As India accelerates its Net Zero trajectory, SMRs emerge as a vital tool to decarbonize sectors, support grid resilience, and localize nuclear manufacturing under “Make in India”
India’s path to a low-carbon, energy-secure future is increasingly tied to its ability to diversify beyond coal and integrate clean baseload options. As of 2025, Small Modular Reactors (SMRs) have emerged as a viable, scalable, and policy-aligned option to complement large reactors and intermittent renewables, serving both grid and off-grid applications.
SMRs are poised to unlock a potential $20 billion opportunity in India’s nuclear segment over the next decade. Backed by indigenous R&D, global OEM interest, and a push for industrial decarbonization, SMRs could play a transformative role in India's energy mix. Offering passive safety features, modular construction, and greater siting flexibility, SMRs are poised to fill a critical gap in India’s clean energy transition by enabling faster, decentralized nuclear deployment across industrial and remote regions.
SMRs would be critical for India
Small Modular Reactors (SMRs) offer India a transformative solution to meet its clean energy and energy security goals. With their compact size, modular design, and enhanced safety features, SMRs can be rapidly deployed in remote, island, and industrial regions where large reactors are unfeasible. They address the limitations of conventional nuclear plants, reducing capital intensity, construction delays, and siting challenges - while providing stable, low-carbon baseload power. As India accelerates its Net Zero trajectory, SMRs emerge as a vital tool to decarbonize sectors, support grid resilience, and localize nuclear manufacturing under “Make in India.”
Key Questions Answered
- What is the addressable market size for SMRs in India across sectors?
- Which SMR technologies are most viable for domestic deployment and manufacturing?
- What policy, regulatory, and financing frameworks are needed to enable scale-up?
- How can India localize SMR supply chains and attract private sector participation?
Table of Contents
- Executive Summary
- Global SMR Market Overview & Relevance to India
- SMR Technology Landscape - Competitive Benchmarking
- India’s SMR Policy & Regulatory Readiness
- Manufacturing Opportunity in India
- OEM Opportunity Track - Foreign vs. Domestic
- Project Pipeline & Development Outlook
- State-wise Demand Mapping & Deployment Potential
- Fuel Sourcing Strategy & Nuclear Fuel Cycle Readiness
- Financing & Business Models
- Supply Chain Development - Critical Gaps
- Risk Analysis
- Competitive Landscape - Market Positioning
- Strategic Recommendations
- Future Outlook (2030-2050)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- NPCIL
- BHEL
- NTPC Ltd.
- Larsen & Toubro (L&T)
- GE-Hitachi Nuclear Energy
- NuScale Power
- Rolls-Royce SMR
- Walchandnagar Industries Ltd. (WIL)
- Godrej & Boyce
- JSW Energy
- Tata Power
- Adani Energy Solutions
- Reliance Industries Ltd.
- Indian Oil Corporation Ltd. (IOCL)
- ISRO
- Hindustan Construction Company (HCC)
- DAE (Department of Atomic Energy)
- AERB (Atomic Energy Regulatory Board)
- REC Limited
- Power Finance Corporation (PFC)
