The factors that drive the market growth include versatile nature of nuclear power and modularization of SMRs. SMRs offer the potential for improved economics. Their smaller scale and standardized designs can lead to cost savings in manufacturing, construction, and maintenance. The modular nature of SMRs enables phased deployment, reducing upfront capital costs and allowing for incremental capacity expansion based on demand.
Nuclear power is versatile in its applications due to several key factors:
1. Electricity Generation: Nuclear power facilities produce a sizable part of the world’s electricity. They provide a consistent and reliable energy source, helping to ensure base-load power and lowering reliance on fossil fuels.
2. Clean Energy: Nuclear energy is a low-carbon energy source with low greenhouse gas emissions. It contributes significantly to climate change mitigation by providing a cleaner alternative to coal, oil, and natural gas.
3. Medical Applications: Nuclear technology is employed in a variety of medical treatments, including cancer treatment, diagnostic imaging, and medical equipment sterilization. In medical research and diagnosis, radioactive isotopes are used.
4. Industrial Use: Industrial applications for nuclear methods include food preservation, quality control, and material testing. Radiation is used to improve the safety and quality of a wide range of items.
5. Space Exploration: Nuclear power sources, such as radioisotope thermoelectric generators (RTGs), provide a reliable supply of energy for space missions, particularly in places with low solar power, such as outer planets or deep space.
Key Market Players
The small modular reactor market is dominated by a few globally established players such as Westinghouse Electric Company LLC (US), NuScale Power, LLC. (US), Terrestrial Energy Inc. (Canada), Moltex Energy (Canada), and GE Hitachi Nuclear Energy (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
According to a new market research report, The small modular reactor market is estimated to be USD 5.8 billion in 2023 to USD 6.8 billion by 2030, at a CAGR of 2.3% during the forecast period.
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This research report categorizes the Small modular reactor market based on coolant, deployment, location, application, reactor type, power rating, connectivity, and region.
By Coolant
- Heavy liquid metal
- Gases
- Molten salt
- Water
By Type
- Heavy–water reactors
- Light–water reactors
- High–temperature reactors
- Fast–neutron reactors
- Molten salt reactors
By Application
- Power Generation
- Desalination
- Hydrogen Generation
- Industrial
By End-Use Industry
- Transmission & Distribution Utilities
- Power Generation
- Industrial
- Others
By Connectivity
- Grid–Connected
- Off–Grid
By Location
- Land
- Marine
By Deployment
- Single–Module Power Plant
- Multi–Module Power Plant
By Region
- Americas
- Asia Pacific
- Middle East & Africa
- Europe
Upto 100 MW segment by power rating is estimated to be the fastest growing segment in the small modular reactor market
The power rating of up to 100 MW holds a market share of 16.9% share of the small modular reactor market in 2022. SMRs are characterized by their compact size and modular design. The reactor unit can be manufactured in a factory and transported to the installation site. The modular design allows for scalability, where multiple SMR units can be deployed together to meet varying energy demands. The primary application of a 100 MW SMR is power generation. It can serve as a standalone power plant, providing clean and reliable electricity to communities, industries, or remote locations. The excess heat generated by a 100 MW SMR can be utilized for district heating, where thermal energy is distributed to nearby residential, commercial, and institutional buildings for space heating and water heating purposes.
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Europe likely to emerge as the second-largest region in Small modular reactor market
Europe accounted for a 30.3% share of the global small modular reactor market in 2022. The scope of the European small modular reactor market includes Russia, the UK, France, and the Rest of Europe. The Rest of Europe includes Italy, Luxembourg, Denmark, the Czech Republic, Sweden, Ukraine, Finland, Estonia, Poland, and Romania. According to the BP Statistical Review of World Energy 2022, nuclear energy accounted for about 28.4% of the region’s electricity generation mix. The region accounted for 30.2% of the global nuclear power consumption.
