SMALL MODULAR REACTOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Regional Analysis

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Dominating Region: North America

In 2024, North America is estimated to dominate the small modular reactor market with 33.5% of the revenue share, driven by robust government support for nuclear energy and leading technology firms. Established nuclear supply chains and a skilled workforce in the U.S. and Canada create a favorable environment for adopting advanced SMR technologies, supporting market growth in the region.

Fastest-Growing Region: Europe

Europe exhibits the fastest growth in the adoption of SMRs. Rapid economic development and growing energy needs are driving countries like the U.K. and Germany to explore alternative baseload power options. Government initiatives to decrease carbon footprint and diversify energy mix and strategic programs to support local SMR manufacturing are boosting regional opportunities.

Small Modular Reactor Market Outlook for Key Countries

Advancing the U.S. Small Modular Reactor Market: Key Players, Innovations, and Policy Momentum

The U.S. small modular reactor market is led by early-stage projects from NuScale Power, X-energy, and BWXT. Existing nuclear supply chains and policy backing provide tailwinds. The U.S. is a leader in SMR technology development, with several companies actively working on designs. The Nuclear Regulatory Commission (NRC) is adapting its framework to facilitate SMR deployment. The federal government has allocated funding for the research and development of SMR technologies.

Canada's Leadership in Small Modular Reactors: Driving Innovation and Clean Energy Solutions

Canada continues to lead in the development and deployment of small modular reactors (SMRs) through the efforts of innovative companies like Terrestrial Energy and Global First Power. The country views SMRs as a critical tool for reducing greenhouse gas emissions and addressing the energy needs of remote and off-grid communities.

U.K. Government Champions Small Modular Reactors as Pillars of Energy Security and Green Growth

U.K. government is strongly supporting nuclear power as a cornerstone of its long-term energy strategy, recognizing the potential of small modular reactors (SMRs) to play a critical role in achieving energy security, decarbonization, and economic growth. For instance, as per the U.K. government in October 2024, The Ten Point Plan for a Green Industrial Revolution and the 2020 Energy White Paper confirmed the government’s commitment to developing large, small, and advanced nuclear projects.

Germany's Evolving Energy Landscape: Revisiting Small Modular Reactors Amid Energy Security Challenges

Germany has long been committed to phasing out nuclear energy, driven by policies such as the Energiewende (Energy Transition). However, recent discussions by Stockholm International Peace Institute about energy security and emissions reduction have sparked a renewed interest in small modular reactors (SMRs) as a potential transitional technology.

France Bets on Small Modular Reactors: Nuward Design and the Path to Nuclear Expansion by 2050

The French government has shown interest in developing SMRs as part of its energy transition plan. In 2022, the French government announced that the Nuward SMR design will be included in the France 2030 plan, granting it access to US$ 1.10 billion (€1 billion) in public funding. The government expects to see an SMR prototype by 2030, which will help the country reach its goal of 25 GW of new nuclear generation by 2050.