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2021
Small Modular Reactor Market

Small Modular Reactor Market

by Reactor Type [Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), and Others], and Application (Desalination, Power Generation, and Process Heat): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A14492
Pages: 209
Nov 2021 | 5014 Views
Author(s) : Ashwin P, Pratik M , Eswara P
Tables: 92
Charts: 55
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Small Modular Reactor Market Outlook - 2030

The global small modular reactor market was valued at $3.5 Billion in 2020, and is projected to reach $18.8 Billion by 2030, growing at a CAGR of 15.8%. Small modular reactors (SMRs) are defined as nuclear reactors having a power output of less than 300MWe. A major advantage of SMRs are its small size and shorter construction times compared to traditional bulk nuclear reactors. As a SMR is fully built in a factory using module fabrication, high production rate can be achieved. SMRs are still in the design phase. In fact, only three SMRs are currently in the advanced regulatory phase: NuScale’s Power Module, GE-Hitachi’s BWRX 300, and Terrestrial Energy’s Integral Molten Salt Reactor. SMRs can be made to operate underground or as a floating nuclear power unit. Modular reactors are primarily used for electricity generation; however, it is also used in seawater desalination and process heating. SMR designs promises an affordable, safe, viable, and non-greenhouse gas emitting energy.

The ongoing COVID-19 has put more focus on nuclear energy technology such as Small Modular Reactor Market, thus increasing the pace of market developments.

Growing global demand for electricity, flexibility of SMRs with respect to size and power output are some of the drivers responsible for global small modular reactor market growth. The older generation of nuclear power plants are large in size and require huge amount of capital and construction time. Locations far away from large power grid systems find it difficult to install nuclear reactors.  Hence, setting a nuclear reactor is not feasible in remote locations, thus paving for development of smaller nuclear reactors. With increased emphasis on achieving political and technological solutions to climate change, many experts in the global community are turning their focus to the virtually emissions-free power produced by nuclear reactors. Therefore, continuous development of small modular reactors (SMRs) offers a potential opportunity to overcome many of the hindrances presented by larger nuclear power plants, including high costs, complex supply chains, large physical infrastructure, and unsuitability in harsh environments. 

Infographics_Global Small Modular Reactor Market-2021-2030

On the contrary, more focus is directed towards renewable sources such as wind and solar power. There has been a massive increase in installation of small and large scale solar power plants in countries such as India and China. China, being a major nuclear power is also increasing the use of wind and solar power. A major reason for this preference is the amount of power obtained by solar and wind over nuclear energy. Another reason is safety offered by solar and wind as compared to nuclear energy. In addition, negative sentiments related to nuclear power plants will greatly hinder the small modular reactor market during the forecast period. Countries such as Germany are taking less interest in nuclear power and more focus is put on wind and solar electricity. However, due to the comparatively low cost and time required for building, the global small modular market is to get less affected by these restraints. Moreover, as compared to a wind farm or solar farm, SMR-based power plants will take up very little land, i.e. low footprint. 

Global efforts at energy decarbonization is a major opportunity that could offer lucrative opportunities for the global small modular reactor market during the forecast period. The world is shifting from a fossil fuel-based generation system to a more net-zero emission energy system, of which nuclear energy plays a major part. The transition will help in mitigating climate change and protecting the environment. Across the globe, there is a mounting demand for clean and reliable energy generation that has fueled interest in the SMR technology. Furthermore, expanding the role of nuclear energy in electricity production through a combination of advanced reactors and thermal energy storage will help in more emission control. All such factors are expected to offer fresh opportunities for the global market during the forecast period. 

The global small modular reactor market is segmented into reactor type, 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. By application, it includes desalination, power generation and process heat. On the basis of region, the global small modular reactor market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Small Modular Reactor Market
By Reactor Type

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Fast Neutron Reactor (FNR) segment is projected as the most lucrative segment.

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Key players engaged in the small modular reactor market include Brookfield, Fluor Corporation, General Atomics, General Electric, Holtec International, Mitsubishi Heavy Industries, Rolls Royce Plc, TerraPower LLC, Terrestrial Energy, and X Energy LLC. Agreement was the key strategy adopted by players such as Rolls Royce and General Electric.

Small Modular Reactor market, by region  

U.S. accounted for the largest share of the small modular reactor market size in 2020 as well is the fastest growing region, owing to presence of well-established SMR manufacturers such as NuScale Power and General Electric. 

Small Modular Reactor Market
By Region

2030
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit highest CAGR of 6.2% during 2021-2030.

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Small Modular Reactor market, by Application 

On the basis of the application, the power generation segment accounted for the largest small modular reactor market share in 2020, and is projected to grow at the highest CAGR of 16.3% during the small modular reactor market forecast

Small Modular Reactor Market
By Application

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Power generation segment is projected as the most lucrative segment.

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Key benefits for stakeholders

  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the small modular reactor industry for strategy building.
  • It outlines the current small modular reactor market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
  • The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
  • Small Modular reactor market analysis is done by studying the various drivers, restraints, and small modular reactor market opportunities 
  • The profiles of key players and their key strategic developments are enlisted in the report.

Small Modular Reactor Market Report Highlights

Aspects Details
By Reactor type
  • Heavy Water Reactor (HWR)
  • Light Water Reactor (LWR)
  • Fast Neutron Reactor (FNR)
  • Others
By Application
  • Desalination
  • Power Generation
  • Process Heat
By Region
  • North America  (U.S, Canada)
  • Europe  (Germany, France, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Argentina, GCC, Rest of LAMEA)
Key Market Players BROOKFIELD ASSET MANAGEMENT INC., FLUOR CORPORATION, GENERAL ATOMICS, GENERAL ELECTRIC COMPANY, HOLTEC INTERNATIONAL, MITSUBISHI HEAVY INDUSTRIES LTD., ROLLS-ROYCE PLC, TERRAPOWER LLC, TERRESTRIAL ENERGY INC., X ENERGY LLC
 

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According to leading CXOs, there is still a long time for commercial deployment of small modular reactors. In fact, the first SMR could be deployed as late as 2025. Globally, electricity is to be made from clean sources and nuclear energy can be used in remote locations using a SMR. Currently, there are various designs for SMR. Slower building time and small size are some of the salient features of a SMR. These designs operate by a modular nature and allows coexistence with renewables and fossil fuels and production of end products such as thermal energy. Even though modular components of SMR solutions help in reducing costs and minimizing production time, financial capability is also important in case of the small modular reactor market.

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FREQUENTLY ASKED QUESTIONS?

A. Companies engaged in power generation, sewater desalination and industries are major customers of small modular reactors.

A. Small size and modular construction has increased the safety of nuclear energy, this factor is key in driving the market growth

A. To get latest version of small modular reactor market report can be obtained on demand from the website.

A. Global focus on achieving clean energy via a nuclear source will push developments in the small small modular reactor technology

A. Increasing demand for clean energy across the globe coupled with the fexibility offered by SMR's are key drivers of the global small small modular reactor market

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. Technical agreements and collaboration are some of the growth strategies used by key players in the global small small modular reactor market

A. LAMEA region is poised to grow at the fastest region in the future

A. Brookfield, Fluor Corporation, General Atomics, General Electric, Holtec International, Mitsubishi Heavy Industries, Rolls Royce Plc, TerraPower LLC, Terrestrial Energy, and X Energy LLC. Agreement was the key strategy adopted by players such as Rolls Royce and General Electric are some of the leading players in the global small small modular reactor market

A. Power generation segment is projected to grow at the fastest rate, as many manufacturers of modular reactors have acquired financial backing for beginning construction of small modular reactors for power generation applications.

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