Small Modular Reactor Market to Exceed $13.4 Billion by 2032, Driven by Global Energy Transition and Modular Designs
Global Small Modular Reactor Market Forecast: Key Trends, Growth Drivers & Future Outlook
Small Modular Reactor Market to hit $13.4B by 2032, driven by energy transition, modular designs, and rising low-carbon power demand.”
WILMINGTON, DE, UNITED STATES, August 19, 2025 /EINPresswire.com/ -- — Allied Market Research
According to a recent report published by Allied Market Research, the small modular reactor market size was valued at $5.8 billion in 2022 and is projected to reach $13.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.7% between 2023 and 2032. This surge highlights the increasing importance of compact, modular, and cost-efficient nuclear technologies in the global energy transition.
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Why Small Modular Reactors Are Gaining Momentum
Unlike conventional nuclear power plants that require massive infrastructure, billions in capital investment, and extended construction timelines, small modular reactors (SMRs) offer a transformative alternative. Typically generating below 300 MWe per unit, SMRs stand out due to their compact size, factory-built modularity, and integrated design.
One of the most significant advantages of SMRs is their ability to be prefabricated in factories, reducing construction time and overall costs. In addition, SMRs can be deployed at brownfield sites—such as decommissioned coal plants—making them a valuable retrofitting solution that supports the clean energy transition. Their smaller footprint also makes them ideal for remote or off-grid locations where traditional nuclear facilities are not feasible.
Addressing Climate Change with Low-Carbon Power
With global efforts intensifying to reduce greenhouse gas emissions, nuclear energy is gaining renewed attention as a low-carbon, stable, and emissions-free power source. SMRs provide a compelling alternative to large-scale plants, particularly in harsh or isolated environments like the Arctic.
These reactors could play a pivotal role in achieving net-zero goals by complementing renewable sources like wind and solar, offering continuous baseload power. However, challenges remain, including nuclear safety concerns and increasing competition from renewable energy investments.
Market Opportunities and Challenges
The growing focus on decarbonization policies and investments in clean technologies presents promising opportunities for the small modular reactor market. Yet, the sector also faces hurdles, such as public safety concerns, regulatory barriers, and financing issues. Despite this, innovation and government support are expected to drive market expansion.
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Market Segmentation Insights
The report segments the small modular reactor market into multiple categories:
By Reactor Type: Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), and others. Among these, the HWR segment dominated in 2022, securing nearly half of the market share.
By Connectivity: Off-grid and Grid-connected. The grid-connected segment led with over two-thirds of the global share in 2022.
By Deployment: Single Module Power Plants and Multi Module Power Plants. Single-module facilities accounted for nearly three-fourths of market share in 2022.
By Power Rating: Up to 100 MW, 101–200 MW, and 201–300 MW. Reactors up to 100 MW capacity emerged as the largest segment, holding almost half of the market share.
By Location: Land-based and marine. SMRs for marine applications are gaining traction, particularly for naval propulsion.
By Application: Power generation, desalination, and industrial uses. Power generation remains the dominant application globally.
Regional Market Outlook
The growth of the small modular reactor market is being influenced by regional policies and energy strategies:
United States: Strong policy support for nuclear innovation and inclusion of SMRs in its long-term energy portfolio.
China: Rapid energy demand growth and a strong push for carbon reduction have positioned China as a major SMR market.
United Kingdom: SMRs form part of the UK’s low-carbon strategy to meet climate commitments.
Russia: Advanced nuclear technology expertise, including floating SMR deployment, strengthens both domestic and export potential.
Canada: Active investments in SMR research, development, and demonstration projects to secure long-term clean power.
European Union: SMR deployment aligns with broader decarbonization goals across EU member states.
Key Market Players
The small modular reactor market features a mix of established nuclear companies and emerging innovators. Prominent players include:
Brookfield
Fluor Corporation
General Atomics
General Electric
Holtec International
Mitsubishi Heavy Industries
Rolls Royce Plc
TerraPower LLC
Terrestrial Energy
Ultra Safe Nuclear
Moltex Energy
NuScale Power LLC
Westinghouse Electric Company
X Energy LLC
Strategic agreements and partnerships remain the most adopted strategies. For example, Rolls Royce and General Electric have engaged in collaborations to expand SMR deployment globally.
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Future Outlook
The small modular reactor market is expected to expand steadily, offering a cleaner, cost-effective, and flexible solution for power generation. As nations transition toward low-carbon energy systems, SMRs could serve as a critical bridge between renewables and traditional baseload energy sources.
While concerns over nuclear safety and waste management persist, innovations in reactor design and stronger international collaboration are anticipated to mitigate risks. With rising demand for energy security, decarbonization, and modular clean energy solutions, SMRs are set to play a transformative role in the global power mix by 2032.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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