Top Trends Transforming the Small Modular Reactor Market Landscape in 2025: Advances In Small Modular Reactor Technology

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What Will the Small Modular Reactor Industry Market Size Be by 2025?
The market size of small modular reactors has seen a significant expansion in the past few years. Its growth is projected to rise from $0.27 billion in 2024 to $0.67 billion in 2025, with a compound annual growth rate (CAGR) of 152.1%. Factors contributing to the growth during the historic period include issues related to energy security, regulatory endorsement, escalating demand for electricity, the aim to reduce carbon emissions, and the requirement for decentralized power generation.

What's the Long-Term Growth Forecast for the Small Modular Reactor Market Size Through 2029?
In the coming years, the size of the small modular reactor market is projected to experience an exponential surge. It is anticipated to escalate up to $2.71 billion in 2029, showcasing a compound annual growth rate (CAGR) of 41.7%. Factors contributing to the magnified growth during the forecast period include a surge in attention towards clean energy solutions, increasing demands for adaptable power generation alternatives, a renewed interest in nuclear energy, and intensifying apprehension about climate change and its widening applications in various industrial sectors. Standout trends for the forecast period encompass the introduction of new market contributors and technological advances, the amalgamation of digitalization and automation, customization and modularization of reactor blueprints, an escalating role in aiding renewable energy integration, and the cultivation of hybrid energy systems.

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What Are the Key Growth Drivers Fueling the Small Modular Reactor Market Expansion?
The surge in energy security crises is anticipated to stimulate the expansion of the small modular reactor market. Energy security crises can arise when a geographical area or nation grapples with considerable hurdles in effectively and affordably fulfilling its energy requirements. The flexibility of small modular reactors (SMRs) in terms of power output aids operators in swiftly adapting electricity production to cater to the unique needs of remote communities or industries. This is done by operating at partial load or quickly increasing or decreasing in response to fluctuating demand to ensure a dependable and steady power supply. For example, statistics from the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, from November 2022, suggest an expected rise by roughly 20 million in the number of people worldwide without access to electricity in 2022, taking the total to approximately 774 million, up from 754 million in 2021. As a result, the escalating energy security crisis is fuelling the growth of the small modular reactor market.

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What Are the Key Trends Driving Small Modular Reactor Market Growth?
Leading businesses in the small modular reactor market are prioritizing the development of innovative solutions or products like single-loop pressurized water reactors (PWR) to remain competitive. These are small, adjustable nuclear reactors, ranging from tens to several hundred megawatts, offering superior safety measures, deployment flexibility and potential cost efficiency in contrast to larger traditional nuclear power plants. For example, in May 2023, US-based Westinghouse Electric Company, a provider of nuclear products and services, debuted the AP300. This small modular reactor is equipped with integral pressurized water reactor (iPWR) technology, passive safety systems, and a modular design, marking a revolution in nuclear energy through its compactness, improved safety, and quick deployment. This significant introduction has influenced the small modular reactor (SMR) market by progressing safety, adaptability, and cost-effectiveness, redesigning the future of nuclear energy production.

How Is the Small Modular Reactor Market Segmented?
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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Which Companies Are Leading the Charge in Small Modular Reactor Market Innovation?
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.

Which Regions Are Leading the Global Small Modular Reactor Market in Revenue?
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.

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