Small Modular Reactor Construction Market is Expected to grow at a robust CAGR of 6.74% through 2030F
The increasing global small modular
reactor construction market is driven by shift toward hybrid energy systems and
integration with renewables, growing adoption of advanced reactor designs
during the forecast period 2026-2030F.
According to TechSci Research report, “Small Modular Reactor Construction
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2020-2030F”, The Global Small Modular
Reactor Construction Market was valued at USD 6.26 Billion in 2024 and is
expected to reach USD 9.34 Billion by 2030 with a CAGR of 6.74% during the
forecast period. A prominent trend in the global SMR construction market is the
increasing integration of SMRs with renewable energy sources to form hybrid
power systems. These hybrid configurations offer the ability to balance
intermittent solar or wind power with the reliable baseload capacity of SMRs.
For instance, SMRs can provide electricity during periods of low solar
irradiance or wind inactivity, thereby stabilizing the grid. In advanced pilot
projects, SMRs are being co-located with solar farms and battery energy storage
systems to optimize load balancing and grid reliability. This hybridization
allows utilities to achieve decarbonization goals while maintaining operational
resilience. Additionally, hybrid plants can prioritize energy dispatch based on
market signals—using nuclear power for off-peak operations and ramping up
renewables during peak sunlight or wind conditions. Countries like the United
States and Canada are exploring these synergies through dedicated test beds and
DOE-funded projects. By 2030, it is expected that over 20% of deployed SMRs
will be integrated with renewable generation assets. This trend is supported by
advances in energy management systems, digital control platforms, and AI-based
forecasting tools that allow seamless operation across multiple generation
assets. The hybrid model not only enhances energy security but also improves
the economic viability of SMRs by maximizing asset utilization and enabling
participation in ancillary services markets.
Traditional SMRs based on light water
reactor (LWR) designs are now being complemented by a new generation of
advanced reactors, including molten salt reactors (MSRs), sodium-cooled fast
reactors (SFRs), and high-temperature gas-cooled reactors (HTGRs). These
next-gen designs offer enhanced safety, higher thermal efficiency, and greater
fuel utilization. For example, high-temperature reactors can operate at
750–900°C, enabling industrial applications such as hydrogen production,
chemical processing, and district heating. Companies like TerraPower, X-energy,
and Moltex are leading the development of these designs. TerraPower’s Natrium
reactor, for instance, uses a sodium-cooled design with integrated molten salt
energy storage, allowing it to shift power output from 345 MW to 500 MW as
needed. These reactors also reduce refueling frequency—some requiring only one
core reload every 5–10 years—lowering operational costs and improving security.
Furthermore, molten salt reactors offer passive safety through inherent
negative temperature coefficients and have strong resistance to core meltdown.
The proliferation of these advanced designs is accelerating thanks to rising
public and private investments. As of 2025, more than 25 advanced SMR designs
are under development globally, with several expected to reach
commercialization by 2030. This trend reflects a broader shift toward
innovation-driven nuclear solutions that go beyond traditional power generation
roles.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the " Global
Small Modular Reactor Construction Market"
Based on reactor type, boiling water
reactor is the fastest growing segment in the global small modular reactor
construction market during the forecast period, primarily due to its simplified
design, operational efficiency, and growing international deployment interest. Unlike
pressurized water reactors (PWRs), BWRs allow water to boil directly in the
reactor core to generate steam, eliminating the need for separate steam
generators. This reduces the complexity, component count, and construction cost
of the reactor system. SMRs based on BWR technology, such as GE Hitachi’s BWRX-300,
are gaining traction for their compact size, passive safety features, and lower
construction timelines. The BWRX-300, for example, is designed to be 90% less
complex than large-scale reactors and is expected to be built in less than
three years, significantly improving economic feasibility.
BWR-based SMRs also offer scalability and flexibility,
making them attractive for utilities transitioning from fossil fuels. The
ability to install multiple modules as demand grows supports phased
investments. Additionally, BWRs have proven operational history, with decades
of performance data that ease regulatory approvals and foster investor
confidence. This track record enables easier integration into existing nuclear
infrastructure, including potential retrofits. In recent years, countries such
as Canada, Poland, and Estonia have expressed strong interest in BWR-based
SMRs, further driving momentum. In Canada, the first commercial deployment of a
BWRX-300 is scheduled for completion by 2028 at the Darlington Nuclear site,
marking a critical milestone in global acceptance. Several U.S. states and
European utilities are also conducting feasibility studies for similar
deployments. With the combination of simplified systems, reduced costs,
international backing, and strong safety credentials, the BWR segment is
well-positioned for rapid growth and broader adoption in the global SMR
construction market during the forecast period.
Based on region, Asia Pacific is the
fastest growing region in the Global Small Modular Reactor Construction Market during
the forecast period driven by rising energy demand, government-backed
nuclear expansion plans, and strategic decarbonization efforts across the
region. Countries such as China, India, South Korea, and Japan are leading the
charge with aggressive investments in nuclear innovation, including SMRs, to
reduce dependency on coal and other fossil fuels. China, for instance,
commissioned the world’s first commercial land-based SMR, the ACP100, and has
announced plans to build multiple units in the coming years. India has set an
ambitious target to achieve 100 GW of nuclear capacity by 2047, with strong
interest in using SMRs for both grid-connected and off-grid applications,
including industrial use and remote areas.
The region’s growing population and rapid urbanization
are leading to a surge in electricity consumption. By 2040, Asia Pacific is
projected to account for over 50% of global electricity demand growth,
necessitating reliable, scalable, and clean baseload power—making SMRs an ideal
solution. Moreover, the region is prone to natural disasters, and SMRs with
passive safety systems and modular construction offer a resilient alternative
to conventional power sources. In addition, supportive government policies,
international partnerships, and public-private investment models are
accelerating the commercialization of SMRs in the region. For example, South
Korea is actively exporting its SMART SMR technology, while Japan is focusing
on advanced nuclear designs in collaboration with the European Union. Furthermore,
the flexibility of SMRs to be deployed in coastal, remote, and industrial areas
aligns well with Asia Pacific’s diverse geography and infrastructure needs.
With increasing energy security concerns and a strong push for low-carbon
solutions, the region is expected to witness the highest SMR construction
growth globally during the forecast period.
Key market players in the Global Small
Modular Reactor Construction market are: -
- NuScale Power
- TerraPower
- Holtec International
- Rolls-Royce SMR
- X-energy
- GE Hitachi Nuclear Energy
- China National Nuclear Corporation
- Rosatom
- Framatome
- BWX Technologies
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The global Small Modular Reactor (SMR) construction
market presents significant opportunities driven by the transition to clean
energy, the need to replace aging fossil fuel plants, and rising electricity
demand, especially in remote and off-grid areas. SMRs offer flexible
deployment, scalability, and enhanced safety, making them ideal for diverse
applications such as industrial process heat, desalination, and hybrid
renewable systems. Emerging markets in Asia, Eastern Europe, and Africa are
showing increased interest, supported by international collaborations and
funding. Additionally, retrofitting existing nuclear sites and integrating SMRs
into hydrogen production strategies further expand their commercial potential
across global energy sectors.Top of Form” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based Global management consulting firm.
“Small
Modular Reactor Construction Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Reactor Type (Pressurized Water
Reactor, Boiling Water Reactor, Fast Neutron Reactor, Molten Salt Reactor,
Others), By Construction Type (New Build SMR Construction, Retrofit/Upgrade of
Existing Nuclear Facilities), By End-User (Government & Defense, Private
Energy Companies, Industrial & Commercial, Academic & Research
Institutions), By Region & Competition, 2020-2030F,” has evaluated the future
growth potential of Global Small Modular Reactor Construction Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Small Modular Reactor Construction
Market.
Contact
TechSci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States- 10170
M: +13322586602
Email: [email protected]
Website: https://www.techsciresearch.com