Global Small Modular Reactor Market Size study & Forecast, by Reactor Type (Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), Others) by Application (Desalination, Power Generation, Process Heat) and Regional Analysis, 2023

Global Small Modular Reactor Market Size study & Forecast, by Reactor Type (Heavy Water Reactor (HWR), Light Water Reactor (LWR), Fast Neutron Reactor (FNR), Others) by Application (Desalination, Power Generation, Process Heat) and Regional Analysis, 2023-2030

Global Small Modular Reactor Market is valued approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. A Small Modular Reactor (SMR) is a type of nuclear reactor that is smaller in size and power output compared to traditional large-scale nuclear power plants. SMRs are designed to be more flexible, cost-effective, and have enhanced safety features. SMRs incorporate advanced safety features to minimize the potential for accidents and mitigate their consequences. These features can include passive cooling systems, advanced control mechanisms, and designs that reduce the likelihood of core meltdowns. The smaller size of SMRs also reduces the potential impact of a nuclear accident. The key factors driving the market growth is rising demand for power generation in remote locations, flexibility of SMRs over conventional power generation, benefits of modularization and factory construction and versatile nature of nuclear power that anticipated to support the market growth during forecast period.


Moreover, the growing power generation demand is one of the factors driving the demand for the Small Modular Reactor (SMR) market. According to Statista, in 2017, the global electricity generation was 25,648 terawatt-hours and the demand for electricity increased significantly and the number reached 28,466 terawatt-hours in 2021. As a result, the growing power generation is anticipated to support the market growth. Additionally, integration of SMRs with renewable energy sources, and decarbonization of energy sector is anticipated to create the lucrative opportunity for the market during forecast period. However, the stringent regulatory policies and standards and negative public perception of nuclear power technology stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Small Modular Reactor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising investments coupled with government initiatives, small-scale grids and demand from remote locations, and rising demand for power generation and desalination applications. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rise in deployment of SMRs in coastal, island, and offshore areas, integration of renewable energy sources with SMR, and developments in marine small modular reactors for floating power plants.


Major market player included in this report are:
Fluor Corporation
X Energy Llc
General Atomics
Terrestrial Energy Inc.
General Electric Company
Mitsubishi Heavy Industries Ltd.
Holtec International
Rolls-Royce Plc
Terrapower Llc
Brookfield Asset Management Inc.

Recent Developments in the Market:
In January 2023, Hitachi Nuclear Energy (GEH), Ontario Power Generation (OPG), SNC-Lavalin, and Aecon signed a contract for the installation of a BWROC 300 small modular reactor (SMR) at OPG's Darlington New Nuclear Project site. This is the first commercial deal for a grid-scale SMR in North America.
Global Small Modular Reactor Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Reactor Type, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

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
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa