This analysis examines the global small modular reactor (SMR) space from 2025 to 2040, forecasting robust growth driven by decarbonization demands, industrial electrification, high growth in electricity demand for data centers, and energy security needs. The next five years will see a small number of reactors coming online, but the mid-2030s will see an acceleration in deployments fueled by modular scalability, enhanced safety, and factory fabrication advantages. SMRs promise additional prime power for grids, captive power for high-intensity users, and power for remote sites. However, the ultimate success will be linked to the financial and project performance of the first wave of projects.

Key players dominate through innovative designs and strategic partnerships. NuScale Power, GE Hitachi Nuclear Energy, Rolls-Royce SMR, Westinghouse, X-energy, TerraPower, Holtec International, China National Nuclear Corporation (CNNC), and Rosatom are the leading industry participants.

• Which growth prospects drive North America to spearhead adoption and lead the United States and Canada to advance projects amid data center demands?
• In what ways are European countries like the United Kingdom and Poland accelerating the growth potential of the SMR industry via policy support?
• How is the Asia-Pacific SMR landscape poised for growth due to state-backed initiatives from countries like China and India?