North America Small Modular Reactor Market, 2025-2035
The North America Small Modular Reactor (SMR) market is witnessing robust growth, driven by increasing demand for clean energy, power reliability, and scalable modular technologies. With supportive regulatory policies and heightened investments from both private and public sectors, SMRs are set to revolutionize the region's nuclear generation landscape, offering solutions for diverse applications, including power generation, desalination, and industrial process heat. The market's advancement is underpinned by technological innovation and endorsements from industry leaders, positioning North America at the forefront of global SMR adoption through 2035.
Latest Market Dynamics
Key Drivers
- Rising demand for decarbonized and reliable power supply, particularly as governments and utilities seek to reduce carbon footprints. For example, NuScale Power secured new partnerships in early 2024 to deploy SMR units targeting zero-emission electricity targets.
- Investment influx from both public and private sectors, with governments such as the U.S. Department of Energy and companies like X-energy expanding pilot projects and funding for commercial deployment, accelerating market growth.
Key Trends
- Emergence of transportable and modular designs allowing greater deployment flexibility. In June 2024, Holtec International advanced its SMR-300 demonstration model, highlighting the adaptability of SMRs for remote and urban use.
- Expansion of partnerships between SMR vendors and traditional energy players, e.g. GE Hitachi Nuclear Energy collaborating with Ontario Power Generation to accelerate construction timelines and optimize project economics.
Key Opportunities
- Integration of SMRs for industrial decarbonization, such as process heat and hydrogen production. In July 2024, BWX Technologies signed a MoU with a major chemical manufacturer to supply process heat via SMRs.
- Growth in distributed energy solutions, enabling grid stability and support for renewables. Ultra Safe Nuclear Corporation announced pilot installations to balance distributed grid needs in Alberta in August 2024.
Key Challenges
- Regulatory complexity and lengthy licensing timelines remain a barrier. For example, Terrestrial Energy faced delays in its licensing application for the IMSR plant, casting attention on regulatory harmonization needs.
- Public perception and acceptance challenges, especially concerning nuclear safety and waste, continue to impact project approvals across regions like Ontario and select U.S. states.
Key Restraints
- High upfront capital expenditure for SMR construction relative to other technologies. Despite cost efficiencies, companies like Rolls-Royce SMR are working to reduce initial financing hurdles through innovative funding mechanisms.
- Limited supply chain maturity for key reactor components, as highlighted in recent GE Hitachi reports, points to the need for accelerated localization and vendor development.
North America Small Modular Reactor Market Share (%) by Type, 2025
In 2025, Light Water Reactors dominate the North America SMR market by type, benefiting from technological familiarity, regulatory acceptance, and utility preference. Their robust safety features and proven operational record pave the way for widespread deployment. Heavy Water Reactors and Fast Neutron Reactors together account for a smaller but growing segment, capitalizing on fuel flexibility and the potential for advanced waste minimization. Gas-Cooled and Molten Salt Reactors are emerging in niche applications, offering high-temperature operations and greater resource utilization. The market structure underscores a blend of legacy and next-generation reactor technologies, with innovation steadily shifting the share toward more advanced configurations.
North America Small Modular Reactor Market Share (%) by Applications, 2025
Power Generation accounts for the highest share of SMR applications in North America at 56% in 2025. This is attributed to the urgent demand for grid-scale, zero-carbon energy generation. Industrial applications follow at 18%, driven by process heat and on-site energy needs in sectors like chemicals and petrochemicals. Desalination and District Heating collectively represent 16%, with rising municipal and remote community interest in resilient infrastructure. The remainder includes smaller emerging uses such as hydrogen production and research. The market's application diversity reflects the flexibility of SMR technology to address both central and distributed clean energy requirements.
North America Small Modular Reactor Market Revenue (USD Million), 2020-2035
The North America SMR market is projected to reach $2,560 million by 2025, with impressive growth expected over the forecast period. Driven by policy support, innovative financing, and heightened energy reliability needs, the market is set to grow at a CAGR of 15.3% from 2025 to 2035. By 2035, revenue is estimated to surpass $10,280 million, signaling a substantial scale-up from pilot and early commercial projects to widespread deployment. Key market players are aggressively expanding project pipelines, securing government endorsement, and leveraging public-private partnerships to cement market presence and foster long-term sustainability.
North America Small Modular Reactor Market YOY (%), 2020-2035
Year-over-year growth rates for the North America SMR market remain robust, reflecting the sector's evolving momentum. After an initial surge of 13% between 2021 and 2025, growth is projected to peak near 17% yearly from 2026–2030, as multiple commercial projects come onstream. The pace moderates slightly to 13% by 2031–2035 as the market matures, but remains well above other energy segments. The consistently high YOY rates underscore both the innovative adoption curve and expanding acceptance of SMRs as a cornerstone for energy transition and grid modernization.
North America Small Modular Reactor Market by Regional Share (%), 2025
The United States leads North America's SMR market with a commanding 71% share in 2025, benefiting from major federal initiatives, technological innovation, and large utility investments. Canada follows with 22%, driven by its active pursuit of SMR projects in Ontario and Saskatchewan for community power and industrial applications. Mexico represents 7%, marking early-stage interest and pilot developments, particularly for grid stability and remote applications. The regional distribution illustrates the accelerated adoption pace in the U.S., with Canada rapidly catching up through targeted public and private collaboration.
Leading Players Share (%) in North America SMR Market, 2025
NuScale Power commands the largest share of the North America SMR market at 24% in 2025, reinforced by its mature technology and extensive deployment pipeline. Westinghouse Electric Company and GE Hitachi Nuclear Energy follow at 17% and 12% respectively, capitalizing on strong legacy positions and next-gen reactor launches. X-energy and Holtec International round out the top five, reflecting the market's competitive, innovation-driven landscape. Strategic partnerships and government contracts are pivotal to sustaining leadership in this rapidly evolving segment. North America Small Modular Reactor Market by Buyer Share (%), 2025
Utilities account for 49% of SMR technology adoption, leveraging their infrastructure and regulatory compliance capacities. Industrial buyers constitute 27%, increasingly seeking resilient, on-site, low-carbon power and process heat. Government/cooperative initiatives make up 16%, focusing on public infrastructure, disaster recovery, and remote power. The remaining 8% comprises research, defense, and emerging buyers, indicating initial steps toward wider sector diversification. These segments reinforce the expanding versatility and market entry points for SMR vendors in North America.
Study Coverage
| Metrics | Details |
|---|
| Years | 2020-2035 |
| Base Year | 2025 |
| Market Size | Revenue (USD Million) |
| Regions | US, Canada, Mexico |
| Segments | 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) |
| Players | NuScale Power, Terrestrial Energy, Westinghouse Electric Company, GE Hitachi Nuclear Energy, X-energy, Holtec International, Rolls-Royce SMR, BWX Technologies, Ultra Safe Nuclear Corporation, Fluor Corporation, General Atomics, CANDU Energy, Mitsubishi Heavy Industries, Hitachi-GE Nuclear Energy, Others |
Key Recent Developments
- July 2024: BWX Technologies signed a partnership with major chemical manufacturers to demonstrate SMR-derived process heat applications.
- June 2024: Holtec International completed critical safety tests on its SMR-300 demonstration unit, moving closer to commercial licensing.
- May 2024: GE Hitachi Nuclear Energy secured a framework agreement with Ontario Power Generation for BWRX-300 SMR deployments.
- April 2024: X-energy announced a pilot grid balancing project with Ultra Safe Nuclear Corporation in Alberta, Canada.
- March 2024: NuScale Power received approval for expanded modular capacity, supporting larger-scale utility deployments in the U.S.
