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Small Modular Reactor Market Size to Grow $7.14 billion by 2030, at a CAGR of 3.0%

11-22-2024 09:38 PM CET | Energy & Environment

Press release from: ABNewswire

Browse 268 market data Tables and 67 Figures spread through 292 Pages and in-depth TOC on "Small Modular Reactor Market - Global Forecast to 2030"

Browse 268 market data Tables and 67 Figures spread through 292 Pages and in-depth TOC on "Small Modular Reactor Market - Global Forecast to 2030"

The small modular reactor market is projected to grow from USD 6.00 billion in 2024 to USD 7.14 billion by 2030 at the CAGR of 3.0% during the forecast period.
According to a research report "Small Modular Reactor Market [https://www.marketsandmarkets.com/Market-Reports/small-modular-reactor-market-5001546.html] by Type (HWR, LWR, HTR, FNR, MSR), Application (Power Generation, Desalination, Hydrogen Production, Industrial), Deployment (Single, Multi), Connectivity, Location, Coolant, Power Rating Region - Global Forecast to 2030", Small modular reactor market is anticipated to grow from estimated USD 6.00 billion in 2024 to USD 7.14 billion by 2030, at a CAGR of 3.0% during the forecast period. The growth in the market will be attributed to the the growing demand for clean, reliable energy and the need for greater flexibility in power generation. Their compact design allows for easier construction and quicker commissioning, which can help reduce capital costs compared to traditional large-scale reactors. Additionally, advancements in safety features and the potential for integration with renewable energy sources enhance their appeal in the transition to a low-carbon economy.

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Light-water reactors, by type, is expected to be the largest-growing market during the forecast period

The light-water reactors segment is expected to largest segment in the small modular reactor market. These reactors use ordinary water as a coolant and are the most widely adopted type, as these have the lowest technological risks. Such SMRs utilize well-tested solutions and products that use small and integrated components and increased passive safety features compared with those in the current large-scale LWRs. Also, these type of reactors has high technology readiness levels (TRL) which further drive this segment.

Power Generation, by application, is expected to be the fastest-growing segment during the forecast period.

The application segment is further segmented into 4 types: Power generation, Desalination, Industrial, and Hydrogen Production. Power generation segment is expected be the fastest growing segment in the application segment. SMRs have economies of series production, short construction times, and reduced siting costs compared with large nuclear power plants which makes them a cost-effective compared to traditional reactors. The power generated by SMRs is expected to be economical compared with other low-carbon alternatives and they help reduce carbon emissions and meet new energy demands.

Americas is expected to be the fastest-growing region during the forecast period.

Americas is going to witness the highest CAGR for the small modular reactor market. The aggressive investments in the region drives the growth for the SMRs during the forecast period. For Instance, US Department of Energy (DOE) announced an investment of USD 900 million to support the initial deployment of the small modular reactors technology. Technology giants are experiencing the surge in demand of power from the data centres due to the increasing load of the generative AI. These technology giants are investing into the SMRs to get clean power for the growing demand from their data centres.

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Key Players

Some of the major players in the small modular reactor market are State Atomic Energy Corporation Rosatom (Russia), China National Nuclear Corporation (China), Westinghouse Electric Company (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), GE Hitachi Nuclear Energy (US) among others. The major strategies adopted by these players include partnerships, contracts , acquisitions, joint ventures, and expansions.

About MarketsandMarkets Trademark

MarketsandMarkets Trademark has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets Trademark is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore Trademark (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:

Mr. Rohan Salgarkar

MarketsandMarkets Inc.

1615 South Congress Ave.

Suite 103,

Delray Beach, FL 33445

USA: +1-888-600-6441

Email: newsletter@marketsandmarkets.com

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Company Name: MarketsandMarkets Trademark Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=small-modular-reactor-market-size-to-grow-714-billion-by-2030-at-a-cagr-of-30]
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Website: https://www.marketsandmarkets.com/Market-Reports/small-modular-reactor-market-5001546.html



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