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Small Modular Reactor Market Overview

The global small modular reactor market was valued at around USD 6.88 billion in 2024 and is projected to reach approximately USD 16.13 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.9% between 2025 and 2034.

The market’s expansion is fueled by the worldwide emphasis on decarbonization, rising energy demands in emerging economies, technological advancements in nuclear reactors, and government-led incentives. SMRs, with their modular and scalable designs, are ideal for deployment in remote or off-grid regions, enabling both industrial and utility-scale applications. Key challenges include high initial capital expenditure, regulatory compliance hurdles, and public perception concerns. Nevertheless, growth opportunities exist in industrial energy supply, data centers, and the global export of SMR technologies.

Small Modular Reactor Market – Leading Company Profiles

1. Holtec International

• Overview: U.S.-based, established in 1986, specializing in nuclear technology solutions.

• Specialization: SMR development and nuclear plant services.

• Key Focus Areas: SMR-160 design, spent fuel management, decommissioning services.

• Notable Features: Modular construction, advanced passive safety systems.

• Global Presence: North America, Europe, Asia.

• Recent Initiatives: Deployment of SMRs in multiple regions and upgrades to nuclear infrastructure.

2. Brookfield Asset Management

• Overview: Global asset management firm investing in infrastructure and energy.

• Specialization: Investments in nuclear and renewable energy assets.

• Key Focus Areas: Partnerships with Westinghouse, SMR project financing.

• Notable Features: Diversified sustainable energy portfolio.

• Global Presence: North America, Europe, Asia-Pacific.

• Recent Initiatives: Expansion of SMR investments via strategic alliances.

3. Moltex Energy

• Overview: UK-based, founded in 2011, specializing in advanced nuclear technologies.

• Specialization: Molten salt reactor (MSR) technology.

• Key Focus Areas: Stable Salt Reactor (SSR) for efficient energy production.

• Notable Features: Molten salt cooling, enhanced safety, waste recycling.

• Global Presence: UK, Canada, Europe.

• Recent Initiatives: Secured SSR development funding and regulatory discussions.

4. X Energy LLC

• Overview: U.S. company founded in 2009, focusing on advanced reactor designs.

• Specialization: High-temperature gas-cooled reactors (HTGR).

• Key Focus Areas: Xe-100 reactor, TRISO fuel technology, modular solutions.

• Notable Features: High thermal efficiency, advanced fuel safety.

• Global Presence: North America, Europe.

• Recent Initiatives: Strategic partnerships and funding for Xe-100 deployment.

5. General Electric (GE Hitachi Nuclear Energy)

• Overview: Multinational conglomerate established in 1892.

• Specialization: Nuclear reactor technology, SMRs.

• Key Focus Areas: BWRX-300 SMR design for cost-effective deployment.

• Notable Features: Extensive nuclear technology expertise, global service network.

• Global Presence: North America, Europe, Asia.

• Recent Initiatives: Approval of GE Vernova Hitachi SMR in Ontario—the first in the Western world.

6. NuScale Power, LLC

• Overview: Founded in 2007, focusing on scalable nuclear energy solutions.

• Specialization: Small Modular Reactor technology.

• Key Focus Areas: NuScale Power Module (NPM) for clean, flexible energy.

• Notable Features: First SMR design approved by the U.S. Nuclear Regulatory Commission.

• Global Presence: U.S., Canada.

• Recent Initiatives: Funding and partnerships to deploy NuScale Power Modules.

7. TerraPower, LLC

• Overview: Established in 2006, partnered with Bill Gates, focusing on advanced nuclear solutions.

• Specialization: Natrium reactor technology.

• Key Focus Areas: Clean, scalable nuclear energy for utility collaboration.

• Notable Features: Innovative Natrium reactor design.

• Global Presence: U.S., China.

• Recent Initiatives: Secured funding and partnership agreements for Natrium projects.

8. Terrestrial Energy Inc.

• Overview: Canadian firm, founded in 2008, specializing in advanced reactors.

• Specialization: Integral Molten Salt Reactor (IMSR) technology.

• Key Focus Areas: Clean, scalable energy production using IMSR.

• Notable Features: Modular, safe, flexible solutions.

• Global Presence: Canada, UK.

• Recent Initiatives: Funding secured and regulatory discussions ongoing for IMSR deployment.

9. Westinghouse Electric Company LLC

• Overview: Established in 1886, a leading global provider of nuclear technology.

• Specialization: Nuclear reactor technology and services.

• Key Focus Areas: AP1000 reactors and SMR solutions.

• Notable Features: Extensive nuclear expertise and global deployment experience.

• Global Presence: Worldwide.

• Recent Initiatives: Partnerships to advance SMR development and deployment.

10. Rolls-Royce plc

• Overview: Multinational engineering company, founded in 1906.

• Specialization: SMR engineering and technology development.

• Key Focus Areas: Clean energy SMR deployment.

• Notable Features: Modular SMR designs with engineering expertise.

• Global Presence: Worldwide.

• Recent Initiatives: Agreement with Czech utility CEZ to build the first SMR at Temelin nuclear plant in the early 2030s.

11. Ultra Safe Nuclear

• Overview: U.S.-based firm specializing in micro modular reactors.

• Specialization: Small-scale nuclear technology.

• Key Focus Areas: Deployment in remote/off-grid areas.

• Notable Features: Safety-focused micro modular designs.

• Global Presence: United States.

• Recent Initiatives: R&D for micro modular reactor solutions.

12. Mitsubishi Heavy Industries Ltd.

• Overview: Japanese multinational established in 1884.

• Specialization: Nuclear reactor design and services.

• Key Focus Areas: Advanced reactor manufacturing and deployment.

• Notable Features: Engineering and manufacturing expertise.

• Global Presence: Japan and worldwide.

• Recent Initiatives: Collaborations for SMR and nuclear technology projects.

13. General Atomics Corporation

• Overview: U.S. nuclear technology firm, founded in 1955.

• Specialization: Nuclear reactor research and technology.

• Key Focus Areas: Advanced reactors and safety innovations.

• Notable Features: Strong R&D and technological innovation.

• Global Presence: U.S. and international markets.

• Recent Initiatives: Active in nuclear R&D and deployment projects.

14. Fluor Corporation

• Overview: Global engineering and construction company, founded in 1912.

• Specialization: EPC (engineering, procurement, construction) services for nuclear projects.

• Key Focus Areas: Nuclear project execution and infrastructure development.

• Notable Features: Extensive experience in nuclear construction.

• Global Presence: Worldwide.

• Recent Initiatives: Active involvement in global nuclear power construction and engineering.

Contact Us for a Detailed Overview: Cervicorn Consulting