Small Modular Reactor Market

The Advantages of Small Modular Reactors (SMRs) in Meeting Global Electricity Demand.

Small modular reactors (SMRs) encompass nuclear reactors with an output of under 300MWe. The standout advantage of SMRs lies in their compact dimensions and swift construction compared to conventional bulky nuclear counterparts. By assembling SMRs entirely within factories via module fabrication, it becomes feasible to attain a notably high production rate.

The escalating global electricity demand coupled with the adaptability of SMRs concerning size and power output propels the growth of the worldwide small modular reactor market. The preceding generation of nuclear plants, due to their substantial size and demanding financial and temporal investments, faces limitations. Installing nuclear reactors in locations distant from extensive power grids proves challenging. As such, the installation of large-scale nuclear reactors becomes unviable in remote regions, fostering the evolution of compact nuclear alternatives. The focus on addressing climate change through political and technological means has led many experts to recognize the near-emissionless power generated by nuclear reactors. This underpins the ongoing development of small modular reactors (SMRs) as a potential avenue to surmount obstacles presented by their larger counterparts, which encompass elevated costs, intricate supply chains, substantial physical infrastructure, and unsuitability for harsh surroundings.

Small Modular Reactor Market Size

Report	Details
Market Size Value	USD 5.4 billion in 2022
Market Size Value	USD 7.6 billion by 2030
CAGR	5.2%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Coolant, Type, Application, End-Use Industry, Connectivity, Location, Deployment, Operation
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Rest of the World

Conversely, increasing emphasis is placed on renewable sources like wind and solar power. Countries like India and China have witnessed a substantial surge in the establishment of solar power facilities, spanning both small and large scales. Even China, a significant player in the nuclear sector, is augmenting its utilization of wind and solar energy. This inclination arises from the greater power yield of solar and wind energy when compared to nuclear power. Furthermore, safety considerations amplify the appeal of solar and wind alternatives over nuclear energy. Moreover, prevailing negative sentiments associated with nuclear power plants are poised to impede the small modular reactor market during the projected period. Nations such as Germany are exhibiting reduced interest in nuclear energy, favoring wind and solar electricity. Nevertheless, due to their relatively economical and efficient construction processes, the global small modular market is poised to endure these constraints with minimal impact. Additionally, in contrast to expansive wind or solar farms, SMR-based power plants occupy significantly less land, resulting in a smaller environmental footprint.

Major players Small Modular Reactor Market include: Westinghouse Electric (US), Afrikantov OKB Mechanical Engineering (Russia), Brookfield (Canada), China National Nuclear Corporation (China), General Electric (US), Leadcold Reactors (Sweden), Moltex Energy (Canada), Nuscale Power (US), TerraPower LLC (US), Tokamak Energy (UK), X Energy LLC (US), ARC Clean Energy (US), Fluor Corporation (US), GE Hitachi Nuclear Energy (US), Holtec International (US), Mitsubishi Heavy Industries (Japan), Rolls-Royce (UK), Terrestrial Energy (Canada), Toshiba Energy Systems & Solutions (Japan) & others.

Enhancing Emission Control Efforts with Advanced Reactors and Thermal Energy Storage.

The ongoing global push for energy decarbonization presents a significant avenue of potential for the worldwide small modular reactor market in the anticipated timeframe. As the world progresses away from fossil fuel-centered energy generation toward a net-zero emission energy framework, nuclear energy emerges as a crucial component. This transition holds the promise of both addressing climate change and safeguarding the environment. The demand for clean and dependable energy production is burgeoning globally, driving a keen interest in SMR technology.

Moreover, the expansion of nuclear energy's role in electricity generation, achieved through the integration of advanced reactors and thermal energy storage, stands to enhance emission control efforts. These factors collectively create a fertile ground for fresh opportunities within the global market throughout the forecast period.

The Future of the Small Modular Reactor Industry in the Asia-Pacific Region.

The Asia-Pacific region is expected to grow at experience rapid growth throughout the forecast period of 2023 to 2030, primarily driven by increasing investments in small modular reactor (SMR) deployment, notably in countries like China and India. These nations have recently undergone substantial economic expansion, resulting in a sharp uptick in energy demand. In response, energy providers are actively seeking advanced power solutions capable of meeting the escalating electricity requirements. Consequently, the demand for advanced small modular technologies is anticipated to witness a significant surge across the entire region.

Furthermore, China has outlined plans to foster the establishment of Generation III coastal nuclear power plants, expediting the development of SMRs and offshore floating atomic reactors. Similarly, the Japanese government has implemented several policy reforms to expedite the decarbonization of the energy sector. A notable example is Japan's ambitious announcement in October 2020, wherein it set a target to achieve net-zero greenhouse gas emissions (GHGs) by 2050, thereby charting a path toward a carbon-neutral society. This comprehensive strategy serves as a pivotal instrument in aiding Japan's pursuit of this audacious objective, with a parallel impact of propelling the adoption of the small modular device industry.

The Small Modular Reactor Market research report provides an in-depth overview of the industry including market segmentation by product type, system, industry, application and region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and top player’s rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions.

Small Modular Reactor Market is segmented by region and further by countries, product type, system, industry, and application. Players, stakeholders, and other participants in the global Small Modular Reactor Market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, future plans, and Small Modular Reactor Market trends across the world. Also, it splits Small Modular Reactor Market Segmentation by product type, system, industry, application and region to deep dive research and reveals company profile and prospects.

Major Classifications are as follows:

• Small Modular Reactor Market, By Coolant
  • Heavy liquid metal
  • Gases
  • Molten salt
  • Water
• Small Modular Reactor Market, By Type
  • Heavy–water reactors
  • Light–water reactors
  • High–temperature reactors
  • Fast–neutron reactors
  • Molten salt reactors
• Small Modular Reactor Market, By Application
  • Power Generation
  • Desalination
  • Hydrogen Generation
  • Industrial
• Small Modular Reactor Market, By End-Use Industry
  • Transmission & Distribution Utilities
  • Power Generation
  • Industrial
  • Others
• Small Modular Reactor Market, By Connectivity
  • Grid
  • Off–Grid
• Small Modular Reactor Market, By Location
  • Land
  • Marine
• Small Modular Reactor Market, By Deployment
  • Single–Module Power Plant
  • Multi–Module Power Plant
• Small Modular Reactor Market, By Operation
  • Stationary
  • Portable
• Small Modular Reactor Market, By Geography
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
    • UAE
    • Saudi Arabia
    • Israel
  • Africa
    • South Africa
    • Rest of Africa      

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