Top 25 Companies in Global Small Modular Reactor (SMR) Market (2025–2035): Competitive Analysis and Forecast
RELEASE DATE: Oct 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Small Modular Reactor (SMR) Market Size is projected to Grow from USD 5.95 Billion in 2024 to USD 8.20 Billion by 2035, at a CAGR of 2.96% during the forecast period 2025–2035. Rising clean energy demand, enhanced safety features, lower capital costs, flexible deployment, government support, and a growing focus on decarbonization and energy security are driving the global small modular reactor (SMR) market.
Introduction
The Global Small Modular Reactor (SMR) Market Size represents a rapidly evolving segment of the nuclear power industry, offering compact, flexible, and cost-effective alternatives to conventional large-scale reactors. Small Modular Reactors (SMRs) are advanced nuclear reactors with an electrical output typically below 300 MW per unit, designed for scalable deployment and enhanced safety through modular construction. They are gaining popularity as a possible alternative for lowering capital costs, providing dependable electricity to remote or tiny grid systems, and advancing global decarbonization goals. Prototypes such as Argentina's CAREM-25 and Russia's KLT-40S demonstrate the growing feasibility of SMR technology. Increasing global power consumption, the need for clean and sustainable energy, and supporting government regulations are all major market drivers. Furthermore, SMRs' capacity to operate flexibly, create low greenhouse gas emissions, and require shorter building durations make them appealing to both industrialized and developing countries. South Korea's small modular reactor industry is being driven by considerable government backing and research into improved reactor designs as part of the country's long-term clean energy policy.
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Small Modular Reactor (SMR) Market Size & Statistics
- The Market Size for Small Modular Reactor (SMR) Was Estimated to be worth USD 5.95 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 2.96% between 2025 and 2035.
- The Global Small Modular Reactor (SMR) Market Size is anticipated to reach USD 8.20 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the Small Modular Reactor (SMR) Market
- Europe is expected to grow the fastest during the forecast period in the Small Modular Reactor (SMR) Market.
Regional growth and demand
Europe is expected to grow the fastest during the forecast period in the small modular reactor (SMR) market. Europe is expected to grow fastest in the SMR market due to increasing investments in clean energy, government support for nuclear innovation, rising electricity demand, carbon neutrality goals, and ongoing development of advanced SMR technologies for sustainable and decentralized power generation.
North America is expected to generate the highest demand during the forecast period in the small modular reactor (SMR) market. North America is expected to generate the highest demand in the SMR market due to strong government initiatives, advanced nuclear infrastructure, supportive regulatory frameworks, significant R&D investments, and growing focus on clean, reliable, and carbon-free energy generation.
Top 10 Trends in the Small Modular Reactor (SMR) Market
- Decarbonization and Clean Energy Demand
- Modular Design and Factory Production
- Scalability and Flexibility
- Increased Investment and Funding
- Diverse Applications Beyond Electricity
- Advancements in Reactor Technologies
- Integration with Renewable Energy
- Focus on Enhanced Safety Features
- Growing Demand from Industries and Data Centers
- Regulatory Evolution
1. Decarbonization and Clean Energy Demand
The increased global emphasis on reducing carbon emissions and reaching net-zero goals is increasing interest in SMRs as a clean, dependable energy source. SMRs emit low greenhouse gases, making them a suitable choice for countries moving away from fossil fuels. Their ability to provide baseload power while complementing intermittent renewables such as solar and wind increases their appeal in the clean energy mix.
2. Modular Design and Factory Production
SMRs are intended for modular construction, which enables components to be built in factories and installed on-site. In comparison to typical nuclear facilities, this strategy greatly decreases construction time, cost overruns, and project hazards. Factory manufacturing also provides uniform quality control and speedier scalability across various sites.
3. Scalability and Flexibility
SMRs provide flexible deployment options—single or multiple units can be deployed depending on energy needs. Their tiny size enables installation in rural places, industrial sites, or areas with smaller grid systems, delivering localized, dependable power without requiring huge infrastructure expenditures.
4. Increased Investment and Funding
Governments and corporate groups are making significant investments in SMR research, development, and commercialization. Programs from organizations such as the United States Department of Energy, as well as collaborations with universities like MIT and national laboratories, are driving scientific improvements and economic viability, resulting in fast market development.
5. Diverse Applications Beyond Electricity
SMRs may be used for a variety of purposes other than electricity generation, including district heating, water desalination, hydrogen synthesis, and industrial process heat. This adaptability makes them important for decarbonizing difficult-to-abate sectors, strengthening their position in future sustainable energy ecosystems.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the small modular reactor (SMR) market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Small Modular Reactor (SMR) Market
- NuScale Power
- TerraPower
- Rolls-Royce SMR
- Westinghouse Electric Company
- GE Hitachi Nuclear Energy
- X-energy
- Holtec International
- Rosatom
- China National Nuclear Corporation (CNNC)
- Korea Atomic Energy Research Institute (KAERI)
- BWX Technologies
- Ultra Safe Nuclear Corporation (USNC)
- Candu Energy (SNC-Lavalin)
- Moltex Energy
- Seaborg Technologies
- Oklo Inc.
- Advanced Reactor Concepts (ARC Nuclear)
- Hitachi-GE Nuclear Energy
- Framatome
- Mitsubishi Heavy Industries
- Kairos Power
- newcleo
- Last Energy
- LeadCold Reactors
- Centrus Energy
1. NuScale Power
Headquarters: Tigard, Oregon, USA
NuScale Power, based in Tigard, Oregon, USA, is a market leader in small modular reactor (SMR) design and development. It produced the NuScale Power Module and VOYGR facility, the first SMR design certified by the United States Nuclear Regulatory Commission (NRC). Its modular reactors provide scalable power solutions, with each module generating 50 to 77 megawatts, enabling flexible deployment based on energy needs. NuScale is actively involved in initiatives and collaborations in more than ten countries, including Romania, Poland, and the United States, to promote the global adoption of safe, cost-effective, and carbon-free nuclear energy for a variety of purposes.
2. TerraPower
Headquarters: Bellevue, Washington, USA
TerraPower, based in Bellevue, Washington, is a pioneering business in advanced nuclear technology, specializing in revolutionary tiny modular reactors like the Natrium reactor. This sodium-cooled fast reactor uses molten salt energy storage to offer flexible, low-carbon electricity. TerraPower's purpose is to provide cost-effective and safe nuclear energy options to help achieve global decarbonization targets. The firm works with international partners, including Korea Hydro & Nuclear Power (KHNP), and is actively looking into SMR deployment options in several countries. TerraPower advances the economic feasibility of next-generation nuclear energy throughout the world via research, development, and collaborations.
3. ROLLS-ROYCE SMR
Headquarters: Derby, United Kingdom
Rolls-Royce SMR, located in Derby, United Kingdom, is developing a 470 MW small modular reactor based on proven pressurized water reactor (PWR) technology. The UK government supports its SMR design, which focuses on cost-effectiveness, safety, and quick deployment to increase energy security. The modular reactors are appropriate for a variety of grid sizes and locations. Rolls-Royce SMR is working on projects, feasibility studies, and collaborations around Europe, including the United Kingdom, the Czech Republic, and Sweden, to expand its technology internationally. The business is a prominent actor in advancing low-carbon nuclear energy by developing scalable, adaptable, and creative SMR technologies.
4. Westinghouse Electric Company
Headquarters: Cranberry Township, Pennsylvania, USA
Westinghouse Electric Company, based in Cranberry Township, Pennsylvania, USA, is a global leader in nuclear energy technology and services. The company is working on the AP300 small modular reactor, which is going to be based on the proven AP1000 Gen III+ reactor technology and prioritize safety, scalability, and cost efficiency. Westinghouse provides engineering, fuel, and maintenance services for SMR projects around the world. It works in over 20 countries and offers technological solutions, licenses, and project support. Westinghouse is advancing the adoption of safe, reliable, and low-carbon nuclear energy through innovation and global partnerships, establishing SMRs as an important contributor to the transition to sustainable power generation.
5. GE Hitachi Nuclear Energy
Headquarters: Wilmington, North Carolina, USA
GE Hitachi Nuclear Energy, located in Wilmington, North Carolina, USA, is a joint venture of General Electric and Hitachi that specializes in advanced nuclear technology. It creates the BWRX-300 small modular reactor, which is a tiny boiling water reactor with passive safety measures and a cost-effective, scalable design. The business leads SMR projects, including the Darlington SMR in Canada, and has collaborations in the United States, Poland, Sweden, and the United Kingdom. With activities in over 100 countries, GE Hitachi Nuclear Energy promotes worldwide nuclear power deployment by developing safe, low-carbon, and flexible energy solutions for a wide range of industrial, residential, and utility applications.
Are you ready to discover more about the small modular reactor (SMR) market?
The report provides an in-depth analysis of the leading companies operating in the global small modular reactor (SMR) market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- NuScale Power
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- TerraPower
- ROLLS-ROYCE SMR
- Westinghouse Electric Company
- GE Hitachi Nuclear Energy
- X-energy
- Holtec International
- Rosatom
- China National Nuclear Corporation (CNNC)
- Others.
Conclusion
The Global Small Modular Reactor (SMR) Market Size is poised for significant growth due to rising demand for clean, reliable, and flexible energy solutions. SMRs offer lower capital costs, shorter construction timelines, and scalable deployment compared to traditional nuclear plants, making them ideal for remote locations and smaller grids. Technological advancements, government support, and increasing investments in R&D are accelerating commercialization globally. Leading players like NuScale Power, TerraPower, Rolls-Royce SMR, Westinghouse, and GE Hitachi are driving innovation and international collaborations. With their potential to reduce greenhouse gas emissions and complement renewable energy, SMRs are set to play a crucial role in the transition to sustainable power generation.
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