Small Modular Reactor Market Forecast to Surpass $7.0 billion by 2030

According to a new market research report, the small modular reactor market is expected to grow from an estimated in USD 5.7 billion in 2022 to USD 7.0 billion by 2030, at a CAGR of 2.7% from 2022-2030.

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Benefits of modularization and factory construction is the main driver for the small modular reactor market. Modularization enables the simplification of construction by dividing nuclear power plant structures, equipment, and/or components into modules that can be manufactured in a purpose-built factory, transported, and then assembled on-site. The various benefits of modularization of SMRs such as shortened construction schedules; reductions in construction cost; opportunity for production learning and repeatability; improved constructability, efficient quality control & assurance; and improved project cash flow are expected to offer lucrative opportunities for the small modular reactor market during the forecast period.

A few major players that have a wide regional presence dominate the small modular reactor market. The leading players in the small modular reactor market include NuScale Power, LLC. (US), Westinghouse Electric Corporation (US), GE Hitachi Nuclear Energy (US), Terrestial Energy Inc. (Canada), and Moltex Energy (Canada).

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This research report categorizes the small modular reactor market based on reactor type, deployment, connectivity, location, application, and region
Based on Reactor Type, the small modular reactor market has been segmented as follows:

Light-water Reactor
Pressurized-water Reactor
Boiling-water Reactor
Heavy-water Reactor
High-temperature Reactor
Fast-neutron Reactor
Lead-cooled Reactor
Lead-bismuth Reactor
Sodium-cooled Reactor
Molten Salt Reactor

Based on Coolant, the small modular reactor market has been segmented as follows:

Heavy Liquid Metals
Molten Salt
Gases
Water

Based on Connectivity, the small modular reactor market has been segmented as follows:

Grid-connected
Off-grid

Based on Deployment, the small modular reactor market has been segmented as follows:

Single-module Power Plant
Multi-module Power Plant

Based on Location, the small modular reactor market has been segmented as follows:

Land
Marine

Based on Application, the small modular reactor market has been segmented as follows:

Power Generation
Desalination
Hydrogen Production
Industrial

Based on the region, the small modular reactor market has been segmented as follows:

Americas
Asia Pacific
Europe
Middle East & Africa

The Asia Pacific likely to emerge as the fastest growing small modular reactor market

Asia Pacific is a significant contributor to the small modular reactor market in the current scenario owing to a large number of SMR projects in China. For instance, various SMRs projects, such as the CAP200, the ACP100, the ACPR50S, and the HTR-PM, are being developed, in China. Furthermore, The region has witnessed a rapid growth in electricity demand in recent years due to the growing population, increasing per capita income, and a growing number of petrochemical refineries, coupled with urbanization. These factors are further expected to boost the adoption rate of SMR technologies.

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Recent Developments

In July 2021, General Electric Hitachi Nuclear Energy and First Nations Power Authority (FNPA) entered into a collaboration on training and employment opportunities available to qualified Indigenous people in Canada. These employees will be trained and certified to service Boiling-water Reactor technology and receive critical hands-on experience of servicing Boiling-water reactors in advance of future small modular reactor deployment in Ontario and across Canada.
In July 2021, NuScale Power would receive an equity investment from Samsung C&T to support the deployment of its small modular reactor (SMR). Fluor and Samsung C&T are developing a business collaboration agreement to expand capabilities available for future deployment of NuScale projects.
In June 2021, Moltex Energy, Pabineau First Nation, and Belledune Port Authority (BPA) signed an agreement to work collaboratively on mutually beneficial initiatives at the Port of Belledune and surrounding areas in Northern New Brunswick, specifically related to domestic use and exports of SMRs by Canada.
In April 2021, Terrestrial Energy signed an agreement with Aecon Group to support the construction planning for an Integral Molten Salt Reactor power plant. Under this agreement, Aecon Group would review Terrestrial Energy's construction costs and schedules for the Integral Molten Salt Reactor, as well as undertake constructability, modularization, and supplier assessments for a broad range of activities, including plans for site development and heavy civil construction.
In October 2020, Westinghouse Electric and Bruce Power entered into an agreement to pursue applications of the eVinci micro reactor program within Canada. The agreement is supported by efforts from the federal and provincial governments to study applications for nuclear technology to reach Canada's goal of a Net Zero Canada by 2050.

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