The North America Small Modular Reactor (SMR) Market is experiencing increasing momentum driven by clean energy transitions and robust investments in next-generation nuclear technologies. The market was valued at USD 618 million in 2025 and is projected to reach USD 4,320 million by 2035, registering a CAGR of 21.6% from 2024 to 2035.
The economic impact of tariffs on "North America Small Modular Reactor Market".
Market Growth Drivers
Rising Need for Clean Energy & Decarbonization: As North America intensifies its efforts towards net-zero emission targets, SMRs are gaining strong support as a reliable alternative for clean baseload power generation. Utilities and governments are partnering with firms like NuScale Power and GE Hitachi Nuclear Energy to integrate SMRs, leveraging their flexible deployment and low-carbon footprint.
Government Funding & Policy Support: The US Department of Energy (DoE) has expanded funding and regulatory incentives to accelerate SMR demonstration and commercialization. In December 2023, the DoE awarded over $1 billion in grants to advanced reactor projects, supporting companies such as Terrestrial Energy and X-energy to scale up manufacturing and deployment.
Market Trends
Utility-Scale Collaborations and Strategic Alliances: Utilities such as Ontario Power Generation (OPG) and Tennessee Valley Authority (TVA) are forging partnerships with SMR developers to plan large-scale deployments and integrated grids. For example, OPG announced in February 2024 its collaboration with GE Hitachi to develop Canada’s first grid-scale SMR at the Darlington site.
Growing Private Investments and Venture Capital Inflows: Increased venture capital and private equity investments are accelerating technology readiness and market entry for innovative SMR designs. Bill Gates-backed TerraPower raised more than $800 million in January 2024 to fast-track its Natrium reactor, indicating robust investor confidence.
Market Opportunities
Expansion into Remote and Offgrid Markets: SMRs are uniquely suited for remote communities and mining operations in Northern Canada and Alaska, where conventional power supply is limited. By providing decentralized, reliable energy, companies like Ultra Safe Nuclear Corporation are positioned to solve energy reliability challenges in these regions.
Hydrogen Production and Industrial Decarbonization: SMRs present an emerging opportunity for large-scale hydrogen production and decarbonization of heavy industries. Westinghouse Electric is piloting reactors to power hydrogen plants, opening new revenue streams.
North America SMR Market Revenue (USD Million), 2020-2035
The chart describes the robust market trajectory of North America's SMR sector from 2020 to 2035. Initial adoption was gradual, with revenues under USD 120 million in 2023. However, with supportive regulations, investment inflows, and utility deployments, market revenue surges from USD 618 million in 2025 to USD 4,320 million by 2035. The period 2027-2032 witnesses significant acceleration as demonstration projects convert to commercial deployments. By 2035, the market demonstrates broad adoption, encouraged by policy and technology-driven scalability.
North America SMR Market Share by Region, 2025
The pie chart illustrates regional market share for SMRs in North America in 2025. The United States accounts for the largest share at 74%, driven by robust policy support and active deployment initiatives. Canada follows with a 21% share due to strategic investments in Ontario and Saskatchewan. Mexico holds 2%, while Alaska and US Territories represent 2% and 1% respectively, reflecting initial adoption in remote and off-grid regions. This distribution underscores concentrated growth in the US and Canada, with emerging opportunities elsewhere.
Recent Developments (Last 6 Months)
In March 2024, NuScale Power received final design approval from the U.S. Nuclear Regulatory Commission for its VOYGR SMR, making it the first and only SMR design to achieve this milestone. The approval accelerates NuScale’s planned deployment with Utah Associated Municipal Power Systems (UAMPS), targeting commercial operations by 2030. This regulatory milestone establishes a critical precedent for market entrants.
In January 2024, TerraPower and PacifiCorp announced an agreement to advance the Natrium SMR project at the retiring Kemmerer coal plant site in Wyoming. This project, estimated at $4 billion, will revitalize local economies and utilize existing grid infrastructure while contributing to coal-to-nuclear transition strategies.
In April 2024, GE Hitachi Nuclear Energy and Ontario Power Generation (OPG) completed the engineering phase for Canada's first commercial grid-scale SMR in Darlington, with full construction expected to start in 2025. The project exemplifies cross-border cooperation and accelerates SMR industry maturation in North America.
Type (Light Water Reactor, Heavy Water Reactor, Fast Neutron Reactor, Gas-Cooled Reactor, Molten Salt Reactor, Others); Application (Power Generation, Desalination, Process Heat, District Heating, Industrial, Others); Distribution Channels (Direct Sales, Distributors, System Integrators, EPC Contractors, Online, Others); Technology (Integral, Loop Type, Pool Type, Transportable, Submersible, Others); Organization Size (Small, Medium, Large)
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