Small Modular Reactor Market Size

Small Modular Reactor Market size was valued at USD 6.34 billion in 2024 and is set to reach USD 10.43 billion by the end of 2037, registering around 4.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of small modular reactor is assessed at USD 6.55 billion.

In the year 2022, the industry size of small modular reactor was over USD 6.66 Billion.  The growth of the market can be attributed to the increasing development of small modular reactors. Around the world, more than 70 commercial SMR designs are being developed for a variety of outputs and uses, including power, integrated energy systems, heating, water desalination, and steam for industrial purposes. The Akademik Lomonosov, Russia's first floating nuclear power station, began commercial operation in May 2020 and is powered by two 35 MW(e) SMRs. Besides this, there are various other SMR projects that are in the licensing process, these are located in Russia, South Korea, Canada, Argentina, and the United States of America.

In addition to these, factors that are believed to fuel the growth of small modular reactor market include the increasing depletion of fresh water in the world. This is likely to prompt the need for a desalination process for producing drinking water. According to a UNESCO estimate from 2002, the global freshwater gap was 230 billion m3/yr at the time and is expected to ascend to 2000 billion m3/yr by 2025. Nuclear desalination is often less expensive than utilizing fossil fuels. Moreover, in the near time, only nuclear reactors are capable of delivering the massive amounts of electricity needed to power large-scale desalination projects. On the other hand, the rising need for oil, gas, and electricity is also expected to augment market growth.