Small Modular Reactors SMRs Market Report 2025 (Global Edition)

Global Small Modular Reactors SMRs Market Report 2025 Market Size Split by Reactor Type (Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), Others), by Connectivity (Off...

Small Modular Reactors SMRs Market Report Description

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Imapct of Trumph Tariff on Electronics and Electrical Industry

In 2025, global trade has entered a period of renewed volatility as the U.S., under President Donald Trump, introduced sweeping tariffs known as the Liberation Day Tariffs. Aimed at addressing trade imbalances and foreign supply chain dominance, the tariffs range from 10% on allies like Australia and the UK to 46% on Vietnamese goods and 34% on Chinese imports. A 25% universal tariff on steel, aluminum, and auto parts has further strained global trade ties. The electronics sector is among the hardest hit, particularly due to the escalating U.S.China trade war. Tariffs on Chinese goods now reach up to 145% in sectors like semiconductors and consumer electronics, while China has retaliated with up to 125% duties and restrictions on critical mineral exports. This has disrupted just-in-time supply chains and increased component costs.

Specific tariffs include 25% on semiconductors, 20% on lithium-ion batteries, and 10–15% on consumer electronics like laptops and tablets, leading to higher retail prices and reduced consumer demand. Sub-sectors such as home automation, computer hardware, communication electronics, medical devices, and industrial electronics are all under pressure due to rising input costs and supply chain delays. Companies are revisiting suppliers, shifting sourcing to countries like India, Mexico, and Vietnam, and redesigning products to avoid high-tariff components.

China remains a key player, contributing USD 119 billion in electronics exports to the U.S. in 2023. Even components routed through countries like Malaysia and Vietnam often rely on Chinese subparts, making the ripple effect of tariffs widespread. U.S. electronics firms operating on thin margins are seeing input costs rise 18–25%, with contract manufacturers in alternative regions facing capacity constraints.

Market research is now critical. It helps companies identify new suppliers, analyze cost trends, optimize product design, forecast demand shifts, and track regulatory changes. Tools like supplier mapping, BOM optimization, and scenario planning support strategic responses to ongoing disruptions. Leading firms like Apple and Dell are expanding production outside China, while others invest in digital supply chain tools and redesign products for cost resilience. In this evolving trade environment, firms that leverage research-driven strategies are better positioned to adapt and thrive.

Small Modular Reactors SMRs Market Insights Video

Competitive Landscape of the Small modular reactors SMRs Market

The competitive landscape of the Small Modular Reactors (SMRs) market features a mix of established nuclear power companies and emerging startups. Key players are focusing on innovative designs, advanced safety features, and cost-effective solutions. Collaboration among industry stakeholders, including government agencies and research institutions, is essential for accelerating development and commercialization, while ongoing investments drive technological advancements and market entry strategies.

In July 2024, Rolls-Royce SMR announced a $1.4 million contract with GSE Solutions to create a state-of-the-art power station simulator. This collaboration supports the advancement of Rolls-Royce's Small Modular Reactor (SMR) technology, as the company stays on course to complete Step 2 of the Generic Design Assessment by end of 2024. (Source: https://www.rolls-royce-smr.com/press/rolls-royce-smr-signs-gbp1-2million-contract-for-cutting-edge-simulation-technology) In May 2023, Westinghouse Electric Company announced a partnership with Community Nuclear Power (CNP) to advance the U.K.'s first privately financed small modular reactor (SMR) fleet, featuring Westinghouse’s AP300 SMR technology. The plan involves constructing four AP300 SMRs in the North Teesside region of Northeast England, an area currently experiencing significant industrial and economic growth, which is increasing the demand for carbon-free electricity. (Source: https://www.power-eng.com/nuclear/new-projects-nuclear/westinghouse-signs-agreement-to-deploy-ap300-smr-fleet-in-the-u-k/#gref)

Top Companies Market Share in Small Modular Reactors SMRs Industry: (In no particular order of Rank)

• NuScale Power
• TerraPower
• Westinghouse Electric Company
• Rolls-Royce
• GE Hitachi Nuclear Energy
• Toshiba Energy Systems & Solutions
• Rosatom
• China National Nuclear Corporation (CNNC)
• X-energy
• Korea Hydro & Nuclear Power (KHNP)
• Holtec International
• Moltex Energy
• EDF
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Small modular reactors SMRs Market

Which Region Dominates the Small modular reactors SMRs Market in 2024?

According to Cognitive Market Research, North America currently dominates the small modular reactors SMRs market, and the region is expected to have significant growth during the projected period. This is due to its established nuclear infrastructure and supportive regulatory environment. Strong government incentives, including funding and subsidies for clean energy technologies, encourage investment in SMRs. Additionally, a growing focus on reducing carbon emissions and enhancing energy security drives utilities to adopt SMR solutions, further boosting sales.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). This is fueled by increasing energy demand and a shift toward low-carbon energy sources. Rapid industrialization and urbanization in countries like China and India drive the need for reliable power solutions. Government initiatives promoting nuclear energy as part of the energy mix, combined with advancements in SMR technology, further accelerate market growth.

The current report Scope analyzes Small Modular Reactors SMRs Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Small Modular Reactors SMRs Market Analysis

According to Cognitive Market Research, the global small modular reactors SMRs market size was estimated at USD 6581.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 2632.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.

• According to Cognitive Market Research, The United States small modular reactors SMRs market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 2077.03 million in 2024. Increasing demand for clean energy, coupled with government incentives and private sector investments, is driving SMR adoption in the U.S.
The Canada small modular reactors SMRs market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 315.90 million in 2024. Canada's commitment to reducing carbon emissions and its vast natural resources support the growing demand for SMRs in remote regions. The Mexico small modular reactors SMRs market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 239.56 million in 2024.

Europe Small Modular Reactors SMRs Market Analysis

According to Cognitive Market Research, the global small modular reactors SMRs market size was estimated at USD 6581.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 1974.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.

• The United Kingdom small modular reactors SMRs market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 331.69 million in 2024. The UK is focusing on energy security and de-carbonization, fostering innovation in SMRs as part of its net-zero emissions target.
The France small modular reactors SMRs market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 181.64 million in 2024. The Germany small modular reactors SMRs market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 390.92 million in 2024. Despite phasing out nuclear, Germany’s energy transition goals and interest in clean, reliable power sources could stimulate SMR technology development. The Italy small modular reactors SMRs market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 169.79 million in 2024. The Russia small modular reactors SMRs market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 306.03 million in 2024. The Spain small modular reactors SMRs market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 161.90 million in 2024. The Luxembourg small modular reactors SMRs market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 61.21 million in 2024. The Portugal small modular reactors SMRs market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 41.46 million in 2024. The Greece small modular reactors SMRs market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 23.69 million in 2024. The Rest of Europe small modular reactors SMRs market is projected to witness growth at a CAGR of 6.4% during the forecast period, with a market size of USD 306.03 million in 2024.

Asia Pacific Small Modular Reactors SMRs Market Analysis

According to Cognitive Market Research, the global small modular reactors SMRs market size was estimated at USD 6581.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 1513.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031.

• According to Cognitive Market Research, The China small modular reactors SMRs market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 681.15 million in 2024. China’s large-scale investment in nuclear infrastructure, driven by energy demands and climate commitments, will rapidly boost SMR deployment nationwide.
The Japan small modular reactors SMRs market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 208.89 million in 2024. The India small modular reactors SMRs market is projected to witness growth at a CAGR of 13.0% during the forecast period, with a market size of USD 181.64 million in 2024. India's energy diversification strategy, aimed at reducing coal reliance, is spurring the growth of SMRs for sustainable, grid-independent power. The South Korea small modular reactors SMRs market is projected to witness growth at a CAGR of 10.3% during the forecast period, with a market size of USD 151.37 million in 2024. The Australia small modular reactors SMRs market is projected to witness growth at a CAGR of 10.9% during the forecast period, with a market size of USD 78.71 million in 2024. The South East Asia small modular reactors SMRs market is projected to witness growth at a CAGR of 12.2% during the forecast period, with a market size of USD 104.44 million in 2024. The Rest of Asia Pacific small modular reactors SMRs market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 107.47 million in 2024.

South America Small Modular Reactors SMRs Market Analysis

According to Cognitive Market Research, the global small modular reactors SMRs market size was estimated at USD 6581.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 329.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031.

• According to Cognitive Market Research, The Brazil small modular reactors SMRs market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 140.84 million in 2024. Brazil's expanding energy needs, especially for industrial growth, and its emphasis on low-carbon technologies are increasing demand for SMR solutions.
The Argentina small modular reactors SMRs market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 55.28 million in 2024. Argentina's nuclear expertise, combined with its efforts to modernize the energy sector, is driving the adoption of SMRs to meet power shortages. The Colombia small modular reactors SMRs market is projected to witness growth at a CAGR of 8.4% during the forecast period, with a market size of USD 29.29 million in 2024. The Peru small modular reactors SMRs market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 26.98 million in 2024. The Chile small modular reactors SMRs market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD 23.69 million in 2024. The Rest of Latin America small modular reactors SMRs market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 52.98 million in 2024.

Middle East Small Modular Reactors SMRs Market Analysis

According to Cognitive Market Research, the global small modular reactors SMRs market size was estimated at USD 6581.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 131.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031..

• The GCC Countries small modular reactors SMRs market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 56.34 million in 2024. GCC countries, seeking alternatives to fossil fuels, are investing in SMRs to diversify energy sources and ensure long-term energy security.
The Egypt small modular reactors SMRs market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 13.82 million in 2024. The South Africa small modular reactors SMRs market is projected to witness growth at a CAGR of 9.9% during the forecast period, with a market size of USD 20.80 million in 2024. South Africa's growing energy deficit, coupled with a focus on low-carbon, decentralized energy systems, is pushing the country toward SMR adoption. The Turkey small modular reactors SMRs market is projected to witness growth at a CAGR of 8.4% during the forecast period, with a market size of USD 11.32 million in 2024. The Nigeria small modular reactors SMRs market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 13.82 million in 2024. The Rest of MEA small modular reactors SMRs market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 15.53 million in 2024.

Small Modular Reactors SMRs Market Analysis

Small modular reactors SMRs Market Reactor Type Segment Analysis

According to Cognitive Market Research, light water reactor (LWR) are likely to dominate the small modular reactors SMRs market over the forecast period due to their proven technology and extensive operational history. Their established safety protocols and familiarity among regulatory bodies enhance market acceptance. Furthermore, ongoing advancements in LWR designs improve efficiency and reduce costs, making them an attractive option for utilities looking to invest in nuclear energy.

The fast neutron reactor (FNR) is the fastest-growing segment in the small modular reactors SMRs market driven by increasing interest in advanced nuclear technologies. FNRs offer enhanced fuel efficiency and the ability to utilize a wider range of fuel sources, including nuclear waste. As nations seek to address waste management issues and improve sustainability, FNRs gain traction as a viable solution.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Small Modular Reactors SMRs Industry. Request a Free Sample PDF!

Small modular reactors SMRs Market Connectivity Segment Analysis

According to Cognitive Market Research, the grid connected segment holds the largest share of the market due to its ability to provide stable baseload power for national energy grids. Utilities favor SMRs for grid integration as they complement renewable energy sources, balancing fluctuations in wind and solar generation. Additionally, governments prioritize grid-connected SMRs to enhance energy security and support national decarburization goals.

In the small modular reactors SMRs market, the off grid has been expanding at a rapid pace due to growing demand for reliable, clean energy in remote and isolated regions. Industries such as mining, defense, and remote communities increasingly seek off-grid SMRs to replace diesel generators and reduce carbon footprints. The flexibility and smaller size of SMRs make them ideal for decentralized, off-grid applications.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Small Modular Reactors SMRs Deployment Segment Analysis

Small modular reactors SMRs Market Deployment Segment Analysis

According to Cognitive Market Research, the single module power plant segment holds the largest share of the market due to its simplicity and ease of deployment. These plants offer a cost-effective and scalable solution for smaller utilities or industries looking for immediate power generation. Their reduced construction time and lower initial capital investment make single modules an attractive option for early adopters.

In the small modular reactors SMRs market, the multi module power plant has been expanding at a rapid pace as it offers scalability and flexibility for larger energy projects. These plants can add additional modules as demand increases, making them ideal for future-proofing power generation. Industries and utilities favor multi-module setups for their ability to meet rising energy needs while optimizing operational efficiency.

• Single Module Power Plant
• Multi Module Power Plant

Small Modular Reactors SMRs Power Rating Segment Analysis

Small modular reactors SMRs Market Power Rating Segment Analysis

According to Cognitive Market Research, the 201 to 300 MW segment holds the largest share of the market due to its ability to serve larger industrial and utility-scale applications. These reactors offer a balance between power output and footprint, making them suitable for replacing traditional large-scale reactors. Their capacity to meet higher energy demands drives adoption in regions prioritizing grid stability and industrial energy needs.

In the small modular reactors SMRs market, the 101 to 200 MW has been expanding at a rapid pace due to its versatility in meeting the energy needs of smaller utilities, remote areas, and specific industrial applications. These reactors are increasingly favored for their modular nature, offering a flexible, lower-cost solution for regions seeking to decarbonize and enhance energy independence without large infrastructure investments.

• Up to 100 MW
• 101 to 200 MW
• 201 to 300 MW

Small Modular Reactors SMRs Location Segment Analysis

Small modular reactors SMRs Market Location Segment Analysis

According to Cognitive Market Research, the land segment holds the largest share of the market due to the widespread use of land-based reactors for power generation in industrial and utility applications. Their integration into existing infrastructure, along with regulatory frameworks already established for land-based nuclear plants, makes them a preferred option. The scalability and adaptability of land-based SMRs enhance their market dominance.

In the small modular reactors SMRs market, the marine segment has been expanding at a rapid pace as interest grows in using SMRs for maritime applications, such as powering naval vessels, offshore platforms, and remote islands. Their compact size and flexibility make them ideal for marine deployment, providing a reliable energy source for isolated areas where traditional power generation methods are inefficient or impractical.

• Land
• Marine

Small Modular Reactors SMRs Application Segment Analysis

Small modular reactors SMRs Market Application Segment Analysis

According to Cognitive Market Research, the power generation segment holds the largest share of the market as SMRs are primarily designed to provide reliable, low-carbon energy for national grids and industrial applications. Utilities and governments prioritize SMRs for their ability to generate consistent baseload power, supporting energy security and complementing renewable sources. The demand for cleaner energy drives this segment's dominance.

In the small modular reactors SMRs market, the desalination has been expanding at a rapid pace due to the growing need for fresh water in water-scarce regions. SMRs provide a highly efficient and reliable energy source for desalination plants, particularly in coastal and arid areas. As global water scarcity becomes a pressing issue, interest in using SMRs for large-scale desalination continues to grow.

• Desalination
• Power Generation
• Industrial
• Process Heat
• Others

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

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