Small Modular Reactor Market Global Report 2026

The small modular reactor market size has grown exponentially in recent years. It will grow from $0.67 billion in 2025 to $0.84 billion in 2026 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to early development of compact reactor technologies, rising global interest in nuclear energy diversification, increased focus on low-carbon baseload power, advancements in reactor safety systems, and growing industrial demand for high-temperature process heat.

The small modular reactor market size is expected to see exponential growth in the next few years. It will grow to $2.06 billion in 2030 at a compound annual growth rate (CAGR) of 25.2%. The growth in the forecast period can be attributed to expansion of national clean energy mandates, rising investments in modular nuclear infrastructure, increasing need for reliable power in remote regions, growth in hydrogen production using nuclear heat, and rising commercialization of next-generation reactor designs. Major trends in the forecast period include increasing deployment of modular nuclear power solutions, growing interest in SMRs for remote and off-grid regions, rising adoption of SMRs for industrial heat and desalination, expansion of multi-module SMR power plant configurations, and advancements in passive safety and next-generation reactor designs.

The rising energy security crisis is expected to propel the growth of the small modular reactor market in the coming years. An energy security crisis occurs when a region or country faces significant challenges in meeting its energy requirements reliably and affordably. Small modular reactors (SMRs) provide flexibility in power generation, allowing operators to quickly adjust electricity output according to the specific requirements of remote communities or industries by operating at partial load or rapidly increasing or decreasing generation in response to changing demand, thereby ensuring a reliable and stable power supply. For instance, in July 2025, according to the United States Department of Energy (DOE), a US-based government agency responsible for national energy policy, nuclear safety, and advancing scientific and technological innovation, the report warns that by 2030, the risk of blackouts in the United States could increase by up to 100-fold if the country continues retiring reliable power sources without ensuring sufficient replacement capacity. Therefore, the rising energy security crisis is driving the growth of the small modular reactor market.

Major companies operating in the small modular reactor market are increasing their focus on developing advanced solutions or products, such as single-loop pressurized water reactors (PWR), to gain a competitive advantage. It is a compact and scalable nuclear reactor design typically ranging from tens to a few hundred megawatts, offering enhanced safety features, deployment flexibility, and potential cost-effectiveness compared with traditional large-scale nuclear power plants. For instance, in May 2023, Westinghouse Electric Company, a US-based nuclear power company that provides nuclear products and services, launched the AP300. This small modular reactor incorporates integral pressurized water reactor (iPWR) technology, passive safety systems, and modular design, advancing nuclear energy through compactness, enhanced safety, and rapid deployment. It significantly influences the small modular reactor (SMR) market by advancing safety, versatility, and cost-effectiveness and helping shape the future of nuclear energy generation.

In November 2023, Cameco Corporation, a Canada-based uranium company, in a strategic partnership with Brookfield Asset Management (BAM), a Canada-based alternative asset manager company, acquired Westinghouse Electric Company (Westinghouse) for $8.2 billion. This acquisition strengthens their positions in the nuclear industry and represents a strategic move toward advancing innovative solutions such as Westinghouse’s eVinci micro-reactor technology to address the increasing demand for clean and reliable energy sources. Westinghouse Electric Company (Westinghouse) is a US-based nuclear power company offering nuclear products and services and small modular reactors (SMR).

Major companies operating in the small modular reactor market are General Electric Company, Hitachi, Korea Electric Power Corporation (KEPCO ), State Power Investment Corporation (SPIC), Mitsubishi Heavy Industries Ltd, OKBM Afrikantov (Rosatom), Bechtel Corporation, Rolls-Royce plc., Fluor Corporation, IHI Corporation, Korea Hydro & Nuclear Power (KHNP), SNC-Lavalin Group, Toshiba Energy Systems & Solutions, Brookfield Asset Management, General Atomics Corporation, Curtiss-Wright Corporation, BWX Technologies Inc., Nuclear Power Corporation of India Limited (NPCIL), China National Nuclear Corporation (CNNC), U-Battery Developments Ltd. (Urenco Group), Babcock & Wilcox, NuScale Power LLC., ARC Energy LLC, Terrestrial Energy Inc., Holtec International, Kairos Power, TerraPower LLC.

Asia-Pacific was the largest region in the small modular reactor market in 2025 and is expected to be the fastest-growing region in the forecast period. The regions covered in the small modular reactor market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the small modular reactor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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