Global nuclear reactor markets forecast rapid growth through 2035

The small modular reactor (SMR) market is projected to expand from $63.8 billion in 2025 to $158.7 billion by 2035, a compound annual growth rate of 10.66 %. Growth is driven by decarbonisation goals, rising electricity demand from AI data centres, electric vehicles and industrial electrification, and the appeal of modular, low‑carbon baseload power for remote or grid‑constrained regions. Leading firms such as NuScale Power, GE Vernova, Rolls‑Royce, Mitsubishi Heavy Industries and Westinghouse are active in commercialisation, while governments in North America, Europe and the Asia‑Pacific support pilot projects and regulatory frameworks.

The thorium reactor market is also expected to rise, with the Asia‑Pacific region projected to hold about 38 % of global revenue. Advanced fuel‑cycle technologies are attracting investment, exemplified by a 2026 memorandum of understanding among Japan Atomic Energy Agency (JAEA), the United Kingdom National Nuclear Laboratory and Rolls‑Royce to accelerate high‑temperature gas‑reactor development, and a 2024 agreement between Larsen & Toubro and Clean Core Thorium Energy to promote thorium fuel worldwide. These collaborations aim to strengthen energy security and clean‑energy transitions across the region.