The Small Modular Reactor (SMR) Market is segmented by Reactor Type [Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), and Others], and Application (Desalination, Power Generation, and Process Heat). The report covers global opportunity analysis and industry forecasts from 2021 to 2030.
The global small modular reactor market was valued at USD 3.5 Billion in 2020 and is projected to reach USD 18.8 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 15.8%.
Major Factors Driving The Growth Of The Small Modular Reactor Market Are:
The small modular reactor market is likely to expand as more emphasis is placed on providing nuclear energy to small remote power grids, lowering the capital and operating costs connected with nuclear power facilities. Several nuclear reactor manufacturers are working on novel designs and improving the fuel economy of existing modular reactors. The growing demand for electricity, as well as the flexibility of SMRs in terms of size and power output, are further fueling the global small modular reactor market.
Governments all across the world want to see SMRs fully deployed in order to lessen their reliance on fossil fuels. The ongoing COVID-19 has increased the pace of market advancements by focusing more on nuclear energy technology, which in turn is expected to drive the growth of the Small Modular Reactor Market.
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Trends Influencing The Growth Of The Small Modular Reactor Market :
The global small modular market is likely to increase during the forecast period due to the comparably cheap cost and time required for building the unit. Furthermore, as compared to a wind or solar farm, SMR-based power facilities will take up a relatively smaller area, resulting in a small footprint. Older generation nuclear reactors are vast in size and need a significant amount of capital and construction time. Nuclear reactors are challenging to deploy in areas far from power grid systems. As a result, putting up a nuclear reactor in remote areas is not practical, paving the way for the creation of smaller nuclear reactors.
Small Modular Reactor market growth is being driven by the increasing need for flexible power generation. SMRs are seen as a very promising alternative for providing both baseload and flexible operations in conjunction with renewables to assure supply security with carbon-free energy systems as the percentage of intermittent renewable energy grows on all continents. This trend is expected to further boost the small module reactor market. SMRs can run at high capacity while also satisfying the demand for production rate flexibility and creating energy services, ancillary services, and low-carbon co-products when SMRs and renewable energy are combined into a single energy system and connected through smart grids.
Global efforts to reduce carbon emissions are expected to further boost the small modular reactor market throughout the forecast period. The world is transitioning from a fossil-fuel-based energy system to a net-zero-emission energy system, with nuclear energy playing a key role. The changeover will aid in the mitigation of climate change and environmental protection. There is a growing demand for clean and reliable energy generation all around the world, which has sparked interest in SMR technology. In addition, enhancing nuclear energy's role in electricity production through a combination of upgraded reactors and thermal energy storage will aid in emission reduction. During the projected period, all of these aspects are expected to provide new chances for the global market.
The pandemic has slowed investments in small modular reactor technologies and threatens to stifle the industry's progress toward commercialization. In the immediate term, the impact is greatest on the uranium supply side, as several mines and nuclear fuel cycle facilities have halted operations due to health concerns. During the projection period, delays in small modular reactor design, licensing, and construction, as well as a decline in electricity demand, could have a detrimental impact on SMR development.
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Small Modular Reactor Market Share Analysis:
Because of the presence of well-established SMR producers such as NuScale Power and General Electric, the United States accounted for the highest small modular reactor market share in 2020 and is also the fastest expanding region. The power generation segment accounted for the greatest small modular reactor market share in 2020 and is expected to increase at the highest CAGR of 16.3 percent over the small modular reactor market forecast period.
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Key players engaged in the small modular reactor industry include:
- Brookfield,
- Fluor Corporation (NuScale),
- General Atomics,
- General Electric,
- Holtec International,
- Mitsubishi Heavy Industries,
- Rolls Royce Plc,
- TerraPower LLC,
- Terrestrial Energy, and
- X Energy LLC.
Agreement was the key strategy adopted by players such as Rolls Royce and General Electric.
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