Small Modular Reactor Market Insights by Growth, Emerging Trends and Competitive Analysis by 2030

According to the report published by Allied Market Research, the global small modular reactor market generated $3.5 Billion in 2020, and is anticipated to reach $18.8 Billion by 2030, manifesting a CAGR of 15.8%. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.

Growing global demand for electricity, flexibility of SMRs with respect to size and power output are some of the drivers responsible for global small modular reactor market growth. With rise in emphasis on achieving political and technological solutions to climate change, many experts in the global community are turning their focus to virtually emissions-free power produced by nuclear reactors. Therefore, continuous development of small modular reactors (SMRs) offers a potential opportunity to overcome many hindrances presented by larger nuclear power plants, including high costs, complex supply chains, large physical infrastructure, and unsuitability in harsh environments, such as the Arctic.

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The report segments the global small modular reactor market on the basis of reactor type, application, location, and region.

Based on reactor type, the heavy water reactor segment contributed to the highest market share in 2020, attributing to more than half of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the fast neutron reactor segment is expected to manifest the fastest CAGR of 16.4% from 2021-2030.

Based on application, the power generation segment contributed to the highest market share in 2020, attributing to more than half of the total market share, and is anticipated to lead during the forecast period. The segment is expected to manifest the fastest CAGR of 16.3% from 2021-2030. The report also talks about other segments such as desalination and process heat.

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Based on region, North America contributed to the highest share in 2020, holding nearly half of the total share, and is expected to lead during the forecast period. The global small modular reactor market across the LAMEA region is anticipated to exhibit the fastest CAGR of 17.0% during the forecast period.

Key players engaged in the small modular reactor market include Brookfield, Fluor Corporation, 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. The report outlines the current small modular reactor market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets. Small Modular reactor market analysis is done by studying the various drivers, restraints, and market opportunities.

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Impact Of Covid-19 On The Global Small Modular Reactor Market
• The COVID-19 pandemic has put more focus on nuclear energy technology such as the small modular reactor market which helps in boosting the global small modular reactor market.
• However, due to the pandemic, travel restrictions and lockdown measures were imposed to curb the COVID-19 infection. This impacted the operations of nuclear energy plants.
• The pandemic also caused lack of workforce.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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