Small Modular Reactor Market Report 2026

The small modular reactor market size has grown exponentially in recent years. It will grow from $0.67 billion in 2025 to $0.99 billion in 2026 at a compound annual growth rate (CAGR) of 47.6%. 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, 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 $3.86 billion in 2030 at a compound annual growth rate (CAGR) of 40.6%. 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, 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, advancements in passive safety and next generation reactor designs.

The escalating energy security crisis is expected to drive the growth of the small modular reactor market going forward. An energy security crisis arises when a country or region struggles to meet its energy needs consistently and affordably. Small modular reactors (SMRs) provide flexible power output, allowing operators to quickly adjust electricity generation to meet the needs of remote areas or industries by operating at partial load or rapidly increasing or decreasing output based on demand, ensuring a stable and reliable power supply. For example, in July 2025, the United States Department of Energy (DOE), a U.S.-based government agency overseeing national energy policy, nuclear safety, and scientific innovation, reported that by 2030, the risk of blackouts in the United States could increase by up to 100-fold if dependable power sources continue to be retired without sufficient replacement capacity. Therefore, the growing energy security crisis is fueling the growth of the small modular reactor market.

Leading companies in the small modular reactor market are intensifying their efforts to develop advanced solutions or products, such as single-loop pressurized water reactors (PWR), to maintain a competitive edge. Single-loop PWR is a compact and scalable nuclear reactor design ranging from tens to a few hundred megawatts, offering improved safety features, deployment flexibility, and potential cost-effectiveness compared to traditional larger-scale nuclear power plants. In May 2023, Westinghouse Electric Company, a US-based nuclear power company, introduced the AP300. This small modular reactor incorporates integral pressurized water reactor (iPWR) technology, passive safety systems, and modular design, revolutionizing nuclear energy with compactness, enhanced safety, and rapid deployment. The AP300 significantly impacts the small modular reactor (SMR) market by advancing safety, versatility, and cost-effectiveness, shaping the future of nuclear energy generation.

In November 2023, Cameco Corporation, a Canada-based uranium company, partnered with Brookfield Asset Management (BAM) to acquire Westinghouse Electric Company for $8.2 billion. This strategic move strengthens their positions in the nuclear industry and underscores a commitment to advancing innovative solutions, including Westinghouse's eVinci micro-reactor technology. The acquisition reflects a collaborative effort to meet the rising demand for clean and reliable energy sources. Westinghouse Electric Company is a US-based nuclear power company that offers nuclear products and services, including 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.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs on nuclear grade metals, specialized components, and reactor fabrication materials increase the capital cost of small modular reactor projects, particularly affecting countries dependent on imported reactor vessels and control systems. Regions such as Europe and parts of Asia experience slower SMR deployment timelines as tariffs elevate procurement expenses. However, tariffs can stimulate domestic manufacturing of reactor components, strengthen national nuclear supply chains, and promote innovation in localized SMR technologies.

The small modular reactor research report is one of a series of new reports that provides small modular reactor market statistics, including the small modular reactor industry's global market size, regional shares, competitors with an small modular reactor market share, detailed small modular reactor market segments, market trends and opportunities, and any further data you may need to thrive in the small modular reactor industry. This small modular reactor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

A small modular reactor (SMR) is a compact nuclear reactor design known for its smaller size, simplified construction, and modular configuration tailored for electricity generation. These reactors are utilized to provide scalable and flexible nuclear power solutions suitable for a range of applications, including remote locations, industrial processes, and grid supplementation.

The primary types of small modular reactors include light water reactors (LWR), fast neutron reactors (FNR), heavy water reactors (HWR), and others. Light water reactors (LWR) use regular water as both the coolant and neutron moderator, and they are widely employed in commercial nuclear power plants due to their efficient operation and relative safety. The power rating categories for these reactors include up to 100 MW, 101 to 200 MW, and 201 to 300 MW. These reactors are deployed in single-module power plants and multi-module power plants, serving various applications such as power generation, desalination, process heat, industrial use, and hydrogen production.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.

The small modular reactor market consists of sales of products such as reactor modules, control systems, fuel assemblies, heat exchangers, and containment structures. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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