Small Modular Reactor Market Foreseen to Draw a Promising Growth of $18.8 Billion by 2030

Small modular reactor market size was valued at was valued at $3.5 Billion in 2020, and is projected to reach $18.8 Billion by 2030, growing at a CAGR of 15.8%. Increase in demand for power generation in remote locations, adaptability of small modular reactors, and ease of construction due to factory fabrication fuel the global small modular reactor market growth. On the other hand, investments directed toward renewable energy hamper the market. On the contrary, decarbonization of energy sector creates several lucrative opportunities.

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Primary differences in small modular reactors (SMRs) in comparison with larger nuclear power plants are their low power output (typically below 300 MWe per unit), modularity, and integrated design. Older generation of nuclear power plants are large in size and require huge amount of capital and construction time. Locations far away from large power grid systems find it difficult to install nuclear reactors. Hence, setting a nuclear reactor is not feasible in remote locations, thus paving for development of smaller nuclear reactors. They have smaller foot prints and as they are prefabricated in factories, constructing them take less time and cost. In addition, SMRs can be readily installed in brownfield sites in place of decommissioned coal-fired plants. Thus, retrofitting is possible in case of SMRs. 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.

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.

Key findings of the study
• U.S. accounted for the largest share of the market in 2020 as well as the fastest growing region, owing to the presence of well-established SMR manufacturers such as NuScale Power and General Electric.
• LAMEA is projected to grow at the fastest rate, owing to countries such as Brazil, Saudi Arabia and South Africa shifting towards nuclear energy
• On the basis of reactor type, Heavy Water Reactor (HWR) accounted for the largest share in 2020, owing to low costs and efficiency.
• Fast Neutron Reactor is projected to be fastest growing segment, as it offers prospects of efficient use of uranium resources and most generation IV reactor designs are based on FNRs.
• On the basis of application, the power generation segment accounted for the largest market share in 2020, and is projected to grow at the highest CAGR of 16.3%.

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