Report Code : A14492
The Small Modular Reactor (SMR) market is poised for exponential growth, driven by an escalating demand for flexible and scalable nuclear energy solutions worldwide. SMRs offer a paradigm shift in power generation, characterized by their compact design, enhanced safety features, and modularity, catering to diverse energy needs across regions. With rising concerns about climate change and the imperative to achieve carbon neutrality, SMRs emerge as a pivotal element in the global energy landscape.
Yerukola Eswara Prasad - Manager
Energy and Power at Allied Market Research
According to a new report published by Allied Market Research, titled, “Small Modular Reactor Market," The small modular reactor market was valued at $5.8 billion in 2022, and is estimated to reach $13.4 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.
Primary differences in small modular reactors (SMRs) in comparison with larger nuclear power plants are their low power output (typically below 300 MWe per unit), modularity, and integrated design. Older generations of nuclear power plants are large and require huge amount of capital and construction time. Moreover, installation location of nuclear reactor is far away from large power grid system, which led to increase in cost. Hence, setting up a nuclear reactor is not feasible in remote locations, thus paving for the development of smaller nuclear reactors. Small modular reactors have smaller footprints and as they are prefabricated in factories, constructing them takes less time and cost. In addition, SMRs can be readily installed in brownfield sites in place of decommissioned coal-fired plants.
Thus, retrofitting is possible in the case of SMRs. With rise in emphasis on achieving political and technological solutions to climate change, many experts in the global community are turning their focus to virtually emissions-free power produced by nuclear reactors. Therefore, continuous development of small modular reactors (SMRs) offers a potential opportunity to overcome many hindrances presented by larger nuclear power plants, including high costs, complex supply chains, large physical infrastructure, and unsuitability in harsh environments, such as the Arctic. However, hazards around the safety of nuclear energy and more focus on wind and solar energy generation are key hindrances to the global small modular reactor industry. The abovementioned factors will provide small modular reactor market opportunities for the further development in the forecast period.
The small modular reactor market scope is segmented into reactor type, connectivity, deployment, power rating, location, application, and region. On the basis of reactor type, the market is segmented into heavy water reactor (HWR), light water reactor (LWR), fast neutron reactor (FNR), and others. On the basis of connectivity, the market is bifurcated into off-grid and grid-connected. On the basis of deployment, the market is bifurcated into single module power plant and multi module power plant. On the basis of power rating, the market is segmented into up to 100 MW, 101 to 200 MW, and 201 to 300 MW. On the basis of location, the market is bifurcated into land and marine. By application, the market is segmented into desalination, power generation, and industrial. Region-wise, the small modular reactor market growth is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players engaged in the small modular reactor market analysis include Brookfield, Fluor Corporation, General Atomics, General Electric, Holtec International, Mitsubishi Heavy Industries, Rolls Royce Plc, TerraPower LLC, Terrestrial Energy, Ultra Safe Nuclear, Moltex Energy, NuScale Power LLC, Westinghouse Electric Company, and X Energy LLC. Agreement was the key strategy adopted by players such as Rolls Royce and General Electric.
Impact Analysis
Key Findings Of The Study:
Talk to David (Europe)
Talk to Sona Padman (Americas)
5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91 2066346060
Fax: +1(855) 550-5975
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com
Small Modular Reactor Market By Reactor type (Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), Others), By Connectivity (Off Grid, Grid Connected), By Deployment (Single Module Power Plant, Multi Module Power Plant), By Power Rating (Up to 100 MW, 101 to 200 MW, 201 to 300 MW), By Location (Land, Marine), By Application (Desalination, Power Generation, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Buy Full Version
"Small Modular Reactor Market"
Purchase Enquiry
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers