Next-Gen Nuclear: Small Modular Reactors Gain Momentum in Global Energy Transition

The SMR market is set for rapid growth, offering scalable, safe, and modular nuclear energy solutions to meet global power demands.

WILMINGTON, DE, UNITED STATES, March 13, 2025 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Small Modular Reactor Market," The small modular reactor market was valued at $5.8 billion in 2022, and is estimated to reach $13.4 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.

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Small Modular Reactors (SMRs) differ from traditional nuclear power plants due to their lower power output (typically under 300 MWe per unit), modular construction, and integrated design. Unlike large-scale nuclear plants, which require significant capital, long construction timelines, and distant installation sites that increase costs, SMRs offer a more flexible solution. Their compact size allows for faster, cost-effective factory prefabrication and easier deployment, even in remote locations. Additionally, SMRs can be seamlessly installed at brownfield sites, replacing decommissioned coal-fired plants and supporting a smoother energy transition.

Thus, retrofitting is possible in the case of SMRs. With rise in emphasis on achieving political and technological solutions to climate change, many experts in the global community are turning their focus to virtually emissions-free power produced by nuclear reactors. Therefore, continuous development of small modular reactors (SMRs) offers a potential opportunity to overcome many hindrances presented by larger nuclear power plants, including high costs, complex supply chains, large physical infrastructure, and unsuitability in harsh environments, such as the Arctic. However, hazards around the safety of nuclear energy and more focus on wind and solar energy generation are key hindrances to the global small modular reactor industry. The abovementioned factors will provide small modular reactor market opportunities for the further development in the forecast period.

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The small modular reactor market scope is segmented into reactor type, connectivity, deployment, power rating, location, application, and region. On the basis of reactor type, the market is segmented into heavy water reactor (HWR), light water reactor (LWR), fast neutron reactor (FNR), and others. On the basis of connectivity, the market is bifurcated into off-grid and grid-connected. On the basis of deployment, the market is bifurcated into single module power plant and multi module power plant. On the basis of power rating, the market is segmented into up to 100 MW, 101 to 200 MW, and 201 to 300 MW. On the basis of location, the market is bifurcated into land and marine. By application, the market is segmented into desalination, power generation, and industrial. Region-wise, the small modular reactor market growth is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Growth Drivers of the Small Modular Reactor (SMR) Market
The Small Modular Reactor (SMR) market is witnessing significant growth due to advancements in nuclear technology, rising energy demands, and the global push for clean energy. Here are the key factors driving this expansion:

1️⃣ Rising Demand for Clean & Low-Carbon Energy
• Governments and industries are increasingly turning to SMRs as a low-carbon alternative to fossil fuels.
• Supports net-zero emission targets and complements renewable energy sources.

2️⃣ Cost-Effectiveness & Scalability
• Lower capital investment compared to traditional nuclear power plants.
• Modular design allows phased deployment, reducing financial risk.

3️⃣ Energy Security & Grid Stability
• Provides a stable baseload power supply, reducing dependence on intermittent renewables.
• Enhances energy security by offering decentralized power generation.

4️⃣ Advanced Safety Features
• Incorporates passive safety systems, reducing the risk of accidents.
• Smaller reactor cores and underground deployment enhance safety.

5️⃣ Government Policies & Funding
• Supportive policies, grants, and tax incentives from the U.S., Canada, U.K., and EU nations.
• Public-private partnerships accelerating R&D and commercialization.

6️⃣ Industrial & Remote Power Applications
• Ideal for off-grid locations, mining sites, and remote communities.
• Potential use in desalination, hydrogen production, and district heating.

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Key players engaged in the small modular reactor market analysis 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, and X Energy LLC. Agreement was the key strategy adopted by players such as Rolls Royce and General Electric.

Key Findings Of The Study:
• On the basis of reactor type, the heavy water reactor segment emerged as the global leader by acquiring nearly half of the small modular reactors market share in 2022 and is anticipated to continue this small modular reactor market trends during the forecast period.
• On the basis of connectivity, the grid connected segment emerged as the global leader by acquiring more than two-third of the market size in 2022 and is anticipated to continue this trend during the small modular reactor market forecast period.
• Depending on deployment, the single module power plant segment emerged as the largest market share in 2022, which accounts for nearly three-fourths of the small modular reactors market share.
• Depending on power rating, the up to 100 MW segment emerged as the largest market share in 2022, which accounts for nearly half of the small modular reactors market size.

David Correa
Allied Market Research
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