Small Modular Reactors Market Outlook 2031:
The Global Small Modular Reactors Market size was valued at USD 10.25 Billion in 2022 and is projected to reach USD 113.30 Billion by 2031, expanding at a CAGR of 30.6% during the forecast period 2023 - 2031. The market is expected to grow owing to increase in population worldwide and with that rising demand for power and energy. The demand for SMR is growing rapidly in accordance with the growth in the demand for electricity across the globe.
Rising population and disposable income of people across the globe are driving the need for electricity, and hence the demand for small modular Reactors.
Additionally, the small modular reactors market is driven by increasing demand from the shipping segment and oil & gas processing units, and other types of processing units where heat and energy are required on a large scale.
The advantages of small modular reactors and vendor claims as per the current designing models is leading to rising popularity of the SMRs over large reactors. Moreover, the large reactors have their substantial position in the areas of huge energy production requirement but the factors such as less emission, less need of raw material, and modular design are helping SMRs to gain popularity.
Small Modular Reactors Market Dynamics
The boom in electricity consumption across residential and industrial sectors is boosting the focus of governments to use sustainable power generation methods over conventional ones to reduce their carbon footprint. Additionally, rising electrification of connected devices, transport, and other essential services is fueling the demand for more electricity, which in turn, is boosting the demand for small modular reactors due to their less carbon emission.
Rising inclination toward generating clean energy is anticipated to create lucrative opportunities in the market. Moreover, Governments from around the globe are aware about crumpling balance of the environment and are taking strong actions to save the environment, which includes the implementation of stringent rules against harmful emission. These rules are driving new investors toward small modular reactors.
Besides, the capital required to set up a small modular reactor plant is less than that required for conventional reactor plants. Small modular reactors require less construction, which reduces the need for investments. Furthermore, modular design of SMRs makes is easier to transport and install on location. These factors reduce the final cost of the reactor installation on location.
Although Small modular reactors are ideal for remote locations and their installation costs are lower than those required for conventional nuclear reactors. Economical and business perspectives to match up with the cost invested. Production has to be large scale. If the demand for products produced by end use industries is not enough, it can turn into a huge loss. This is reducing investments in small modular reactor plants, which in turn, is hampering the market.
Scope of Small Modular Reactors Market Report
The report on the global cancer immunotherapy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Small Modular Reactors Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016 – 2021 |
Forecast Period |
2023–2031 |
Segmentation |
By Product Type ( Molten salt reactors (MSR), Pressurized water reactor (PWR), Sodium fast reactor (SFR), High temperature reactor (HTR), Fast neutron reactor (FNR), and Others), and By Application (Power and energy, Oil and Gas, Shipping, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
Rolls-Royce Holdings plc, KOREA ELECTRIC POWER CORPORATION (KEPCO),X-Energy, LLC,GENERAL, ELECTRIC COMPANY, Holtec International, INVAP, NuScale Power, LLC, Nuclear Power Corporation of India Limited, General Atomics, Terrestrial Energy Inc., Toshiba Energy Systems & Solutions Corporation, KAERI, Moltex Energy Ltd, AFRIKANTOV OKBM, OKB "GIDROPRESS”. |
Small Modular Reactors Market Segmental Insights
By Type Segment
On the basis of types, the small modular reactors market is segmented into molten salt reactors (MSR), pressurized water reactor (PWR), sodium fast reactor (SFR), high temperature reactor (HTR), fast neutron reactor (FNR), and others. The pressurized water reactor segment accounted for a major share of the market in 2019, as it used for generating electricity and propel naval vessels and nuclear submarines. Among the second generation rectors, pressurized water reactor are consider to be the cleanest reactor and they provide multiple barrier of safety.
These reactors are consider ideal for naval ships, as they generate high power (high more to their mass) by using high pressure. Hence, the demand of pressurized water reactor is high around the world. The molten salt reactors generator low waste and are highly efficient at producing electricity, which in turn, are projected to fuel the segment. Moreover, molten salt reactors have low operating pressures, as they reduce the loss of coolants and risk of large break thereby, enhancing safety of the reactor. In terms of applications, the market is segregated into power & energy, oil & gas, shipping, and others.
By Application Segment
In terms of applications, Small Modular Reactors Market is segmented into power and energy, oil and gas, shipping and others. The power ad electricity segment accounted for a highest market share in 2019. Owing to the growing population and with that the rise in demand for power and electricity. The oil & gas segment is likely to expand at a significant CAGR of during the forecast period.
As the natural oils and gases are used for many of its applications. The water desalination from the others segment is projected to hold second position in terms of growth during forecast period.
Regional Outlook
Based on regions, the global Small Modular Reactors Market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. : Asia Pacific has the most number of end-users of SMRs due to the high demand for electricity from the oil & gas industry and the presence a growing shipping industry in this region. Russia have one floating nuclear power station to supply electricity to the remote areas in the country.
The plant is expected to produce enough energy for 100000+ residents in remote locations of Russia. Europe and North America region are expected to show a significant growth as US and Canada are investing more in sustainable energy sources.
Key Benefits for Industry Participants & Stakeholders
-
In-depth Analysis of the Small Modular Reactors market.
-
Historical, Current and Projected Market Size in terms of Value
-
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
-
Industry Drivers, Restraints and Opportunities Covered in the Study
-
Recent Industry Trends and Developments
-
Competitive Landscape & Strategies of Key Players
-
Neutral Perspective on Global Small Modular Reactors Market Performance
Segments
By Product Type
- Molten salt reactors (MSR)
- Pressurized water reactor (PWR)
- Sodium fast reactor (SFR)
- High temperature reactor (HTR)
- Fast neutron reactor (FNR)
- Others
By Application
- Power and energy
- Oil and Gas
- Shipping
- Others
By Region
- North America
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Europe
- U.K.
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- South East Asia (SEA)
- Pakistan
- Middle East & Africa (MEA)
- Tunisia
- South Africa
- M.E.
- Near East
Key Market Players Profiled in the Report
- Rolls-Royce Holdings plc
- KOREA ELECTRIC POWER CORPORATION (KEPCO)
- X-Energy, LLC
- GENERAL ELECTRIC COMPANY
- Holtec International
- INVAP
- NuScale Power, LLC
- Nuclear Power Corporation of India Limited
- General Atomics
- Terrestrial Energy Inc.
- Toshiba Energy Systems & Solutions Corporation
- KAERI
- Moltex Energy Ltd
- AFRIKANTOV OKBM
- OKB “GIDROPRESS”
Competitive Landscape
-
Key players in the market include Rolls-Royce Holdings plc, KOREA ELECTRIC POWER CORPORATION (KEPCO),X-Energy, LLC,GENERAL, ELECTRIC COMPANY, Holtec International, INVAP, NuScale Power, LLC, Nuclear Power Corporation of India Limited, General Atomics, Terrestrial Energy Inc., Toshiba Energy Systems & Solutions Corporation, KAERI, Moltex Energy Ltd, AFRIKANTOV OKBM, OKB "GIDROPRESS”. These players are considered as key players of the market based on their availability of SMR research and development programs, regional presence, better supply chain management system, and the increasing contract for the SMR products.
-
The players are adopting key strategies such as constant R&D activities for developing sustainable designing. Moreover, Investment and collaboration with companies and government for establishment of the public private partnership for better nuclear power plant designing.