Top Small Modular Reactor Companies

Global Small Modular Reactor Market size was valued at USD 5.76 Billion in 2023 and is poised to grow from USD 6.0 Billion in 2024 to USD 8.33 Billion by 2032, growing at a CAGR of 4.19% in the forecast period (2025-2032).

The leading companies are contributing to the growth of the small modular reactor industry growth with the help of innovative technologies, strategic partnerships and implementation strategies. These organizations are investing in research and development for improving the safety, efficiency, and affordability of the reactors. Furthermore, by constantly enhancing their SMR designs, businesses are increasing the confidence of the possible investors and regulatory authorities, boosting its adoption. The key companies are also partnering with governments and utilities for increasing their SMR installation plans. They are also partnering and collaborating which is improving their licensing and approval processes and decreasing barriers for entering the market, which is leading to the expansion of the industry. 'Mitsubishi Heavy Industries Ltd.', 'TerraPower, LLC.', 'Fluor Corporation', 'NuScale Power, LLC.', 'X Energy LLC', 'General Electric Company', 'General Atomics Corporation', 'Brookfield Asset Management', 'Rolls-Royce plc.', 'ULTRA SAFE NUCLEAR', 'Holtec International', 'Moltex Energy', 'Westinghouse Electric Company LLC.', 'Terrestrial Energy Inc.'

Increasing residential and industrial electricity usage encourages governments to prioritize sustainable power over conventional power generation to reduce their carbon footprint. Furthermore, the increasing electrification of connected devices, transportation, and other critical services is increasing the demand for power. This growing demand for electricity is increasing the popularity of tiny modular reactors emitting less carbon. 

High Flexibility and Reliability of Nuclear Energy: Nuclear energy's adaptability may make it possible to transition to a cleaner planet and a stronger global economy. Clean energy sources have undergone remarkable innovation and cost reductions in recent decades. In the recent decade, solar photovoltaic, wind power, hydropower, dispatchable geothermal, biomass, concentrated solar power and fossil energy with carbon capture have made significant technological and economic progress. 

North America is dominating with the largest small modular reactor market share. The demand is driven by the region's focus on transitioning to cleaner energy sources and achieving carbon reduction goals. Small modular reactor offers a practical solution for replacing aging fossil fuel infrastructure with low-carbon technology. The support by the region’s government and a significant investment in nuclear research and development is further likely to bolster the products demand over the forecast period. The market growth in the US is attributed to the supportive federal and state-level policies targeted at reducing greenhouse gas emissions and achieving net-zero targets. The government has been actively supporting SMR development through funding and research initiatives, recognizing their potential to enhance grid stability and support renewable energy integration.