Need for Cleaner Energy is Driving the Small Modular Reactor Market 2022-2031

Small modular reactors (SMRs) are a type of nuclear fission reactor which are smaller than conventional reactors, and can be manufactured at a plant and brought to a site to be assembled. SMRs can provide power to remote locations or act as a peaking power plant.

SMRs typically have a capacity of 300 MW or less, compared to the 3,000 MW plus reactors used in nuclear power plants. This allows them to be built in modules which can be transported by road or rail to the site. This also reduces the amount of on-site construction required, and the risk of construction delays and cost overruns.

SMRs use different designs to conventional reactors, often with a greater focus on passive safety features which do not require operator intervention in the event of an accident. This can make them more attractive to countries which do not have a strong nuclear regulatory regime in place.

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Key Trends

There are several key trends in SMR technology:

1. Smaller size: SMRs are much smaller than traditional nuclear reactors, which makes them more flexible and easier to deploy.

2. Modular design: SMRs are designed in modular units that can be combined to create a larger reactor. This makes them easier to construct and allows for a more efficient use of resources.

3. Enhanced safety: SMRs have enhanced safety features that make them safer than traditional nuclear reactors.

4. Reduced cost: SMRs are less expensive to build and operate than traditional nuclear reactors.

5. Clean energy: SMRs produce little to no greenhouse gas emissions, making them a clean energy source.

The development of SMRs is an exciting trend in nuclear technology that has the potential to provide safe, clean, and affordable energy to the world.

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Key Drivers

There are a number of key drivers of the SMR market, including the need for cleaner energy, the declining cost of nuclear power, and the growing demand for electricity in developing countries.

The need for cleaner energy is one of the most important drivers of the SMR market. Nuclear power is a carbon-free source of energy, and SMRs can be designed to have a very low environmental impact. This is a key advantage over traditional fossil fuels, which are a major source of greenhouse gas emissions.

The declining cost of nuclear power is another important driver of the SMR market. The cost of building and operating nuclear power plants has fallen significantly in recent years, making nuclear power more competitive with other forms of energy.

The growing demand for electricity in developing countries is also a key driver of the SMR market. Many countries in Asia, Africa, and Latin America are experiencing rapid economic growth, and this is increasing the demand for electricity. Nuclear power is a reliable and affordable source of electricity, and SMRs can be built to meet the growing demand.

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Market Segments

By Reactor Type

Light-water Reactor
Heavy-water Reactor
High-temperature Reactor
Fast-neutron Reactor
Molten Salt Reactor

By Grid Connectivity

On Grid
Off Grid

By Deployment

Single-module Power Plant
Multi-module Power Plant

By Application

Power Generation
Process Heat
Desalination
Hydrogen Production
Industrial

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Key Players

NuScale Power
TerraPower
Transatomic Power
Oklo Inc.
Advanced Reactor Concepts
China National Nuclear Corporation
Korea Hydro & Nuclear Power
Rosatom
Eskom
Rolls-Royce
Bechtel
SNC-Lavalin
AECOM
CH2M
Jacobs Engineering Group
EnergySolutions

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