Small Modular Reactor Market Revenue to Hit $6.8 Billion by 2030

According to a new market research report, the global Small Modular Reactor Market is projected to reach USD 6.8 billion in 2030 from USD 5.8 billion in 2023 at a CAGR of 2.3% according to a new report by MarketsandMarkets™. Factors such as the versatile nature of nuclear power and the relative advantages of SMRs such as modularization and factory construction are enabling the growth of the market.

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The small modular reactor market is dominated by a few globally established players such as Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), and GE Hitachi Nuclear Energy (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

Single-module power plant segment by deployment is estimated to be the second largest and second-fastest growing market

The single-module power plant segment held a 76.30% share of the small modular reactor market in 2022. Single-module SMR plants are stand-alone units that may be used individually to meet niche energy requirements or localized demand. Larger single-module SMR plants could be used to replace small fossil-fuel units or deployed for distributed generation. The licensing of single-module SMRs is expected to be simpler than that of multi-module SMRs, as the current regulatory and licensing frameworks generally rely on an extensive experience base, with single-module larger nuclear plants using light-water reactor technology. Single-module SMRs, especially under 10 Mwe, serve remote locations deprived of electricity and district heating applications. They incorporate all the essential components, such as the power generation unit, turbines, generators, control systems, and necessary support infrastructure, into a single unit.

Upto 100 MW segment by power rating is estimated to be the fastest growing segment in the small modular reactor market

The power rating of up to 100 MW holds a market share of 16.9% share of the small modular reactor market in 2022. SMRs are characterized by their compact size and modular design. The reactor unit can be manufactured in a factory and transported to the installation site. The modular design allows for scalability, where multiple SMR units can be deployed together to meet varying energy demands. The primary application of a 100 MW SMR is power generation. It can serve as a standalone power plant, providing clean and reliable electricity to communities, industries, or remote locations. The excess heat generated by a 100 MW SMR can be utilized for district heating, where thermal energy is distributed to nearby residential, commercial, and institutional buildings for space heating and water heating purposes.

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Europe likely to emerge as the second-largest region in Small modular reactor market

Europe accounted for a 30.3% share of the global small modular reactor market in 2022. The scope of the European small modular reactor market includes Russia, the UK, France, and the Rest of Europe. The Rest of Europe includes Italy, Luxembourg, Denmark, the Czech Republic, Sweden, Ukraine, Finland, Estonia, Poland, and Romania. According to the BP Statistical Review of World Energy 2022, nuclear energy accounted for about 28.4% of the region's electricity generation mix. The region accounted for 30.2% of the global nuclear power consumption.

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