info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Small Modular Reactor Market Research Report By Reactor Type (Pressurized Water Reactor, Boiling Water Reactor, High-Temperature Gas-Cooled Reactor, Sodium-Cooled Fast Reactor, Other Reactor Types), By Output Capacity (100 MWe, 100-300 MWe, 300-600 MWe, >600 MWe), By Design (Integral Design, Modular Design, Scalable Design, Other Designs), By Fuel Type (Enriched Uranium, Natural Uranium, Thorium, Other Fuel Types), By Application (Electricity Generation, Cogeneration, Desalination, Hydrogen Production, Other Applications) and By Regiona


ID: MRFR/E&P/21953-HCR | 128 Pages | Author: Priya Nagrale| October 2024

Global Small Modular Reactor Market Overview:


As per MRFR analysis, the Small Modular Reactor Market Size was estimated at 4.16 (USD Billion) in 2022. The Small Modular Reactor Market Industry is expected to grow from 5.32 (USD Billion) in 2023 to 48.0 (USD Billion) by 2032. The Small Modular Reactor Market CAGR (growth rate) is expected to be around 27.69% during the forecast period (2024 - 2032).


Key Small Modular Reactor Market Trends Highlighted


Several major trends define the global Small Modular Reactor (SMR) market. In the first place, concerns about climate change and the need for clean energy sources are driving nuclear power adoption, including SMRs. These reactors offer the possibility of making reliable low-carbon electricity, which makes them a good alternative to fossil fuels.


Secondly, there is also an increasing demand for distributed generation of energy through SMRs. These reactors can be situated at distant locations or close to load centers, hence minimizing the distance requirements for transmission and distribution infrastructure. Moreover, other than using renewable energies like wind and solar power sources, they can be used in combination with small modular reactors to serve as a steady source of power supply.


Lastly, improvements in technology and design are also enhancing the efficiency and safety aspects of SMR technology. The modular nature of these reactor designs allows standardization as well as mass production, hence lowering construction costs and time frames. Additionally, public acceptance and regulatory approval rates of SMRs have been increasing due to the inclusion of advanced safety features such as inherent neutronic stability and passive cooling systems.


Global Small Modular Reactor Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Small Modular Reactor Market Drivers




  • Increasing Energy Demand and Climate Change Concerns




The small modular reactor market is expected to grow rapidly due to two main reasons: the rising need in the world for new sources of energy and the necessity to reduce carbon emissions. In this way, SMRs are the solution to the challenges mentioned above, as they can generate reliable carbon-neutral energy for thousands of households. Moreover, SMRs can be placed in remote areas or areas of the limited grid, which will help cut fossil fuel usage and support the decarbonization of the area.


Another reason for the growth of the small modular reactor market is that SMRs can enhance the security of energy supply by diversifying sources and reducing the need to import energy. In other words, as the countries are looking for sustainable ways of their energy transition, the demand for SMRs is going to grow.


Government Support and Policy Incentives


One of the main drivers of the Small Modular Reactor Market Industry is the presence of government support and policy incentives. Governments all around the world started realizing the potential for SMRs to help achieve their energy needs and climate goals. Governments have been offering assistance in the form of government funding and financial incentives. Moreover, policymakers started to facilitate the adoption of SMRs by streamlining the regulatory process.


Governments all over the world have initiated research and development support for SMR developers. Overall, government support reduced the cost of over-deployment and further accelerated the growth of this market.


Technological Advancements and Cost Reductions


Last but not least, ONGOING TECHNOLOGICAL ADVANCEMENTS and COST REDUCTIONS are CAUSING the Small Modular Reactor Market Industry to grow as well. Research and development are CURRENTLY being done in the field of small modular reactors to improve the efficiency, safety, and affordability of these interventions. Technologies used in materials science, as well as digital and manufacturing technologies, are evolving in the direction of even more compact, modular, and cheaper structures.


These means of improvement further attach the competitiveness of nuclear power plants and other energy sources with such interventions to reduce the costs of conventional large-scale nuclear power plants.


Small Modular Reactor Market Segment Insights:


Small Modular Reactor Market Reactor Type Insights  


Reactor Types. The Small Modular Reactor Market is split into pressurized water reactors, boiling water reactors, high-temperature gas-cooled reactors, sodium-cooled fast reactors, and other reactor types. PWR is the most successful type of reactor in the world, as it constitutes over 70% of all global projects. It uses ordinary water as a coolant and moderator. The water is heated under pressure in the reactor, eventually turning into steam. It then runs a turbine for a generator of electricity. In general, PWRs are simple, reliable, and have a long history of operation.


BWR is a similar type of reactor. It also uses an ordinary water coolant and moderator. However, in this type of reactor, the water is allowed to boil in the core, and the generated steam goes to the turbine. The electricity generator in this type of reactor is more efficient per unit of heat, but the systems are less reliable and, historically, have been in operation for a shorter period of time. Next, the high-temperature gas-cooled reactor is also an increasingly popular type of reactor. It uses helium as a coolant and graphite as a moderator.


The design is rather similar to PWRs and BWRs, but HTGRs are more resistant to accidents and operate at a higher temperature. This means that the thermal efficiency of these reactors is higher. At the same time, this reactor is costlier than PWRs and BWRs. Moreover, HTGRs have been designed but have not yet been produced. Similarly, SFR uses liquid sodium as a coolant, operating at a higher temperature than HTGRs, and is even more resilient to accidents, but the system is also more expensive than the investigated reactors. Overall, the other reactor types are molten salt reactors, lead-cooled fast reactors, and gas-cooled fast reactors.


These reactors are still very much in the early stages of development, but they have been positively tested in nuclear-generating facilities and should be able to outperform gas-cooled reactors. Prices. The  Small Modular Reactor Market is actively growing because the world is seeing an increasing need for clean energy and hiking prices for fossil fuels. The rising cost of coal production, along with the increasing understanding of the advantages of nuclear energy for the environment, are the essential drivers for market growth.


Small Modular Reactor Market, By Reactor Type


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Small Modular Reactor Market Output Capacity Insights  


The Small Modular Reactor Market is divided by Output Capacity into 100 MWe, 100-300 MWe, 300-600 MWe, and >600 MWe. The 100-300 MWe segment accounted for the largest share of the market and will continue to lead the market in 2023. This segment is also expected to lead the market throughout the forecast period due to the increased demand by developing countries for small and medium-sized reactors. The >600 MWe segment will likely be the fastest-growing segment of the market during the forecast period as large-scale reactors are being adopted more commercially for power generation.


Small Modular Reactor Market Design Insights  


The Small Modular Reactor Market is segmented by design into integral, modular, scalable, and other designs. The integral design segment accounted for the largest revenue share in 2023 and is projected to continue to dominate the market through 2032. The modular design segment is expected to register the highest CAGR during the forecast period. Integral designs are characterized by their compact size and self-contained nature. They are typically factory-built and transported to the site as a single unit. This design offers several advantages, including reduced construction time and costs, as well as improved safety and reliability.


Modular designs are made up of multiple smaller modules that can be assembled on-site. This design allows for greater flexibility and scalability, as modules can be added or removed as needed. Modular designs are also well-suited for remote locations or areas with limited infrastructure. Scalable designs are designed to increase their power output over time. This is achieved by adding additional modules or by increasing the power output of the existing modules. Scalable designs are ideal for applications where the power demand is expected to grow over time.


Other designs include pool-type designs, which are characterized by their use of a pool of water to cool the reactor core, and pebble-bed designs, which use small spherical fuel pebbles to generate heat. These designs are less common than integral, modular, and scalable designs, but they offer certain advantages in terms of safety and efficiency. The Small Modular Reactor Market is expected to grow significantly in the coming years, driven by the increasing demand for clean and reliable energy sources. The market is also expected to benefit from government support for the development and deployment of small modular reactors.


Small Modular Reactor Market Fuel Type Insights  


Fuel Type Segment Insights and Overview The Small Modular Reactor Market is segmented based on fuel type into enriched uranium, natural uranium, thorium, and other fuel types. Among these, the enriched uranium segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. Enriched uranium offers higher energy density and longer fuel cycles compared to other fuel types, making it a preferred choice for small modular reactors. The natural uranium segment is anticipated to witness significant growth during the forecast period.


The increasing adoption of natural uranium-based SMRs in developing countries, due to their lower fuel costs and reduced proliferation risks, is driving the growth of this segment. Thorium-based SMRs are gaining in popularity but still face technical challenges and regulatory hurdles. Other fuel types, such as plutonium and mixed-oxide (MOX) fuel, are also being explored for use in SMRs. These fuel types offer potential advantages in terms of waste management and proliferation resistance, but their commercial viability remains uncertain. The Small Modular Reactor Market segmentation based on fuel type provides insights into the different fuel options available for SMRs, their market share, and growth prospects.


Small Modular Reactor Market Application Insights  


The Small Modular Reactor Market segmentation by Application includes Electricity Generation, Cogeneration, Desalination, Hydrogen Production, and Other Applications. In 2023, the Electricity Generation segment held the largest market share, accounting for approximately 65% of the Small Modular Reactor Market revenue. The growth of this segment is attributed to the increasing demand for reliable and affordable electricity sources. The Cogeneration segment is expected to witness significant growth over the forecast period, owing to the growing need for efficient energy production.


The Desalination segment is also anticipated to grow steadily, driven by the increasing water scarcity in various regions. The Hydrogen Production segment is expected to gain traction in the coming years, supported by the growing demand for clean energy sources. Other Applications, such as district heating and remote power generation, are also expected to contribute to the growth of the Small Modular Reactor Market. The Small Modular Reactor Market is expected to witness substantial growth in the coming years, driven by increasing energy demand, government initiatives, and technological advancements.


Small Modular Reactor Market Regional Insights  


The Small Modular Reactor Market segmentation by region includes North America, Europe, APAC, South America, and MEA. The regional market analysis offers insights into the market growth and revenue for each region. North America holds the largest market share due to the increasing demand for clean energy and the presence of key players in the region. Europe is expected to witness significant growth in the coming years due to government initiatives and investments in renewable energy. APAC is projected to be the fastest-growing region, driven by the increasing adoption of SMRs in emerging economies such as China and India.


South America and MEA are expected to have a moderate growth rate due to the lack of infrastructure and limited investments in the SMR industry.


Small Modular Reactor Market, By Regional


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Small Modular Reactor Market Key Players And Competitive Insights:


Companies influencing the Small Modular Reactor Market are doing their best to accumulate forays as well as develop new technologies. Existing players involved in the Small Modular Reactor Market are engaging in research and development as investments to develop technologies and facilities to provide clean energy.


The high density of players in the small modular reactor market has contributed to high competition. The small modular reactor market has a major player, NuScale Power, which has spearheaded the launch of SMRs. The company, based in the United States, has externally dominated the small modular reactor industry and has acquired regulatory approval, gaining acceptance and promoting the launch of SMRs commercially for the first time through the U.S. Nuclear Regulatory Commission.


GE Hitachi Nuclear Energy may be another player in the small modular reactor industry. The business is a collaboration between GE Power and Hitachi, Ltd., both of which are nuclear energy companies. GE Hitachi Nuclear Energy is committed to producing sophisticated nuclear power products. The company developed the BWRX-300  300-MWe advanced boiling water reactor or pressurized water reactor.


Key Companies in the Small Modular Reactor Market Include:



  • ThorCon Power

  • Terrestrial Energy

  • ARC Nucleare

  • Xenergy

  • Babcock International Group

  • Kurion

  • Westinghouse Electric Company

  • Assystem

  • Elysium Industries

  • B Nuclear Energy

  • RollsRoyce plc

  • Oklo Inc.

  • Holtec International

  • NuScale Power

  • GE Hitachi Nuclear Energy


Small Modular Reactor Market Industry Developments


The global small modular reactor (SMR) market is anticipated to witness a robust growth trajectory over the coming years. In 2023, the market was valued at approximately USD 5.32 billion and is projected to reach a valuation of USD 48.0 billion by 2032, exhibiting a CAGR of 27.69%. This growth is primarily attributed to the increasing demand for clean and reliable energy sources, rising concerns over climate change, and supportive government policies.


In 2023, NuScale Power received approval from the U.S. Nuclear Regulatory Commission (NRC) for its SMR design. This marked a significant milestone in the development of SMR technology, paving the way for the construction and deployment of SMRs in the United States.


Additionally, several other countries, including the United Kingdom, Canada, and China, are actively pursuing SMR development and deployment. These efforts are expected to drive market growth in the coming years.


Small Modular Reactor Market Segmentation Insights


Small Modular Reactor Market Reactor Type Outlook



  • Pressurized Water Reactor

  • Boiling Water Reactor

  • High Temperature Gas-Cooled Reactor

  • Sodium-Cooled Fast Reactor

  • Other Reactor Types


Small Modular Reactor Market Output Capacity Outlook



  • 100 MWe

  • 100-300 MWe

  • 300-600 MWe

  • >600 MWe


Small Modular Reactor Market Design Outlook



  • Integral Design

  • Modular Design

  • Scalable Design

  • Other Designs


Small Modular Reactor Market Fuel Type Outlook



  • Enriched Uranium

  • Natural Uranium

  • Thorium

  • Other Fuel Types


Small Modular Reactor Market Application Outlook



  • Electricity Generation

  • Cogeneration

  • Desalination

  • Hydrogen Production

  • Other Applications


Small Modular Reactor Market Regional Outlook



  • North America

  • Europe

  • South America

  • Asia Pacific

  • Middle East and Africa

Report Attribute/Metric Details
Market Size 2022 4.16(USD Billion)
Market Size 2023 5.32(USD Billion)
Market Size 2032 48.0(USD Billion)
Compound Annual Growth Rate (CAGR) 27.69% (2024 - 2032)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year 2023
Market Forecast Period 2024 - 2032
Historical Data 2019 - 2023
Market Forecast Units USD Billion
Key Companies Profiled ThorCon Power, Terrestrial Energy, ARC Nuclear, Xenergy, Babcock International Group, Kurion, Westinghouse Electric Company, Assystem, Elysium Industries, B Nuclear Energy, Rolls-Royce plc, Oklo Inc., Holtec International, NuScale Power, GE Hitachi Nuclear Energy.
Segments Covered Reactor Type, Output Capacity, Design, Fuel Type, Application, Regional.
Key Market Opportunities Decentralized Power Generation Remote and Isolated Areas Industrial Applications Carbon Reduction Disaster Recovery
Key Market Dynamics 1 Growing demand for clean energy2 Government incentives for nuclear power3 Technological advancements4 Increasing safety concerns5 High capital costs
Countries Covered North America, Europe, APAC, South America, MEA


Frequently Asked Questions (FAQ) :

The Small Modular Reactor Market size is estimated to be around USD 5.32 billion in 2023 and is projected to reach USD 48.0 billion by 2032, exhibiting a CAGR of 27.69% during the forecast period.

The increasing demand for clean and sustainable energy sources, supportive government policies, technological advancements, and growing investments in nuclear power generation are primarily driving the growth of the Small Modular Reactor Market.

North America is expected to hold the largest market share in the Small Modular Reactor Market due to the presence of established nuclear power infrastructure, favorable government policies, and increasing demand for clean energy sources.

Small Modular Reactors find applications in various sectors, including electricity generation, district heating, desalination, hydrogen production, and remote power supply.

Some of the key competitors in the Small Modular Reactor Market include NuScale Power, GE Hitachi Nuclear Energy, Terrestrial Energy, Rolls-Royce, and China National Nuclear Corporation.

Challenges faced by the Small Modular Reactor Market include high capital costs, regulatory barriers, public acceptance concerns, and competition from other renewable energy sources.

The Small Modular Reactor Market is anticipated to witness a CAGR of 27.69% from 2023 to 2032.

Key trends influencing the Small Modular Reactor Market include the development of advanced technologies, increasing focus on modular construction, and growing partnerships between industry players.

Opportunities for growth in the Small Modular Reactor Market lie in expanding applications, favorable government policies, technological advancements, and increasing investments in nuclear energy.

The future outlook for the Small Modular Reactor Market is positive, driven by increasing demand for clean energy, supportive government policies, and technological advancements. The market is expected to witness significant growth in the coming years.

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.