Small Modular Reactor Market Size Worth USD 7.95 Billion by 2034 | CAGR: 2.97%

The small modular reactor (SMR) market size is expected to reach USD 7.95 Billion by 2034, according to a new study by Polaris Market Research. The report “Small Modular Reactor Market Size, Share, Trends, Industry Analysis Report By Module, By Type, By Technology, By Deployment, By Application, and By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The small modular reactor (SMR) market provides solutions for electricity generation, industrial heat applications, and remote or decentralized power grids across energy, manufacturing, and infrastructure sectors.

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Market growth is driven by the need to replace aging nuclear plants, ensure grid stability, and meet rising energy demand. In addition, increasing investments in low-carbon energy solutions and government-backed nuclear initiatives are accelerating the deployment of advanced, safe, and scalable SMR technologies.

Small Modular Reactor Market Report Highlights

• Based on module, the single-module reactors segment dominated the market in 2024, driven by their scalability, lower upfront capital investment, and suitability for smaller grids or isolated regions.
• In terms of type, the thermal-neutron reactors segment led the market in 2024, supported by their established technology, proven safety record, and widespread adoption in pilot and demonstration projects.
• Based on technology, the cooling technology segment held a major share, due to the critical role of efficient heat removal in ensuring SMR performance and operational safety.
• In terms of deployment, single-module plants dominated in 2024, fueled by ease of construction, faster commissioning, and suitability for small-scale energy projects.
• Based on application, the power generation segment led the market, driven by the growing global demand for low-carbon, reliable energy sources.
• Asia Pacific dominated the global market in 2024, fueled by rising urbanization and rapid industrialization in countries such as China and India.
• North America is projected to record the fastest growth during the forecast period, supported by the gradual replacement of aging nuclear power plants with advanced SMRs.
• Key players in the global market include ARC Energy LLC, BWX Technologies, Inc., Brookfield Asset Management Inc., Candu Energy Inc. (SNC-Lavalin Group Inc.), Fluor Corporation, General Atomics, Inc., General Electric Company (GE Hitachi Nuclear Energy), Holtec International, Inc., Kairos Power, Inc., LeadCold Reactors Oy, Moltex Energy Limited, NuScale Power, LLC, Rolls-Royce SMR Limited, Terrestrial Energy Inc., and Westinghouse Electric Company LLC.

Polaris Market Research has segmented the market report based on module, type, technology, deployment, application, and region:

By Module Outlook (Revenue, USD Billion, 2020–2034)

• Multi Module
• Single Module

By Type Outlook (Revenue, USD Billion, 2020–2034)

• Thermal-neutron Reactors
• Fast Reactors

By Technology Outlook (Revenue, USD Billion, 2020–2034)

• Cooling
• Thermal/Electrical Generation
• Staffing
• Load Following

By Deployment Outlook (Revenue, USD Billion, 2020–2034)

• Single Module Plant
• Multi-Module Plant

By Application Outlook (Revenue, USD Billion, 2020–2034)

• Power Generation
• Desalination
• Process Heat
• Industrial
• Hydrogen Production

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America

• US
• Canada

• Europe

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• Asia Pacific

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Vietnam
• Rest of Asia Pacific

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa
• Rest of Middle East & Africa

• Latin America

• Mexico
• Brazil
• Argentina
• Rest of Latin America