Small Modular Reactors: The Next Frontier in Clean, Scalable Nuclear Energy
Small Modular Reactor (SMR) Market Growth & Trends The global small modular reactor (SMR) market was valued at USD 6.14 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2030. This growth is fueled by the increasing demand for flexible, cost-efficient, and low-carbon energy solutions, especially as global economies transition toward more sustainable energy systems. SMRs are innovatively designed nuclear reactors that are factory-built, modular, and transportable, offering considerable advantages over traditional large-scale nuclear plants. These advantages include reduced construction times and costs, as well as greater deployment flexibility, especially in remote locations or smaller electrical grids where conventional reactors are impractical. In addition to their adaptability, SMRs incorporate advanced passive safety features, enhancing operation...