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Small Modular Reactor Market to Reach USD 6.48 Billion by 2031 as Global Energy Systems Shift Toward Safe, Modular & Low-Carbon Power | According to DataM Intelligence
SMRs combine passive safety systems, factory-built construction, modular deployment, and flexible capacity, enabling them to support applications where conventional large nuclear reactors are not economical.
The shift from megawatt-scale to modular gigawatt-scale nuclear configurations is driven by several strategic factors:
While SMRs represented a relatively small portion of global nuclear capacity in 2024, their demand outlook has strengthened dramatically, with more than under development and expected before 2035.
In 2024, remained the dominant SMR technology, accounting for nearly , or roughly . Their leadership stems from mature licensing frameworks, strong vendor presence, and similarity to conventional nuclear reactor designs. Companies such as NuScale, Holtec, and Rolls-Royce continue advancing LWR-based SMRs toward commercial readiness.
accounted for , representing , driven by Canada's continued development of advanced CANDU-inspired SMRs and interest across Eastern Europe .
contributed , or , supported by industrial heat and hydrogen production applications. HTRs are gaining traction in China , Japan , and recently, the UAE, due to capability of reaching , ideal for chemical and steel industries.
The remaining , or , includes fast reactors, molten salt reactors, lead-cooled reactors, microreactors, and gas-cooled designs showcased by Terrestrial Energy, Moltex, and Lead-Cold Reactors.
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Grid-connected SMRs dominated with in 2024, equivalent to . Utilities prefer grid-connected systems to replace retiring coal plants, stabilize wind/solar intermittency, and decarbonize national grids.
Off-grid SMRs-representing , or -are gaining interest from mining operations, remote communities, desalination plants, islands, and defense facilities. Micro-SMRs (5–50 MW) are projected to grow faster than utility-scale reactors from 2026 onward.
Land-based SMRs accounted for of total market revenue ( USD 5.34 billion ), including reactors for power utilities, district heating, industrial facilities, and hydrogen hubs.
Marine-based SMRs, including floating nuclear plants and ship-mounted reactors, represented , or . Russia's Akademik Lomonosov and Korean/Japanese floating SMR concepts are driving early adoption. Marine SMRs are expected to scale significantly for offshore hydrogen and desalination projects.
Multi-module power plants-designed to scale capacity from 300 MW to over 1 GW-held in 2024, generating . They offer economic scalability and are increasingly preferred by utilities transitioning from fossil fuels.
Single-module units accounted for , or , primarily used for remote power, government research, industrial heat, and defense energy programs.
remained the dominant application, contributing , or in 2024. Nations seeking baseload stability with low carbon emissions continue to prefer SMRs over large reactors due to modularity and lower upfront capex.
contributed ( USD 697 million ) as steel, cement, and petrochemical plants look for high-temperature, clean energy.
a rapidly emerging segment-represented ( USD 523 million ), driven by demand for pink hydrogen in Canada , Japan , South Korea , and the UAE.
accounted for the remaining , worth , with Middle Eastern nations evaluating nuclear desalination for water-scarce regions.
The U.S. accounted for approximately , equivalent to . Over the last year, the U.S. Department of Energy approved in additional SMR funding and launched multiple grid conversion initiatives. NuScale received advanced regulatory support, and several utility partners-including UAMPS-advanced site preparation for the nation's first commercial SMR.
The U.S. is projected to add , primarily replacing retiring coal capacity.
Japan contributed ( USD 639 million in 2024), driven by its post-Fukushima nuclear restart strategy and investments in next-generation HTRs. Japan allocated in new funding toward advanced nuclear programs in 2024–2025 and began joint development with domestic vendors to accelerate SMR commercialization by early 2030s.
The SMR ecosystem is led by advanced nuclear innovators focusing on modularity, passive safety, and cost-efficient manufacturing.
These five companies collectively hold of the global SMR market influence based on active pilot projects, regulatory approvals, reactor design readiness, manufacturing capability, and international partnerships.
Developing innovative molten salt fast reactors capable of waste recycling. Strong government support and strategic partnerships place Moltex among top future disruptors.
Delivering a sodium-cooled fast reactor inspired by EBR-II technology. Strong traction in Canada with plans for industrial heat applications.
Progressing SMR-160 deployment with utilities in the U.S. and Eastern Europe . Strong EPC and manufacturing capabilities.
Specializing in lead-cooled microreactors designed for remote operations, defense applications, and Arctic/Scandinavian regions.
Well-positioned with its high-temperature gas-cooled designs targeting the hydrogen and industrial heat segment.
These emerging players collectively represent the next large wave of SMR commercialization beyond 2030, especially in high-temperature industrial and hydrogen sectors.
The global push for energy reliability, low-carbon industrialization, and technological diversification is driving unprecedented interest in SMRs. From remote mines and desalination plants to national grids and hydrogen hubs, SMRs are positioned to deliver economically viable, safer, and more flexible nuclear power.
With large-scale commercial deployments expected to begin before 2030, the SMR industry is entering its most important decade-transforming from conceptual designs to real-world energy systems.
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DataM Intelligence 4market Research LLP
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