demand grows. For example, Rosatom's 2024 discussions with India highlight global interest in modular, 100-200 MW clean power solutions.
Driver - Climate Goals and Rising Energy Demand
Global decarbonization targets and surging electricity demand underpin SMR deployment. SMRs offer carbon-free baseload capacity for grids balancing renewables and for off-grid applications where reliability and safety are paramount.
Restraint - High Initial Investment and Infrastructure Barriers
Despite lifecycle savings, SMRs require high upfront engineering, licensing, and construction costs-averaging over USD 300 million per reactor. Limited nuclear infrastructure and regulatory delays further slow early-stage commercialization, particularly in emerging economies.
Opportunity - Off-Grid and Industrial Energy Applications
SMRs are poised to power remote regions, mining operations, hydrogen production, and defense installations, where reliability, compactness, and reduced logistics costs offer clear advantages. Their ability to integrate with renewables and provide process heat makes them attractive for district heating, desalination, and industrial decarbonization.
Key Trend - Advanced, Flexible SMR Designs for Industrial and Clean Energy Use
Next-generation SMR designs - including molten salt, high-temperature gas-cooled, and fast neutron reactors - are progressing toward commercialization. These advanced systems promise enhanced fuel utilization, inherent safety, and flexible co-generation capabilities.
Simultaneously, governments are embracing SMRs as tools for industrial heat, hydrogen, and desalination projects - expanding nuclear's role beyond electricity generation.
Segmental Insights
Light Water Reactors Lead (35% Share, 2025)
LWR-based SMRs dominate early deployment due to technology maturity, fuel familiarity, and streamlined licensing pathways. Ongoing innovation in modular construction and fuel efficiency reinforces LWRs as the preferred near-term choice for utilities transitioning to nuclear modularization.
Deployment Outlook
Factory-fabricated modular units allow phased capacity addition, enabling utilities and industries to scale flexibly - particularly in smaller grids and developing economies.
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Regional Highlights
North America: Leads globally (40% share in 2025), with strong U.S. leadership in pilot and commercial SMR projects.
Asia Pacific: Rapidly emerging, supported by government R&D missions (e.g., India's ₹20,000 crore Nuclear Energy Mission for domestic SMR development).
Europe: Driven by the U.K. and Czech Republic's focus on SMR-based energy diversification and decarbonization.
Competitive Landscape
The SMR market is moderately consolidated.
Tier 1 leaders: Rosatom, GE Hitachi Nuclear Energy, Westinghouse, and Rolls-Royce SMR.
Tier 2/3 innovators: NuScale Power, Kairos Power, Terrestrial Energy, and X-energy.
High supplier concentration (due to advanced reactor fuel cycles and regulatory specialization) contrasts with low buyer concentration, as deployment remains limited to utilities and select industrial consortia.
Future Outlook
By 2035, small modular reactors are expected to evolve from pilot deployments to commercial baseload and industrial decarbonization assets. Modular scalability, safety, and digital control will enable utilities to modernize energy systems and governments to achieve carbon neutrality targets.
Nations investing early in regulatory streamlining, manufacturing supply chains, and public-private financing will capture the lion's share of the USD 8.28 billion global SMR opportunity.
Get a preview of our Small Modular Reactor Market Playbook - your guide to GTM strategy, competitive intelligence, supplier dynamics, and Consumer Behavior Analysis: https://marketgenics.co/playbook/small-modular-reactor-market-55017
Prominent Companies Operating in the Global Small Modular Reactor Market:
NuScale Power, Rolls-Royce SMR, GE Hitachi Nuclear Energy, Westinghouse Electric Company, China National Nuclear Corporation (CNNC), Rosatom, Kairos Power, and Terrestrial Energy.
About Us
MarketGenics is a global market research and management consulting company empowering decision makers across healthcare, technology, and policy domains. Our mission is to deliver granular market intelligence combined with strategic foresight to accelerate sustainable growth.
We support clients across strategy development, product innovation, healthcare infrastructure, and digital transformation.
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MarketGenics India Pvt. Ltd.
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