Small Modular Reactors Market by Size, Share, Forecasts, & Trends Analysis

 

Meticulous Research®, a prominent global market research firm, has published a report titled 'Small Modular Reactors Market by Type, Coolant, Deployment Mode, Fuel Type, Application, and Geography — Global Forecast to 2030.'

According to this report, the small modular reactors (SMRs) market is expected to reach $6.14 billion by 2030, growing at a projected compound annual growth rate (CAGR) of 2.4% during the forecast period. Factors contributing to this growth include increased adoption of SMRs for power generation, governmental initiatives aimed at decarbonization, and rising demand for reliable nuclear power solutions. However, stringent regulatory frameworks related to SMR deployment present challenges to market expansion. Nevertheless, opportunities are expected due to heightened emphasis on achieving net zero emissions and advancing decarbonization in the energy sector. Despite these prospects, the lack of standardized licensing procedures remains a significant hurdle for industry participants. Key trends in the global SMRs market include a growing demand for clean and reliable energy sources.

The small modular reactors market is segmented based on various criteria: reactor types (including light-water reactors like pressurized water reactors and boiling water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors), coolant types (such as liquid lead, gases, water, and other coolants), deployment modes (land-based or marine-based), fuel types (mainly uranium but also other types), applications (covering power generation including single-module and multi-module plants, process heat, desalination, and other uses), and geographical considerations. The report also provides an analysis of industry competitors and conducts market assessments at regional and national levels.

Based on type, the small modular reactors market is segmented into various categories, encompassing light-water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors. As of 2023, the dominant segment in this market is expected to be light-water reactors. This prominence is driven by increasing adoption due to their efficient energy generation through water, serving both as a moderator and coolant to manage energy from nuclear fission. Furthermore, this segment is projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period.

Based on coolant type, the small modular reactors market includes segments such as liquid lead, gases, water, and other coolants. By 2023, the water segment is anticipated to hold the largest market share within the small modular reactors sector. This leadership is fueled by growing demand for water coolant, which effectively transfers heat from the reactor core to steam turbines, and the preference for water coolant to maintain pressure levels within the core. Additionally, this segment is expected to achieve the highest compound annual growth rate (CAGR) throughout the forecast period.

Based on deployment mode, the small modular reactors market is categorized into segments based on deployment, which include land-based and marine-based options. By 2023, the land-based deployment segment is projected to hold a larger portion of the small modular reactors market. This dominance is fueled by the increasing adoption of land-based deployment, which ensures safety and security, as well as operational advantages such as lower maintenance costs. However, the marine-based deployment segment is expected to achieve the highest compound annual growth rate (CAGR) during the forecast period. This growth is driven by rising demand for cost-effective, carbon-free power solutions, and the increasing need for cleaner energy alternatives that provide enhanced safety, affordability, and flexibility.

Based on fuel type, the small modular reactors market is segmented into categories for uranium and other fuel types. By 2023, the uranium segment is expected to lead the small modular reactors market. This dominance is attributed to increasing demand for uranium, which is capable of producing significant amounts of low-carbon baseload electricity and is increasingly favored for use in nuclear power plants utilizing nuclear fission. Moreover, the uranium segment is projected to experience the highest compound annual growth rate (CAGR) during the forecast period.

Based on application, the small modular reactors market is divided into segments that encompass power generation, process heat, desalination, and other applications. By 2023, the power generation segment is expected to command the largest portion of the small modular reactors market. This leadership is driven by growing demand for scalable production of carbon-free electricity, increasing preference for cost-effective fuel choices, and the rising adoption of power plants for improved efficiency, mobility, and ease of construction. Additionally, the power generation segment is anticipated to achieve the highest compound annual growth rate (CAGR) throughout the forecast period.

Based on geography, the small modular reactors market is segmented across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2023, Asia-Pacific is projected to lead the small modular reactors market in terms of market share, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific's significant market share is attributed to the presence of key companies offering small modular reactors. Additionally, factors such as increasing deployments of SMRs in coastal, island, and offshore locations, the integration of renewable energy sources with SMRs, and growing demand for low-carbon, reliable, and flexible power generation contribute to the market's growth in Asia-Pacific. Furthermore, this region is expected to achieve the highest compound annual growth rate (CAGR) throughout the forecast period.

Key Players:

Prominent participants in the small modular reactors market include Brookfield Asset Management Inc. (Canada), Fluor Corporation (U.S.), General Electric Company (U.S.), Holtec International (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Rolls-Royce plc (U.K.), Terrestrial Energy Inc. (Canada), X Energy, LLC (U.S.), Westinghouse Electric Company LLC (U.S.), Kairos Power (U.S.), TerraPower, LLC (U.S.), Toshiba Energy Systems & Solutions Corporation (Japan), ARC Clean Technology, Inc. (Canada), Leadcold (Sweden), and General Atomics (U.S.).

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Key questions answered in the report-

·  Which market segments exhibit strong growth potential based on type, coolant type, deployment mode, fuel type, application, and geography?

·  What has been the historical performance of the small modular reactors market?

·  What are the market forecasts and projections for the period from 2023 to 2030?

·  What are the primary drivers, challenges, opportunities, constraints, and emerging trends in the small modular reactors market?

·  Who are the major players in the small modular reactors market, and what are their market shares?

·  How is the competitive landscape structured within the small modular reactors market?

·  What recent developments have occurred in the small modular reactors market?

·  What strategies have the leading players adopted in the small modular reactors market?

·  What are the noteworthy geographic trends, and which countries are experiencing rapid growth?

·  Who are the local emerging competitors in the small modular reactors market, and how do they compete with established players?

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