Small Modular Reactors Market: Size, Share, Forecasts, and Trends Analysis

 

Meticulous Research®, a prominent global market research firm, recently released a detailed report titled “Small Modular Reactors Market by Type (Light-water Reactors, High-temperature Reactors), Coolant (Water, Liquid Lead), Deployment Mode, Fuel Type (Uranium), Application (Power Generation, Desalination), and Geography—Global Forecast to 2030.”

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According to the report, the small modular reactors (SMRs) market is projected to reach $6.14 billion by 2030, growing at a CAGR of 2.4% from 2024 to 2030. The market’s growth is being driven by the increasing adoption of SMRs for electricity generation, government initiatives focusing on decarbonization, and the growing demand for reliable and flexible nuclear power solutions. Despite these positive factors, stringent regulatory policies and deployment standards are expected to restrain market growth. Nevertheless, the increasing focus on net-zero emissions and the decarbonization of the energy sector is expected to provide ample opportunities for growth in the SMR market. One of the significant challenges faced by players in this industry is the lack of a standardized licensing process.

The report also highlights the growing global trends favoring clean and dependable energy sources. The demand for SMRs reflects the energy sector’s movement toward sustainability and efficiency.

Market Segmentation and Key Insights

The small modular reactors market is segmented by type, coolant, deployment mode, fuel type, and application, offering a comprehensive analysis of the market dynamics and trends.

Segmentation by Type

The market is categorized into light-water reactors, heavy-water reactors, high-temperature reactors, fast neutron reactors, molten salt reactors, and fast breeder reactors. Among these, light-water reactors are expected to dominate the market in 2024. Their large market share can be attributed to their superior efficiency in generating energy from water and their ability to serve as both a coolant and moderator for nuclear fission. Light-water reactors are also anticipated to have the highest growth rate in the forecast period.

Segmentation by Coolant Type

The coolant segment includes liquid lead, gases, water, and other coolants. In 2024, the water segment is projected to hold the largest market share, driven by the growing need for water coolants to transfer heat from the reactor core to the steam turbines. Water coolants are widely adopted due to their efficiency in maintaining stable pressures within the reactor core, and the segment is expected to record the highest CAGR over the forecast period.

Segmentation by Deployment Mode

The deployment mode of small modular reactors is categorized into land-based and marine-based options. In 2024, land-based deployment is expected to hold the largest share of the market, driven by the enhanced safety, security, and lower maintenance costs associated with land-based SMRs. However, marine-based deployment is anticipated to register the highest growth rate during the forecast period, owing to the rising demand for affordable, carbon-free power and the development of clean energy solutions that are safer, cost-efficient, and flexible.

Segmentation by Fuel Type

Based on fuel type, the market is segmented into uranium and other fuel types. Uranium is expected to dominate the market in 2024, thanks to its ability to generate large-scale, low-carbon electricity. The demand for uranium is also growing in nuclear power plants due to its effectiveness in facilitating nuclear fission. The uranium segment is projected to exhibit the highest growth rate over the forecast period.

Segmentation by Application

The application of SMRs spans power generation, process heat, desalination, and other uses. The power generation segment is anticipated to hold the largest market share in 2024. This is driven by the growing demand for carbon-free electricity, low fuel costs, and the increasing efficiency of power plants utilizing SMRs. Power generation applications are also expected to grow at the fastest rate during the forecast period due to their portability and ease of construction.

Geographic Analysis

The small modular reactors market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to hold the largest market share by 2024, followed by Europe and North America. Asia-Pacific’s dominance is driven by the presence of leading SMR providers, the increasing deployment of SMRs in coastal and offshore areas, and the integration of renewable energy with nuclear power systems. The region’s strong demand for low-carbon, flexible energy solutions also contributes to its market leadership. Furthermore, Asia-Pacific is projected to register the highest growth rate during the forecast period.

Key Players:

The key players operating 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), and Leadcold (Sweden), and General Atomics (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/small-modular-reactors-market-5512

Key questions answered in the report-

  • Which are the high-growth market segments based on type, coolant type, deployment mode, fuel type, application, and geography?
  • What was the historical market for small modular reactors?
  • What are the market forecasts and estimates for the period 2024–2030?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the small modular reactors market?
  • Who are the major players, and what shares do they hold in the small modular reactors market?
  • How is the competitive landscape in the small modular reactors market?
  • What are the recent developments in the small modular reactors market?
  • What are the different strategies adopted by the major players in the small modular reactors market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the small modular reactors market, and how do they compete with the other players?

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