Small Modular Reactor Market Size to grow $6.8 billion by 2030 | Westinghouse Electric Company LLC, NuScale Power, LLC., Terrestrial Energy Inc

According to a new market research report, the small modular reactor market is estimated to be USD 5.8 billion in 2023 to USD 6.8 billion by 2030, at a CAGR of 2.3% during the forecast period.

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The factors that drive the market growth include versatile nature of nuclear power and modularization of SMRs. SMRs offer the potential for improved economics. Their smaller scale and standardized designs can lead to cost savings in manufacturing, construction, and maintenance. The modular nature of SMRs enables phased deployment, reducing upfront capital costs and allowing for incremental capacity expansion based on demand.

Key Market Players:
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.

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This research report categorizes the Small modular reactor market based on coolant, deployment, location, application, reactor type, power rating, connectivity, and region.
By Coolant

Heavy liquid metal
Gases
Molten salt
Water

By Type

Heavy-water reactors
Light-water reactors
High-temperature reactors
Fast-neutron reactors
Molten salt reactors

By Application

Power Generation
Desalination
Hydrogen Generation
Industrial

By End-Use Industry

Transmission & Distribution Utilities
Power Generation
Industrial
Others

By Connectivity

Grid-Connected
Off-Grid

By Location

Land
Marine

By Deployment

Single-Module Power Plant
Multi-Module Power Plant

By Region

Americas
Asia Pacific
Middle East & Africa
Europe

Grid-Connected segment by connectivity is estimated to be the second-fastest growing market

The grid-connected segment held a 65.03% share of the total small modular reactor market in 2022. Grid-connected SMRs have the potential to complement variable renewable energies, such as wind and solar, and integrate with smart grids and energy parks. SMRs can provide baseload power for grid-connected operations and can vary their output to meet the fluctuations in the supply of power produced by renewable sources. SMRs are expected to phase out conventional coal-fired power plants, as utilities want to replace retiring coal-fired plants with baseload plants of similar size that do not produce greenhouse emissions. SMRs can support grid modernization activities, such as smart grid and load growth, and help replace the existing aging infrastructure. These reactors can restart without receiving energy from the grid. This can help an electricity grid meet the system requirements in terms of parameters such as voltage, inertia, reactive capacity, and frequency when recovering from an outage.

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Marine segment by location is estimated to be the second largest and second-fastest growing market

The marine segment held a 7.36% share of the small modular reactor market in 2022. SMRs can be deployed in marine environments either as barge-mounted floating power units or underwater power units. Marine SMRs generally use pressurized-water reactor technology. These reactors have long core lives and require little refueling. Marine SMRs provide several flexible deployment options, such as nuclear icebreaker ships and floating nuclear power plants.

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