Small Modular Reactor Market Foreseen to Draw a Promising Growth $13.4 billion by 2032

Allied Market Research published a report, titled, "Small Modular Reactor Market By Reactor type (Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), and Others), Connectivity (Off Grid and Grid Connected), Deployment (Single Module Power Plant and Multi Module Power Plant), Power Rating (Up to 100 MW, 101 to 200 MW, and 201 to 300 MW), Location (Land and Marine), and Application (Desalination, Power Generation, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, The small modular reactor market was valued at $5.8 billion in 2022 and is estimated to reach $13.4 billion by 2032, exhibiting a CAGR of 8.7% from 2023 to 2032.

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Prime determinants of growth

The demand for power generation in remote locations, flexibility of SMRs over conventional power generation, and ease of construction due to factory fabrication fuel the growth of the small modular reactor market. Investment directed toward renewable energy presents a significant hurdle to their market penetration. Also, the decarbonization of the energy sector is expected to provide substantial opportunities fir the small modular reactor market growth.

Impact Scenario:

➤The U.S., Canada, China, the UK, and Russia are all actively investing in nuclear energy to increase the sustainable power generation share.
➤The U.S. has introduced the Nuclear Energy Innovation and Modernization Act (NEIMA) and the Nuclear Energy Innovation Capabilities Act (NEICA) to support advanced nuclear technologies, including Small Modular Reactors (SMRs). The Department of Energy (DOE) provides funding and support for SMR development and deployment for power generation.
➤Canada is actively involved in R&D of advanced reactor technologies, with the Canadian Nuclear Safety Commission (CNSC) initiating a regulatory framework for SMRs.
China is committed to nuclear energy to reduce carbon emissions and invests in both large and small modular reactors.
➤The UK government is exploring the potential of SMRs to contribute to its clean energy goals through initiatives like the Advanced Modular Reactor program.
The presence of abovementioned initiatives by major countries will have a positive impact on the development of the small modular reactor market.
➤The heavy water reactor segment to maintain its leadership status during the forecast period

Based on reactor type, the heavy water reactor segment held the highest market share in 2022, accounting for nearly half of the global small modular reactor market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the others segment includes high-temperature gas-cooled reactors, and molten salt reactors is projected to attain a CAGR of 9.36% from 2023 to 2032. High-temperature gas reactors are highlighted as a key technology with the potential to improve the competitiveness of nuclear energy within the Generation IV International Forum (GIF). Developing tools and methods to support this technology is seen as a priority by Nuclear Energy Agency (NEA) member countries. NEA membership currently consists of 33 countries across Europe, North America, and Asia-Pacific. This is expected to benefit the growth of the segment during the forecast period.

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The grid connected segment to maintain its leadership status during the forecast period

By connectivity, the grid connected segment held the highest market share in 2022, accounting for more than two-thirds of the global small modular reactor market revenue, and is estimated to maintain its leadership status during the forecast period. Moreover, the off grid segment is projected to a attain a GR of 8.59% from 2023 to 2032. Positioned as a cost-effective and sustainable alternative, off-grid SMRs stand at the forefront of meeting emerging market demands for reliable, clean energy sources, leveraging governmental support and ongoing technological advancements to pave the way for a resilient, self-sustaining energy landscape in remote and challenging environments.

The single module power plant segment to maintain its leadership status during the forecast period

By deployment, the single module power plant segment held the highest market share in 2022, accounting for nearly three-fourths of the global small modular reactor market revenue, and is estimated to maintain its leadership status during the forecast period. Moreover, the multi module power plant segment is projected to register a CAGR of 9.27% from 2023 to 2032. The key market trends for MMPP SMRs involve a growing emphasis on standardized designs, increased focus on grid flexibility and resilience, and exploration of hybrid energy systems integrating SMRs with renewables. Growth factors include the need for reliable and clean baseload power, the appeal of distributed energy generation, and cost-effective scalability. Opportunities lie in optimizing MMPP configurations for specific energy demands, enhancing safety features through modular deployments, and integrating SMRs into diverse energy infrastructures, thereby contributing to sustainable and resilient power grids.

The up to 100 MW segment to maintain its leadership status during the forecast period

By power rating, Up to 100 MW held the highest market share in 2022, accounting for nearly half of the global small modular reactor market revenue, and are estimated to maintain their leadership status throughout the forecast period. In addition, the 201 to 300 MW segment is projected to register a CAGR of 9.1% from 2023 to 2032. SMRs with a power rating ranging from 201 to 300 MW represent a segment characterized by a blend of efficiency, scalability, and robust energy output. The 201 to 300 MW segment lie in addressing regional energy needs, fostering partnerships for technology deployment, leveraging supportive policies promoting nuclear energy, and contributing to grid stability and reliability, particularly in regions with evolving energy landscapes seeking dependable, low-carbon power sources.

The land segment to maintain its leadership status during the forecast period

By location, the land segment held the highest market share in 2022, accounting for nearly three-fourths of the global small modular reactor market revenue, and is estimated to maintain its leadership status during the forecast period. In addition, the marine segment is projected to attain a CAGR of 8.9% from 2023 to 2032. Marine location small modular reactors (SMRs) are specifically designed nuclear power units intended for deployment on maritime platforms, such as ships, floating barges, or offshore installations. These reactors cater to energy needs in remote coastal areas, naval operations, or industries requiring power in offshore environments.

The power generation segment to maintain its leadership status during the forecast period

By application, the power generation segment held the highest market share in 2022, accounting for nearly three-fifths of the global small modular reactor market revenue, and are estimated to maintain their leadership status during the forecast period. In addition, the industrial segment is projected to attain a CAGR of 9.4% from 2023 to 2032. SMRs with a power rating ranging from 201 to 300 MW represent a segment characterized by a blend of efficiency, scalability, and robust energy output. The 201 to 300 MW segment lie in addressing regional energy needs, fostering partnerships for technology deployment, leveraging supportive policies promoting nuclear energy, and contributing to grid stability and reliability, particularly in regions with evolving energy landscapes seeking dependable, low-carbon power sources.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global small modular reactor market revenue, and is likely to dominate the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.29% from 2023 to 2032. Modular reactors are being developed and deployed in Asia-Pacific countries to meet growing energy needs and nuclear capabilities. China approved the construction of a demonstration SMR, ACP100 SMR, for electricity production, heating, steam production, or seawater desalination. India is projected to overtake the European Union as the world's third-largest energy consumer by 2030, leading to the trend of small modular reactors.

Leading Market Players: -
✔ Brookfield
✔ Fluor Corporation
✔ General Atomics
✔ General Electric
✔ Holtec International
✔ Mitsubishi Heavy Indus tries
✔ Rolls Royce Plc
✔ TerraPower LLC
✔ Terrestrial Energy
✔ Ultra Safe Nuclear
✔ Moltex Energy
✔ NuScale Power LLC
✔ Westinghouse Electric Company
✔ X Energy LLC

The report provides a detailed analysis of these key players in the global small modular reactor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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