Small Modular Reactor (SMR) Power Market Size, Segmentation, Major Trends, and Key Country Analysis to 2035

Table of Contents

1 Executive Summary

1.1 Global SMR Capacity Growth Is Forecast to Accelerate Rapidly Post-2025

1.2 Market Positioning Driven by Light-Water SMRs with Emerging Niches Gaining Traction

1.3 Country Level Dynamics Show Differing Strengths and Shared Constraints

1.4 Unlocking SMRs’ Potential Depends on Advancing Maturity and Design Selection

1.5 Policy, Finance and Supply Chain Readiness Are Strategic Priorities for Scaling SMRs

1.6 Financing Models and Investment Structures Are Critical for Early Deployment

2 Definitions

2.1 Small Module Reactors

2.2 Microreactors

2.3 Gen III + and IV Reactors

2.4 FAOK and NAOK

2.5 Fuel Definitions

2.6 Types of SMRS

– Light-Water SMRs (LWRs)

– High-Temperature Gas-Cooled SMRs (HTGRs)

– Sodium-Cooled Fast Reactors (SFRs)

– Lead- or Lead-Bismuth–Cooled Fast Reactors (LFRs/LBFRs)

– Molten Salt Reactors (MSRs)

– Supercritical Water–Cooled Reactors (SCWRs) / Advanced Water-Cooled Concepts

– Hybrid/Nontraditional SMR Concepts (less common)

2.7 SMR Benefits and Challenges

2.8 Reactor type comparison

3 Global Small Module Reactors (SMR) Power Market

3.1 Overview

3.2 Capacity and Generation

3.3 Regional Analysis

– Country Analyisis

3.4 Drivers, Restraints and Challenges

– Drivers

– Restraints and Challenges

3.5 Project Status Analysis

3.6 Deals Analysis

3.7 Global Trends

– Overview

– Reactor Type Preferences

– Value Chain Developments

– Customer Preferences

– Data Centres Driving SMR Demand

– Regional Trends

– Technological Trends

3.8 Cost Analysis

4 Asia Pacific SMR Market

4.1 Overview

4.2 Capacity and Generation

4.3 Trends

4.4 Project Status Analysis

4.5 Competitor Analysis

5 Europe SMR Market

5.1 Overview

5.2 Capacity and Generation

5.3 Trends

5.4 Project Status Analysis

5.5 Competitor Analysis

6 Americas SMR Market

6.1 Overview

6.2 Capacity and Generation

6.3 Trends

6.4 Project Status Analysis

6.5 Competitor Analysis

7 The US SMR Market

7.1 Overview

7.2 Capacity and Generation

7.3 Policies

7.4 Project Status Analysis

7.5 Outlook

8 Canada SMR Market

8.1 Overview

8.2 Capacity and Generation

8.3 Policies

8.4 Project Status Analysis

8.5 Outlook

9 China SMR Market

9.1 Overview

9.2 Capacity and Generation

9.3 Policies

9.4 Project Status Analysis

9.5 Outlook

10 India SMR Market

10.1 Overview

10.2 Capacity and Generation

10.3 Policies

10.4 Project Status Analysis

10.5 Outlook

11 Philippines SMR Market

11.1 Overview

11.2 Capacity and Generation

11.3 Policies

11.4 Project Status Analysis

11.5 Outlook

12 Poland SMR Market

12.1 Overview

12.2 Capacity and Generation

12.3 Policies

12.4 Project Status Analysis

12.5 Outlook

13 Russia SMR Market

13.1 Overview

13.2 Capacity and Generation

13.3 Policies

13.4 Project Status Analysis

13.5 Outlook

14 The UK SMR Market

14.1 Overview

14.2 Capacity and Generation

14.3 Policies

14.4 Project Status Analysis

14.5 Outlook

15 Appendix

15.1 Abbreviations

15.2 Methodology

– Coverage

– Secondary Research

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List of Tables

Table 1: SMR Market, Key Countries, Cumulative Capacity (GW), 2030 – 2040

Table 2: SMR Market, Cost Estimates, Key Countries, $/kW. 2040

Table 3: SMR Market, Global, Benefits and Challenges

Table 4: SMR Market, Global, Reactor Type Comparison

Table 5: Competitor Profile, Asia Pacific, PT ThorCon Power Indonesia

Table 6: Competitor Profile, APAC, Meralco PowerGen Corporation (Philippines)

Table 7: Competitor Profile, APAC, Kazatomprom (Kazakhstan)

Table 8: Competitor Profile, APAC, China National Nuclear Corporation (CNNC))

Table 9: Competitor Profile, APAC, Electricity Generating Authority of Thailand (EGAT)

Table 10: Competitor Profile, APAC, Uzatom (Uzbekistan)

Table 11: Competitor Profile, APAC, Institute of Nuclear and New Energy Technology (INET), Tsinghua University (China)

Table 12: Competitor Profile, APAC, CNNC Hainan Nuclear Power Co Ltd

Table 13: Competitor Profile, APAC, PT. Indonesia Power

Table 14: Competitor Profile, Europe, Rolls-Royce SMR Ltd (UK)

Table 15: Competitor Profile, Europe, Orlen Synthos Green Energy Sp. z o.o. (Poland)

Table 16: Competitor Profile, Europe, Shearwater Energy Ltd (UK – SMR / Hybrid Project Developer)

Table 17: Competitor Profile, Europe, Rosenergoatom Concern JSC (Russia)

Table 18: Competitor Profile, Europe, Norsk Kjernekraft AS (Norway)

Table 19: Competitor Profile, Europe, CEZ, a.s. (Czech Republic)

Table 20: Competitor Profile, Europe, Community Nuclear Power Ltd (UK)

Table 21: Competitor Profile, Europe, NNEGC Energoatom (Ukraine)

Table 22: Competitor Profile, Europe, Last Energy Inc

Table 23: Competitor Profile, Europe, Newcleo Ltd (France / Europe)

Table 24: Competitor Profile, Americas, GE Hitachi Nuclear Energy (GEH)

Table 25: Competitor Profile, Americas, Oklo Inc.

Table 26: Competitor Profile, Americas, Holtec International, Inc.

Table 27: Competitor Profile, Americas, Ontario Power Generation (OPG)

Table 28: Competitor Profile, Americas, Tennessee Valley Authority (TVA)

Table 29: Competitor Profile, Americas, Nucleoeléctrica Argentina S.A.

Table 30: Competitor Profile, Americas, TerraPower LLC

Table 31: Competitor Profile, Americas, X-energy LLC

Table 32: Competitor Profile, Americas, Last Energy, Inc.

Table 33: Competitor Profile, Americas, Terrestrial Energy Inc.

Table 34: Abbreviations

List of Figures

Figure 1: SMR Market, Global, Capacity (GW) and Annual Generation (TWh), 2020 – 2040

Figure 2: SMR Market, Global, Projects by status by Technology (As on March 2026)

Figure 3: Global, Total Nuclear Capacity (GW), Share of SMR in Total Nuclear (%)

Figure 4: Global, Total Nuclear Annual Generation (TWh), Share of SMR in Total Nuclear (%)

Figure 5: SMR Market, Global, Capacity (GW) and Annual Generation (TWh), 2020 – 2040

Figure 6: SMR Market, Regional, Capacity (GW), 2020 – 2040

Figure 7: SMR Market, Regional, Capacity Share (%), 2030 vs 2040

Figure 8: SMR Market, Key Countries, Capacity (GW), 2030 – 2040

Figure 9: SMR Market, Key Countries, Capacity Share (%), 2030 vs 2040

Figure 10: SMR Market, Global, Projects by status (As on March 2026)

Figure 11: SMR Market, Global, Projects by status by Technology (As on March 2026)

Figure 12: SMR Market, Deals, 2020 – 2026*

Figure 13: SMR Market, Deals by type, 2020 – 2026

Figure 14: SMR Market, Cost Estimates, Key Countries, $/kW. 2040

Figure 15: SMR Market, Cost Estimates, By Technology, $/kW, 2040

Figure 16: SMR Market, Asia Pacific, Capacity (GW) and Annual Generation (TWh), 2023 – 2040

Figure 17: SMR Market, Asia Pacific, Regional Analysis, 2040

Figure 18: SMR Market, Asia Pacific, Projects by status (As on March 2026)

Figure 19: SMR Market, Asia Pacific, Projects by status by Technology (As on March 2026)

Figure 20: SMR Market, Asia Pacific, Competitor Analysis, Projects by Status, As on March 2026

Figure 21: SMR Market, Europe, Capacity (GW) and Annual Generation (TWh), 2027 – 2040

Figure 22: SMR Market, Europe, Regional Analysis, 2040

Figure 23: SMR Market, Europe, Projects by status (As on March 2026)

Figure 24: SMR Market, Europe, Projects by status by Technology (As on March 2026)

Figure 25: SMR Market, Europe, Competitor Analysis, Projects by Status, As on March 2026

Figure 26: SMR Market, Americas, Capacity (GW) and Annual Generation (TWh), 2030 – 2040

Figure 27: SMR Market, Americas, Regional Analysis, 2040

Figure 28: SMR Market, Americas, Projects by status (As on March 2026)

Figure 29: SMR Market, Americas, Projects by status by Technology (As on March 2026)

Figure 30: SMR Market, Americas, Competitor Analysis, Projects by Status, As on March 2026

Figure 31: SMR Market, the US, Capacity (GW) and Annual Generation (TWh), 2030 – 2040

Figure 32: SMR Market, the US, Projects by status (As on March 2026)

Figure 33: SMR Market, Projects by status by Technology (As on March 2026)

Figure 34: SMR Market, Canada, Capacity (GW) and Annual Generation (TWh), 2031 – 2040

Figure 35: SMR Market, Canada, Projects by status (As on March 2026)

Figure 36: SMR Market, Canada, Projects by status by Technology (As on March 2026)

Figure 37: SMR Market, China, Capacity (GW) and Annual Generation (TWh), 2023 – 2040

Figure 38: SMR Market, China, Projects by status (As on March 2026)

Figure 39: SMR Market, China, Projects by status by Technology (As on March 2026)

Figure 40: SMR Market, India, Capacity (GW) and Annual Generation (TWh), 2030 – 2040

Figure 41: SMR Market, Philippines, Capacity (GW) and Annual Generation (TWh), 2035 – 2040

Figure 42: SMR Market, Poland, Capacity (GW) and Annual Generation (TWh), 2034 – 2040

Figure 43: SMR Market, Poland, Projects by status (As on March 2026)

Figure 44: SMR Market, Poland, Projects by status by Technology (As on March 2026)

Figure 45: SMR Market, Russia, Capacity (GW) and Annual Generation (TWh), 2020 – 2040

Figure 46: SMR Market, Russia, Projects by status (As on March 2026)

Figure 47: SMR Market, Russia, Projects by status by Technology (As on March 2026)

Figure 48: SMR Market, the UK, Capacity (GW) and Annual Generation (TWh), 2032 – 2040

Figure 49: SMR Market, the UK, Projects by status (As on March 2026)

Figure 50: SMR Market, the UK, Projects by status by Technology (As on March 2026)