Small Modular Reactor Market Set to Reach $2.71 Billion by 2029 with 41.7% Yearly Growth

How Are the key drivers contributing to the expansion of the small modular reactor market?
The growth of the small modular reactor market is anticipated to be fueled by the escalating energy security crisis. When a country or region struggles to affordably and reliably meet its energy demands, an energy security crisis arises. Small modular reactors (SMRs), with their flexible power output, allow operators to swiftly adapt electricity production according to the precise requirements of remote industries or communities. This could be achieved by operating at partial load or by rapidly increasing or decreasing production in response to fluctuating demand, thus ensuring a steady and reliable power supply. For example, in November 2022, data released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, predicted that the global population without access to electricity was set to grow by almost 20 million in 2022, equaling around 774 million people worldwide lacking electricity, an increase from 754 million the previous year. Hence, the escalating energy security crisis is propelling the expansion of the small modular reactor market.

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What growth opportunities are expected to drive the small modular reactor market's CAGR through 2034?
The market size of small modular reactors has experienced an exponential growth in recent years. The expected expansion rate is from $0.27 billion in 2024 to $0.67 billion in 2025, with a compound annual growth rate (CAGR) of 152.1%. The noticeable surge during the previous period is driven by factors such as concerns over energy security, regulatory backing, rising demand for electricity, motivation to reduce carbon emissions, and a need for distributed power generation.

Expectations are high for a considerable expansion in the size of the small modular reactor market over the coming years. Projections suggest it will reach an impressive $2.71 billion by 2029, boasting a compound annual growth rate (CAGR) of 41.7%. This anticipated growth over the forecast period can be credited to an increasing emphasis on clean energy solutions, the rising demand for flexible power generation alternatives, growing interest in nuclear power, increased worries over climate change, and expanding applications in various industrial sectors. The forecast period is also likely to see emerging trends like new players and technologies entering the market, the incorporation of digitalization and automation, customization of reactor designs, a burgeoning role in aiding renewable energy integration, and the creation of hybrid energy systems.

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What are the emerging trends shaping the future of the small modular reactor market?
Leading players in the small modular reactor sector are focusing their strategies on creating innovative solutions or goods like single-loop pressurized water reactors (PWR). These are compact and scalable nuclear reactor designs that range from tens to several hundred megawatts and provide improved safety measures, deployment flexibility, and possible economic advantages over traditional larger-scale nuclear power plants. For instance, Westinghouse Electric Company, a American nuclear power firm offering nuclear products and solutions, unveiled the AP300 in May 2023. This small modular reactor uses integral pressurized water reactor (iPWR) technology, passive safety systems, and a modular layout, bringing a new level of compactness, safety, and rapid deployment to nuclear energy. This greatly impacts the small modular reactor (SMR) market by advancing safety, adaptability, and cost-effectiveness, paving the way for the future of nuclear energy production.

Which growth-oriented segments of the small modular reactor market are leading the industry's development?
The small modular reactor market covered in this report is segmented -

1) By Reactor Type: Light Water Reactor (LWR), Fast Neutron Reactor (FNR), Heavy Water Reactor (HWR), Other Reactor Types
2) By Power Rating: Up To 100 MW, 101 To 200 MW, 201 To 300 MW
3) By Deployment: Single Module Power Plant, Multi Module Power Plant
4) By Application: Power Generation, Desalination, Process Heat, Industrial, Hydrogen Production

Subsegments:
1) By Light Water Reactor (LWR): Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR)
2) By Fast Neutron Reactor (FNR): Sodium-cooled Fast Reactor (SFR), Lead-cooled Fast Reactor (LFR)
3) By Heavy Water Reactor (HWR): Candu Reactor
4) By Other Reactor Types: High-Temperature Gas-cooled Reactor (HTGR), Molten Salt Reactor (MSR), Gas-cooled Fast Reactor (GFR)

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Asia-Pacific was the largest region in the small modular reactor market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the small modular reactor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the small modular reactor market?
Major companies operating in the small modular reactor market are General Electric Company, Hitachi, Korea Electric Power Corporation (KEPCO ), State Power Investment Corporation (SPIC), Mitsubishi Heavy Industries Ltd., OKBM Afrikantov (Rosatom), Bechtel Corporation, Rolls-Royce plc., Fluor Corporation, IHI Corporation, Korea Hydro & Nuclear Power (KHNP), SNC-Lavalin Group, Toshiba Energy Systems & Solutions, Brookfield Asset Management, General Atomics Corporation, Curtiss-Wright Corporation, BWX Technologies Inc., Nuclear Power Corporation of India Limited (NPCIL), China National Nuclear Corporation (CNNC), U-Battery Developments Ltd. (Urenco Group), Babcock & Wilcox, Tokamak Energy, NuScale Power LLC., ARC Energy LLC, Terrestrial Energy Inc., Holtec International, Kairos Power, TerraPower LLC.

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What Is Covered In The Small Modular Reactor Global Market Report?

•Market Size Forecast: Examine the small modular reactor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the small modular reactor market for a structured understanding.
•Key Players Overview: Analyze major players in the small modular reactor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the small modular reactor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the small modular reactor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the small modular reactor market.
•Industry Challenges: Identify potential risks and obstacles affecting the small modular reactor market.
•Competitive Landscape: Review strategic developments in the small modular reactor market, including expansions, agreements, and new product launches.

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