Global Small Modular Reactor Market - 2024-2031

Global Small Modular Reactor Market - 2024-2031

The Global Small Modular Reactor Market reached US$ 9.5 billion in 2023 and is expected to reach US$ 12.8 billion by 2031 growing with a CAGR of 3.8% during the forecast period 2024-2031.

Small modular reactors are designed to be smaller and modular, which provides deployment and scalability. The global small modular reactor market demand increases from various sectors such as power generation, remote and off-grid, mining and resource extraction. The small modular reactor has unique safety designs and cooling systems that offer safety characteristics when compared with traditional large reactors.

North America witnessed significant growth in the small modular reactor market, countries like Russia and Canada being major contributors. In North America, a small modular reactor offers an energy mix that reduces dependency on traditional fuels. It enhances energy efficiency and leads to decrease vulnerability. For instance, on 15 March 2023, GE Hitachi BWRX-300 launches a small modulator reactor that achieves milestones in Canada. The project is segmented into two phases and these phases are completed by BWRX300 the first small modular reactor technology.

Dynamics

Growth Factors for Low-Carbon Hydrogen Production

Small modular reactors offer low-carbon and sustainable energy solution for the production of hydrogen. It can generate large amounts of low carbon which makes them suitable for hydrogen production. Small modular reactors offer less greenhouse gas emissions and decarbonization created a demand for clean hydrogen as an alternative to fossil fuels. Small modular reactors have a modular design, allowing for flexibility in deployment and scalability. It can be easily transported and installed in various locations, including remote or temporary settings, enabling hydrogen production in areas where it may be challenging to establish large-scale facilities.

For instance, on 12 Jun 2023, Sumitomo Corporation support Rolls-Royce’s small modular reactors that provide clean hydrogen facility in UK. The study conducted by Rolls-Royce in which they analyze both heat and power from small modular reactor used by electrolyzes for low-carbon production of hydrogen. Rolls-Royce small water reactor has processed the second stage of UK generic design assessments.

Versatile Nature of Nuclear Power

Nuclear power offers versatility that leads to achieving a cleaner society. Various advancements in clean technologies such as solar, wind, hydropower and solar power integrated with nuclear energy provide highly efficient sustainable energy systems. The major advancement of nuclear energy, it has baseload power that ensures a constant and reliable electric supply.

Nuclear power has high energy density which generates a large amount of electricity. It offers a wide range of application which includes remote communities and industrial complexes. Its inherent safety features and reduced construction costs make them an attractive choice for countries looking to expand their clean energy infrastructure.

Limitations of Small Modular Reactors

Initially building small modular reactors require an investment that can be relatively high compared to traditional larger nuclear power plants. The development, licensing and construction of small modular reactors may involve significant financial resources. Small modular reactors generally have a smaller power output compared to conventional nuclear reactors.

The regulatory process for approving and licensing small modular reactors can be lengthy and complex. Government stringent safety standards and regulatory requirements associated with nuclear technology can pose challenges and delays in bringing small modular reactors. Overcoming public resistance and gaining social acceptance can be a significant challenge for the widespread adoption of small modular reactors.

Segment Analysis

The global small modular reactor is segmented based on reactor, connectivity, location, deployment, applications and region.

Advancement of Light-water Small Modular Reactor

Small modular reactor light water nuclear reactors are used for easy transportation. The small modular reactor has various advancements that offer mobility and flexibility in situations where power is needed in remote or temporary settings, such as mining operations, military bases, disaster response or small communities.

Light-water small modular reactors offer potential cost advantages compared to larger nuclear power plants. The reduced size and weight can lead to lower construction and maintenance costs, streamlined manufacturing processes and shorter project timelines. The light-water small modular reactor uses renewable energy resources which provides consistent and reliable power generation.

Geographical Penetration

Silicone Market Growth in Asia-Pacific Driven by Innovations and Infrastructure Development

North America and Asia-Pacific witnessed a rise in demand for small modular reactors. Advancements in innovations and technology rapidly growing in these countries such as China, India, Russia and Canada. The countries have major nuclear reactor plants. Collaboration between governments which leads to increase growth and development of infrastructure in these countries, which leads to increased demand for small modular reactors market.

For instance, on 4 June 2023, In an interview with Science and technology ministry, India said that they working on developing new technologies such as small modular reactors which holds a capacity of 300MW. The minister also said first time in India, the Indian government approved a proposal to construct 10 nuclear reactors. The innovation and initiative will boost the growth of the small modular reactor market.

COVID-19 Impact Analysis

The economic uncertainty cause during the pandemic has affected the financing of small modular reactor projects. Investors have taken back their investments which led to a slowdown in funding for new projects. The uncertainty surrounding energy markets and future energy demand has also made it difficult to secure long-term financing for small modular reactors deployments.

The pandemic has affected the regulatory processes involved in the licensing and approval of small modular reactors projects. Safety assessments, inspections and public consultations have been impacted, leading to delays in the regulatory approval timeline. Governments change their priority towards short term energy needs.

Russia-Ukraine War Impact Analysis

Government policies and trade affected the growth of the small modular reactor market. Due to war, there is economic instability and cost fluctuation which affected the overall demand of the small modular reactor market. Due to conflict, there is a limitation and trade restriction that limits the supply chain management of small modular reactor between countries.

For instance, on 5 oct 2022, Due to war between Russia and Ukraine has brought attention to the challenges and vulnerabilities associated with small modular reactors (SMRs) in wartime situations. Russian army seizes Zaporizhzhia nuclear power plant from Ukraine which raise safety concern. The attacks on the Zaporizhzhia plant, involving shelling and rocket strikes, have resulted in operational disruptions and forced shutdowns, impacting the electricity supply in Ukraine.

By Reactors
● Light-water Reactor
● Heavy-water Reactor
● High-temperature Reactor
● Others

By Connectivity
● Off-grid
● Grid-connected

By Location
● Land
● Marine

By Deployment
● Multi-module Power Plant
● Single-module Power Plant

By Application
● Power Generation
● Desalination
● Process Heat
● Industrial
● Hydrogen Production

By Region
● North America
U.S.
Canada
Mexico
● Europe
Germany
UK
France
Italy
Russia
Rest of Europe
● South America
Brazil
Argentina
Rest of South America
● Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
● Middle East and Africa

Key Developments
● On 4 Jun 2023, Oklos plans to open two nuclear power plants. On May 18th the agreement is signed by DOE that will host two commercial powerhouses will provide 30 MW clean electric power and 50 MW clean heating opportunities.
● On 7 Jun 2023, Collaboration between Fortum and Westing House Electric Company for supplying safe and innovative nuclear technology and also sign MoU for the development and deployment of nuclear technology in Finland.
● On 27 Jan 2023, Agreement between CANDU Energy Inc and Ontario power generation that they will deploy BWRX-300 small modular reactor before the end of this financial year.

Competitive Landscape

The major global players in the market include Westinghouse Electric Company LLC, NuScale Power, LLC., Terrestrial Energy Inc., Moltex Energy, GE Hitachi Nuclear Energy, X Energy, LLC., Rolls-Royce, Toshiba Energy Systems & Solutions Corporation, LeadCold Reactors, General Atomics.

Why Purchase the Report?
● To visualize the global small modular reactor market segmented based on reactor, connectivity, location, deployment, application and region, as well as understand key commercial assets and players.
● Identify commercial opportunities by analyzing trends and co-development.
● Excel data sheet with numerous data points of small modular reactor market-level with all segments.
● PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
● Product mapping available as excel consisting of key product of all the major players.

The global small modular reactor market report would provide approximately 77 tables, 74 figures and 205 Pages

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies