Growth Of The Small Modular Reactor Market With Rising Energy Security Concerns: An Emerging Driver Transforming The Small Modular Reactor Market Landscape

The Small Modular Reactor Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Small Modular Reactor Market?
The market size of small modular reactors has seen a significant surge over recent years. Forecasts indicate that this market will expand from $0.27 billion in 2024 to $0.67 billion in 2025, experiencing a CAGR of 152.1%. The upward trend in the historical period can be linked to concerns about energy security, supportive regulations, an uptick in electricity demand, an aim to reduce carbon emissions, and the necessity for decentralized power generation.

In the coming years, the market size for small modular reactors is anticipated to experience extraordinary growth. It is projected to reach $2.71 billion by 2029, with a compound annual growth rate (CAGR) of 41.7%. The projected growth within this period can be ascribed to an enhanced focus on eco-friendly energy solutions, a need for adaptable power generation alternatives, a growing interest in nuclear energy, amplified concerns about climate change, and a greater variety of industrial applications. Notable trends for the forecast period are the introduction of new market participants and technologies, the incorporation of digitalization and automation, the personalization and modularization of reactor blueprints, a heightened role in supporting the integration of renewable energy, and the formation of hybrid energy systems.

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What Are the Different Small Modular Reactor Market Segments?
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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What Are the Primary Drivers Shaping the Small Modular Reactor Market?
The escalating energy security crisis is anticipated to boost the expansion of the small modular reactor market. When a region or nation struggles significantly to meet its energy requirements reliably and affordably, an energy security crisis occurs. Small modular reactors (SMRs) provide adaptable power output, allowing operators to swiftly modify electricity generation to cater to the precise requirements of remote communities or industries. This is achieved by operating at a partial load or rapidly escalating or declining in response to fluctuating demand to guarantee a dependable and stable energy supply. For example, the International Energy Agency (IEA), a France-based, independent intergovernmental organization, reported in November 2022 that the global population without electricity access is expected to expand by almost 20 million in 2022, touching around 774 million people globally, a rise from 754 million in 2021. Hence, the escalating energy security crisis is propelling the expansion of the small modular reactor market.

Which Companies Are Leading 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.

What Trends Are Expected to Dominate the Small Modular Reactor Market in the Next 5 Years?
Companies pushing the boundary in the small modular reactor sector, are shifting their efforts towards creating breakthrough solutions or products like single-loop pressurized water reactors (PWR) to gain an advantage in the market. These miniature, adaptable nuclear reactor designs typically range from tens to several hundred megawatts and provide superior safety characteristics, versatile deployment options, and potential cost efficiency compared to traditional large-scale nuclear power plants. For example, in May 2023, the US-based nuclear power company, Westinghouse Electric Company, who offer a range of nuclear products and services, introduced the AP300. As a small modular reactor, the AP300 employs integral pressurized water reactor (iPWR) technology, passive safety systems and a modular design, bringing revolution to nuclear energy in terms of compactness, increased safety, and rapid deployment. This has a profound influence on the small modular reactor market by advancing safety measures, adaptability, and cost-effectiveness that shapes the future of nuclear energy production.

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What Are the Top Revenue-Generating Geographies in the Small Modular Reactor Market?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Small Modular Reactor Market?
2. What is the CAGR expected in the Small Modular Reactor Market?
3. What Are the Key Innovations Transforming the Small Modular Reactor Industry?
4. Which Region Is Leading the Small Modular Reactor Market?

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